The Bitcoin market has steadily surpassed resistance levels, demonstrating growing bullish sentiment. According to data from Farside Investors, spot Bitcoin ETFs based in the United States saw inflows of $422 million on July 16.
BlackRock’s iShares Bitcoin Trust (IBIT) has once again exceeded $20 billion in assets under management following its recent acquisition of 4,004 Bitcoin. The fund initially surpassed this milestone in late May. Commenting on the substantial inflows, Nate Geraci, president of ETF Store, noted on X that the trend includes not just retail investors but also advisers and institutional investors.
Bitcoin’s recent rise has improved sentiment, and analysts are speculating how soon a new all-time high could be achieved. While anything is possible in the markets, the current up move will face solid selling between $70,000 and the all-time high near $74,000. Expect markets to remain volatile in the near term as some of the creditors of the defunct Mt. Gox exchange sell their repayments.
Could Bitcoin’s strength trigger further buying in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
The bitcoin market climbed above the 50-day simple moving average ($63,926) on July 15, indicating that the bulls are on a comeback.
The bears pulled the price back below the 50-day SMA on July 16, but the long tail on the candlestick shows solid buying at lower levels. If the price sustains above the 50-day SMA, a rally to $70,000 is possible.
On the contrary, if the price turns down and breaks below the 50-day SMA, it will signal that demand dries up at higher levels. The bears will then try to sink the BTC/USDT pair to the 20-day SMA ($59,952).
Ether (ETH) Market Analysis
Ether rallied to the 50-day SMA ($3,454) on July 15, indicating that the sideways movement between $2,850 and $4,094 remains intact.
The bulls will try to strengthen their position further by pushing the price to $3,730 and later attempt a rally to the overhead resistance of $4,094. Sellers are expected to defend the zone between $4,000 and $4,094 fiercely.
This optimistic view will be invalidated soon if the price turns down from the current level and plummets below the 20-day SMA ($3,228). The ETH/USDT pair may retest the crucial support at $2,850. A break below this support will complete a bearish head-and-shoulders pattern.
BNB Market Analysis
The bears are protecting the 50-day SMA ($586) in BNB but struggling to pull the price below the 20-day SMA ($544). The long tail on the July 16 candlestick shows that the bulls buy on minor dips.
A break and close above the 50-day SMA will open the doors for a rally to the overhead resistance of $635. This level may pose a solid challenge for the bulls, but if the buyers do not give up much ground, the BNB/USDT pair may start its climb toward $722.
Bears must swiftly drag the price below the 20-day SMA if they want to prevent the upside. Doing so will indicate that they are selling at higher levels. The pair may then drop to the $495 to $460 support zone.
Solana (SOL) Price Analysis
Solana has been trading inside a descending triangle pattern for several days. The bulls have pushed the price to the downtrend line, where the bears are expected to mount a strong defence.
If the price turns down sharply from the downtrend line but bounces off the 20-day SMA ($143), it will suggest a change in sentiment from selling on rallies to buying on dips. That will increase the likelihood of a break above the downtrend line. If that happens, the SOL/USDT pair could rise to $189 and subsequently to $210.
Contrary to this assumption, if the price turns down and breaks below the 20-day SMA, it will signal that the pair may remain inside the triangle for a while. A break below $116 will complete the bearish pattern, starting a move to $100.
XRP Price Analysis
XRP has made a strong comeback in the past few days, putting the Bulls back in the driver’s seat.
The bears tried to stall the rally at $0.57, but the buyers bulldozed above the resistance on July 16. The moving averages are on the verge of a bullish crossover, and the RSI is in the overbought zone, indicating that the bulls are in charge.
However, a short-term pullback could not be ruled out. The first support on the downside is at $0.57. If bulls flip the level into support, the XRP/USDT pair could surge to $0.67 and $0.74. The bullish momentum will weaken if the price breaks and maintains below $0.57.
Dogecoin (DOGE) Price Analysis
The bulls pushed Dogecoin back above the breakdown of $0.12 on July 15, signalling that the markets rejected the lower levels.
The bears try to halt the up move at the 50-day SMA ($0.13). If the price turns down but finds support at the 20-day SMA ($0.11), it will suggest that the bulls are buying the dips. That will improve the prospects of a break above the 50-day SMA. The DOGE/USDT pair could climb toward $0.15 and later $0.18.
Contrarily, if the price turns down and breaks below the 20-day SMA, it will indicate that the bears are active at higher levels. The pair may then slump to $0.10.
Toncoin (TON) Price Analysis
Toncoin rose above the 20-day SMA ($7.43) on July 15 but turned down from the $7.72 overhead resistance.
If the price remains below the 50-day SMA ($7.32), the bears will try to pull the TON/USDT pair to $6.77. This is an essential level for the bulls to defend because if they fail to do that, the pair will complete a double top pattern. That may move downward to $6 and later to $5.50.
The flattish 20-day SMA and the RSI just below the midpoint do not favour the bulls or the bears. The bulls will have to drive the pair above $7.72 to start a rally to the overhead resistance of $8.29.
Cardano (ADA) Price Analysis
Cardano has been maintaining above the moving averages for the past few days, indicating that the traders have not been aggressive in their selling.
The 20-day SMA ($0.40) has started to turn up, and the RSI is in the positive zone, indicating that the path of least resistance is to the upside. Buyers will try to push the price to the overhead resistance of $0.51.
Contrary to this assumption, if the ADA/USDT pair turns down and breaks below the moving averages, it will indicate that the bears have not given up. That could result in a range-bound action between $0.32 and $0.45 for some time.
Avalanche (AVAX) Price Analysis
The avalanche has reached the overhead resistance of $29, and the bears are expected to mount a strong defence.
The 20-day SMA ($26.84) has flattened out, and the RSI has risen into positive territory, indicating a balance between supply and demand. The advantage will tilt in favour of the bulls if they push and sustain the price above $29. If that happens, the AVAX/USDT pair could jump to $34 and later to $37.
If the price turns down from the current level and breaks below the 20-day SMA, it will suggest that the pair may remain stuck between $21.80 and $29 for a while longer.
Shiba Inu (SHIB) Price Analysis
Shiba Inu reached the breakdown of $0.000020 on July 16, when the bears tried to halt the rally.
A positive sign in favor of the bulls is that they have not ceded ground to the bears. This suggests that the bulls hold on to their positions as they anticipate another leg higher. The price rises above $0.000020, the SHIB/USDT pair could reach $0.000026.
Instead, if the price turns sharply from $0.000020, the pair could drop to the 20-day SMA ($0.000017). Such a move could indicate the possibility of a range-bound action between $0.000020 and $0.000012 for a few days.
