Price analysis 7/6: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO

cointelegraph.com:

Bitcoin (BTC) is attempting to rise above the psychological level of $20,000 on July 6, a sign that bulls are trying to stall the brutal bear market. The retail traders are making the most of the current fall and are on a buying spree. Proof of this comes from Glassnode data showing that wallets holding less than one Bitcoin scooped up 60,460 Bitcoin in June, at “the most aggressive rate in history.”

In a recent report, Glassnode analysts said that the activity on the Bitcoin network shows that “all speculative entities, and market tourists have been completely purged from the asset.” This means that mostly long-term investors are left holding Bitcoin.

However, not everyone is bullish about Bitcoin’s prospects in the short term. According to Arcane Research, the ProShares Short Bitcoin Strategy ETF (BITI), the first exchange-traded fund (ETF) to be "short" Bitcoin, has increased its short exposure “by more than 300% last week.”

Could the rush into the first inverse Bitcoin ETF act as a contrarian signal that indicates a possible bottom formation? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin is trading inside a symmetrical triangle pattern. The buyers tried to push the price above the resistance line of the triangle on July 5 but the bears held their ground.

The Doji candlestick pattern on July 5 shows indecision among the buyers and sellers. This uncertainty could tilt in favor of the bulls if the price breaks above the triangle. If that happens, it will suggest that the triangle may have acted as a reversal pattern.

The BTC/USDT pair could then rally toward the 50-day simple moving average ($25,324) and then to the pattern target of $26,490.

This hypothesis could prove to be incorrect if the