The cryptocurrency market has been undergoing a prolonged correction phase since late June, leaving many investors wondering whether the worst is behind us or if further downside pressure lies ahead. In this analysis, we’ll take a close look at the current technical positioning of five major digital assets—Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and EOS—to assess whether their adjustments have likely bottomed out or if more consolidation is on the horizon.
Using key moving averages, price action patterns, and historical context, we aim to provide clarity on potential support and resistance zones, while identifying signals that may indicate the start of a new upward cycle.
Bitcoin (BTC): Testing Key Support, But Trend Remains Intact
Bitcoin recently dipped below the $11,000 mark, finding temporary support near its 30-day moving average. It has since rebounded back above $11,000, showing resilience despite persistent selling pressure.
However, the upside remains capped by the 5-day moving average—currently hovering around $11,600. Each rally attempt over the past few days has stalled near this level, indicating strong short-term resistance.
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From a broader perspective, the correction began after BTC peaked on June 27. Given the duration and depth of previous bull runs, this adjustment period still appears insufficient in both time and magnitude. Historically, healthy corrections last several weeks and often retest longer-term supports before resuming upward momentum.
While the daily trend remains structurally sound—with no major breakdown in place—there’s a growing possibility that BTC could break below the 30-day MA and gradually drift toward its rising 60-day moving average near $10,000. Such a move would align with a measured correction pattern seen in prior cycles.
That said, any drop toward $10,000 would likely occur with intermittent rebounds—such as bounces back to the 5-day MA—giving traders tactical entry opportunities without invalidating the overall bullish structure.
Ethereum (ETH): Under Pressure, Facing Multiple Resistance Levels
Ethereum has shown relative weakness compared to Bitcoin, having already broken below its 60-day moving average. This is a bearish signal, especially as both the 5-day and 60-day MAs are converging near the $272–$273 zone, forming a dense resistance cluster.
Above that, additional hurdles emerge between $285 and $290, where the 10-day and 30-day moving averages intersect. These confluence points are likely to cap any short-term rallies.
While a minor rebound toward $280 remains possible, breaking through the $290 barrier seems unlikely in the near term unless broader market sentiment shifts dramatically. As long as ETH trades below its key moving averages, the path of least resistance remains downward.
Based on current momentum and alignment with BTC’s trajectory, Ethereum may continue drifting lower—potentially testing the $220–$230 range before finding sustainable support. This zone corresponds with deeper Fibonacci retracement levels and prior accumulation areas from earlier in the year.
Litecoin (LTC): More Downside Likely Despite Strong Prior Gains
Litecoin has also fallen below its 60-day moving average and continues to face strong resistance from the 5-day MA during recent bounce attempts. The psychological $95 level—which acted as temporary support—may not hold if selling pressure intensifies.
Interestingly, LTC saw significant gains from December’s lows to June’s highs, performing similarly to BCH and EOS in terms of percentage growth. However, its pullback has been comparatively shallow. This imbalance suggests room for further downside to achieve proportional correction.
Given that other top-tier altcoins have undergone deeper retracements, it's reasonable to expect LTC to follow suit. A drop toward $85–$90 could bring it into better alignment with market-wide correction norms.
Until it regains control above the 60-day MA, caution remains warranted for LTC holders.
Bitcoin Cash (BCH): Approaching Long-Term Support Zone
Bitcoin Cash recently tested the $300 level—a historically significant support area. From a valuation standpoint, further downside from here appears limited. At these levels, BCH becomes increasingly attractive to long-term investors due to its low price-to-on-chain-activity ratio.
However, even if major losses are unlikely, BCH is unlikely to reverse course independently. As a highly correlated asset to BTC, it will likely remain in a sideways or slightly declining channel until Bitcoin stabilizes and begins a new leg upward.
Therefore, while $300 may mark a long-term floor, short-to-medium-term volatility should be expected as BCH continues to consolidate within this base.
EOS: Potentially Leading the Next Upside Move
EOS stands out among this group due to its early peak date—topping out around June 1, nearly 26 days before Bitcoin. This early reversal suggests it may also be ahead in its correction timeline.
Having dropped over 50% from its high and briefly touching $4.30 recently, EOS has already experienced both deep price retracement and extended time in correction. Both metrics suggest it could be nearing the end of its bearish phase.
There’s a growing chance that EOS breaks away from the pack and enters an early recovery phase—even if BTC remains range-bound. Alternatively, it might retest $4.30 for final capitulation before launching a sustained rebound.
Either way, EOS appears poised for reduced volatility and potential outperformance in the coming weeks compared to peers still grinding lower.
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Frequently Asked Questions (FAQ)
Q: Is Bitcoin likely to fall below $10,000 again?
A: While possible in a worst-case scenario, a drop below $10,000 would require a major breakdown in market sentiment. The rising 60-day MA provides structural support, making sustained moves below that level unlikely unless macro conditions deteriorate sharply.
Q: Why is Ethereum underperforming Bitcoin?
A: ETH has lagged due to weaker on-chain activity growth and lower speculative interest compared to previous quarters. Additionally, its break below key moving averages has triggered algorithmic selling and reduced trader confidence.
Q: Can Litecoin recover faster than other altcoins?
A: Unlikely in the short term. LTC needs more time to complete its correction due to its relatively shallow pullback so far. A stronger rebound is probable only after it regains footing above $95 and holds above its 60-day average.
Q: What makes EOS different from other altcoins right now?
A: EOS peaked earlier and corrected more aggressively in percentage terms. This advanced stage in its cycle increases the odds of an early turnaround, potentially allowing it to lead the next altseason phase.
Q: How do moving averages help predict crypto trends?
A: Moving averages smooth price data to identify trend direction and strength. Crossovers and rejections at these levels often signal continuation or reversal points—especially when multiple MAs converge at key price zones.
Q: Should I buy now or wait for lower prices?
A: For long-term investors, gradual accumulation during this correction phase can be strategic. Short-term traders should wait for clear signs of stabilization—such as sustained closes above major MAs—before entering new positions.
Final Outlook: Patience Before the Next Move
While some assets like EOS show signs of nearing a bottom, others—including BTC, ETH, and LTC—are still navigating ongoing corrections. Time and consolidation remain critical factors before a broad-based rally can resume.
Market leadership often shifts during these phases. Watch closely for breakout signals from early movers like EOS or stabilized assets like BCH—they may foreshadow broader momentum changes across the altcoin landscape.
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Ultimately, maintaining discipline and focusing on technical structure—not emotion—will be key to navigating this transitional period successfully.