Bitcoin recovery fizzles, but SOL, DOT, NEAR and KAS could rally
Buyers will need to keep Bitcoin above $53,500 to start a recovery in SOL, DOT, NEAR and KAS.
Bitcoin (BTC) is witnessing a tough battle between the bulls and the bears. The buyers are trying to keep the price inside the $56,552 to $73,777 range, while the bears are attempting to yank the price lower. Sellers pulled the price near $53,500 on July 5, but lower levels attracted buying by the bulls.
According to Farside Investors, United States-based Spot Bitcoin exchange-traded funds witnessed net inflows of $143.1 million on July 5, the largest in one month. Bitwise Asset Management CEO Hunter Horsley said in a post on X that investors who do not have exposure to Bitcoin have a “chance to buy the dip” as its outlook “has never been stronger.”
Bitcoin’s recent fall has intensified selling in several altcoins, but a few have managed to hold on to their strong support levels. These altcoins could lead the recovery if Bitcoin starts a move toward $60,000.
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Author: Rakesh Upadhyay
