Bitcoin acquisition fizzles, but you can gather SOL, DOT, NEAR and KAS

Bitcoin (BTC) is seeing a fierce battle between bulls and bears. The buyers are trying to keep the price in the $56,552 to $73,777 range, while the bears are trying to push the price lower. On July 5, sellers pulled the price to $53,500, but lower levels attracted bulls to buy.

According to Farside Investors, the US-based spot bitcoin exchange reported $143.1 million in revenue on July 5, the largest in a month. Hunter Horsley, CEO of Bitwise Asset Management, said in a post on X that investors with no exposure to bitcoin have “never been stronger” and have a “dip buying opportunity.”

Bitcoin's recent decline has been exacerbated by a sell-off in several altcoins, but few have managed to hold strong support levels. If Bitcoin starts to move towards $60,000, these altcoins could lead a recovery.

What safety precautions must be taken to buy Bitcoin and altcoins? Let's study the top 5 currencies that look strong on the charts.

Bitcoin price analysis

Bitcoin fell below the $56,552 support on July 5, but the bulls bought the dip and managed to defend the level at the close.

However, the bears will not give up easily and will make one more attempt to sink and hold the price below $56,552. If they do that, the BTC/USDT pair could slide towards $53,485 and eventually towards strong support at $50,000.

The downward sloping 20-day exponential moving average ($61,231) points in favor of the bears, but a positive divergence on the Relative Strength Index (RSI) suggests bearish momentum may be slowing.

Buyers should push the price above the 20-day EMA to signal that the range-bound action between $56,552 and $73,777 is likely to continue for more time.

The 20-EMA on the 4-hour chart is extended, and the RSI is below the midpoint, indicating that the selling pressure is decreasing. The descending line is a critical point to look up. A break and close above the line indicates that the correction is likely to be completed. The pair could rise to $64,602.

Conversely, a break and close below $56,552 suggests that the bears may continue to sell on relief rallies. That could put the $53,485 level at risk of breaking.

Solana price analysis

Solana (SOL) is forming a bearish descending triangle pattern that will complete a break and close below $116.

Of moderate importance to the bulls, the RSI is showing signs of a positive divergence. This shows that the sales pressure may be decreasing. If bulls push the price above the 20-day EMA ($141), the SOL/USDT pair may test the 50-day SMA ($153) and then the downward trend line.

Instead, if the price breaks below the 20-day EMA and breaks below $116, it will complete the bearish setup. The pair could go as low as $80.

The pair's strong bounce back from $121 indicates that the bulls will strongly defend the $116 support. If the price breaks from the current level and goes above $145, the next stop could be $155. This level can again act as a strong barrier, but if it is defeated, the pair can go back to the lower line.

On the downside, the bears will dominate if the price washes below $130. That puts it at risk of breaking the $121 support. If that happens, the pair could drop to $116.

Polkadot price analysis

Polkadot (DOT) fell to $4.91 on July 5, but the long tail on the candlestick indicates strong buying at lower levels.

The bulls continued their buying on July 6, pushing the price above the 20-day EMA ($6.08). This shows that the bears are losing their grip. If buyers clear the barrier at the 50-day SMA ($6.54), the DOT/USDT pair may attempt a rally towards $7.29 and then $7.77.

Conversely, if the price falls below the 50-day SMA, it indicates that the bears are highly active. If the pair slips through the $5.38 to $4.91 support zone, selling may increase.

The 4-hour chart shows a V-shaped recovery from $4.92. The 20-EMA has started to turn, and the RSI has risen to positive territory, indicating that the bulls are trying to make a comeback. If buyers drive the price above $6.60, the pair is likely to accelerate to $7.29.

Contrary to this assumption, if the price declines and breaks below the 20-EMA, it indicates that the bulls are weakening. A sell-off could strengthen below $5.60, and the pair could retest strong support at $4.91.

RELATED: Bitcoin Traders Hoping for Bottom After BTC Price Rises From Low 9%

Near protocol value analysis

Near Protocol (NEAR) has been trading between $4.28 and $8.58 for several days. The bears broke below the support on July 5 but failed to sustain lower levels.

Although the downward moving averages indicate gains for the bears, the positive divergence on the RSI suggests that the selling pressure may be weakening. The first sign of strength will be a break and close above the 20-day EMA ($5.17).

The NEAR/USDT pair may rise to $5.63. This level can serve as resistance, but if crossed, the pair will complete a short-term double-bottom pattern, targeting $6.11.

Alternatively, if the price declines and breaks below $4, this indicates the beginning of a new down move. The pair may drop to $3.50 and then to $3.

The 20-EMA on the 4-hour chart is flat, and the RSI is below the midpoint, indicating a balance between supply and demand. If the bulls push the price above the 50-SMA, the pair may rise to $5.63. This level could act as strong resistance, but if crossed, the pair could begin its journey towards $6.71.

If the price falls below current levels and nosedives below $4, the bears will take control. That could start a new downtrend toward $3.50.

Caspa cost analysis

Caspa (KAS) closed above $0.19 resistance on June 29, but the bears could not build on this breakdown.

The price declined on June 30 but found support below the 50-day SMA ($0.15) on July 5. This shows that the bulls are strongly defending the 50-day SMA. Buyers are trying to push and hold the price above the 20-day EMA ($0.17). If you can do that, it means the return is over. The KAS/USDT pair may rise to $0.19.

If the price declines and breaks below the 50-day SMA, this bullish outlook becomes invalid in the near term. That could take the price to $0.13 and eventually $0.10.

The 4-hour chart shows that the bears are trying to stop the recovery at the 50-SMA. If the price changes from the current level or $0.16, the bulls will again try to overcome the barrier at the 50-SMA. If successful, the pair could jump to $0.19.

On the contrary, if the $0.16 support is broken, it shows that the bears are not disappointed and will sell on rallies. That could sink the pair to strong support at $0.14. The bulls are expected to maintain the level strongly.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.