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

Bitcoin and most major altcoins fell off resistance, hinting at a few more days of consolidation.

Price analysis

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

Is the bottom in?

Savita Subramanian, head of U.S. equities and quantitative strategy at BofA Securities, said in a recent note that the stock market typically bottoms after earnings estimates are revised down, but that doesn't change. is not yet produced during the current slowdown.

Crypto industry analysts also remain divided on whether the current rise is a bearish rally or the start of a new bullish phase.

Daily performance of the cryptocurrency market. Source: Coin360

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

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

BTC/USDT

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

BTC/USDT daily chart. Source: TradingView

Price moved back 20 days...