Bitcoin price corrected gains and tested the $61,850 zone. BTC is consolidating and might aim for a fresh increase above the $62,500 resistance.

• Bitcoin is holding gains above the $61,850 zone.
• The price is trading below $62,500 and the 100 hourly Simple moving average.
• There is a connecting bearish trend line forming with resistance at $61,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase unless there is a close below the $61,700 zone.

Bitcoin Price Eyes Another Increase

Bitcoin price failed to settle above $65,000 and started a fresh decline. BTC traded below the $64,000 and $63,500 levels. It even broke the $62,500 support.

A low was formed at $61,825 and the price is now consolidating losses. There was a minor increase above the $62,250 level. The price tested the 23.6% Fib retracement level of the recent decline from the $64,419 swing high to the $61,825 low.

Bitcoin price is now trading below $62,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $62,500 level. There is also a connecting bearish trend line forming with resistance at $61,450 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $63,150 level or the 50% Fib retracement level of the recent decline from the $64,419 swing high to the $61,825 low. A clear move above the $63,150 resistance might send the price higher. The next key resistance could be $64,200.

A close above the $64,200 resistance might initiate more gains. In the stated case, the price could rise and test the $65,000 resistance level. Any more gains might send the price toward the $65,500 resistance level.

More Losses In BTC?

If Bitcoin fails to rise above the $62,500 resistance zone, it could start another decline. Immediate support on the downside is near the $62,000 level.

The first major support is near the $61,850 level. The next support is now near the $61,200 zone. Any more losses might send the price toward the $60,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $62,000, followed by $61,850.

Major Resistance Levels – $62,500, and $63,150.

On several occasions, Toncoin’s (TON) price has shown readiness to retest the $7 mark. But since late July, almost every time it inches close to the region, it pulls back, leaving investors worried about the cause.

Fortunately, BeInCrypto has identified a daunting sell wall that is hindering the Telegram-native cryptocurrency from maintaining a prolonged rally. This on-chain analysis reveals all the details and what TON needs to breach this point successfully 

Pressing Issues for Toncoin’s Future

Currently, Toncoin’s price is $5.20, representing a 10% decline in the last seven days. This value also means that the token is 37% down from its all-time high, with about 75% of its holders out of the money.

These TON holders are currently out of money because most accumulate it at a higher value than the current price. Interestingly, the In/Out of Money Around Price (IOMAP) reveals that Toncoin’s price might not move substantially higher unless some of these holders give way.

Specifically, the IOMAP provides an idea of support and resistance using the volume purchased at certain price ranges. The larger the volume or cluster, the larger the support or resistance. For Toncoin, about 5.33 million hold 610.55 million tokens and buy the token at an average price of $5.23.

Read more: 6 Best Toncoin (TON) Wallets in 2024

This volume is higher than that of those who purchased it, between $4.49 and $5.05. It is also a lot bigger than the volume bought by the 8,330 addresses currently at the break-even point. Considering this condition, TON is less likely to get support from these addresses.

Instead, the token might face huge challenges in surpassing $5.23 since that zone is a significant supply wall. Further, the Mean Dollar Invested Age (MDIA) is another factor hindering Toncoin’s price from breaking through to $7.

The MDIA is the average age of all tokens on a blockchain, weighted by the purchase price. When it rises, cryptos become increasingly dormant, making it challenging for prices to increase. 

On the other hand, a falling MDIA indicates that tokens are beginning to wake up, thereby increasing the chances of near-future rally. As seen below, the MDIA for TON climbed, suggesting that the stagnancy of tokens could restrain the token from going higher.

TON Price Prediction: Bears Remain Dominant

As of this writing, Toncoin’s price is trading below two key moving averages: the 20-day Exponential Moving Average (EMA) and the 50-day EMA. Furthermore, the 50 EMA (yellow) has risen above the 20 EMA (blue), suggesting that sellers are dominant.

As it stands, bears might try to push TON’s price below the $5.12 support. If successful, the token’s value might sink to $4.89, making it challenging for Toncoin to hit $7 again.

Read more: 10 Best Altcoin Exchanges In 2024

On the flip side, if Toncoin climbs above the EMAs, bears might not be able to validate the expected decline. Instead, Toncoin’s price might breach the $5.67 resistance and increase toward $6.18.