Price analysis 8/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

cointelegraph.com:

After strong monthly gains in July, Bitcoin (BTC) and the altcoins have started the new month on a tentative note. Even the United States equities markets have started August on a soft note. 

BofA Securities head of U.S. equity and quantitative strategy Savita Subramanian said in a recent note that the stock market usually bottoms after earnings estimates are revised lower but that has not yet happened during the current downturn.

Analysts in the crypto space also remain divided on whether the current rise is a bear market rally or the start of a new bull phase.

However, a minor positive is that the world’s first Bitcoin spot price exchange-traded fund (ETF), the Purpose Bitcoin ETF, has added 2,600 Bitcoin to its holdings. Although the total assets under management remain well below the all-time high, the recent addition is a sign that some institutional investors may have started bottom fishing.

Could Bitcoin and altcoins find buyers at lower levels? Let’s study the charts of the top-10 cryptocurrencies to find out.

The bulls repeatedly failed to sustain Bitcoin above the overhead resistance at $24,276 in the past few days, indicating that the bears are defending the level with all their might.

The price has pulled back to the 20-day exponential moving average ($22,515), which is likely to act as a strong support. If the price rises from the 20-day EMA, the bulls will again try to clear the overhead hurdle.

If they succeed, the BTC/USDT pair could pick up momentum and a rally to $28,171 is possible. The up-sloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate advantage to buyers.

This positive view could invalidate in the near term if the price turns down and breaks below the 50-day