The Bitcoin market saw a sharp turnaround, breaking through the overhead resistance and signalling a resumption of the upward trend towards $70,000.
On July 19, Bitcoin began to rise after a slight dip over the previous two days. Data from Farside Investors indicated that United States-based spot Bitcoin exchange-traded funds (ETFs) continued to receive inflows on July 17 and 18, suggesting market participants were cautious but not bearish.
According to a post on X by on-chain analytics firm Santiment, the number of Bitcoin wallet addresses with a non-zero balance dropped by 672,510 over the past month. The firm noted that a rebound typically follows such significant liquidations.
Trading firm QCP Capital also sounded positive in its latest bulletin, speculating that Bitcoin’s resilience in the wake of equity market weakness and the likely Mt. Gox supply suggests that the market may have shaken off most of its worries.
Could Bitcoin continue its recovery and reach $70,000, pushing altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
Bitcoin’s sharp recovery stalled at $66,128 on July 17, but the bears could not sink the price below the 50-day simple moving average ($63,806). This suggests that the bulls are buying on every minor dip.
The 20-day SMA ($60,380) has started to turn up, and the relative strength index (RSI) has jumped into the positive zone, signalling that the bulls are at an advantage. If the price sustains above $66,128, it will clear the path for a rally to the psychological level of $70,000.
Conversely, if the price turns down and breaks below the 50-day SMA (63,762), it will indicate that the bulls are losing their grip. The BTC/USDT pair could plummet to the 20-day SMA, where the bulls will try to arrest the decline.
Ether (ETH) Market Analysis
Ether has risen above the 50-day SMA ($3,441) on July 19, indicating that the bulls are trying to extend the recovery.
If buyers retain the price above the 50-day SMA, the ETH/USDT pair could rally to $3,730. This level is likely to attract selling by the bears, but if the bulls prevail, the pair will attempt a move to $4,000.
Contrary to this assumption, if the price breaks below $3,346, the pair may reach the 20-day SMA ($3,235). The bulls must defend this level because if they fail, the pair may retest solid support at $2,850.
BNB Market Analysis
BNB soared above the 50-day SMA (586) on July 19, indicating that the bulls remain in control.
If the price maintains above the 50-day SMA, the BNB/USDT pair could reach $635. The bears are expected to defend this level with all their might because failing to do that could result in a rally to $722.
Alternatively, if the price turns down sharply and breaks below the 20-day SMA ($545), it will suggest that the bears are selling on rallies. The pair may remain range-bound between $460 and $635.
Solana (SOL) Price Analysis
The bulls have pushed Solana above the downtrend line of the descending triangle pattern, indicating solid demand at higher levels.
The 20-day SMA ($145) has started to turn up, and the RSI is in positive territory, indicating that the bulls have the edge. A break and close above the downtrend line will invalidate the bearish setup. The SOL/USDT pair could climb to $180 and eventually to the stiff overhead resistance of $210.
This optimistic view will be negated soon if the price turns down and plunges below the moving averages. The pair could then spend some more time inside the triangle.
XRP Price Analysis
XRP turned sharply from $0.64 on July 18, indicating that the bears fiercely defend the level.
The XRP/USDT pair dropped below the breakout level of $0.57, but the long tail on the July 19 candlestick shows aggressive buying at lower levels.
The moving averages complete a bullish crossover, and the RSI is in the positive territory, indicating that the path of least resistance is to the upside. If the price maintains above $0.57, the bulls will again try to overcome the barrier at $0.64.
On the downside, $0.51 is essential to support. If this level allows, the pair may plunge to the 20-day SMA ($0.49).
Dogecoin (DOGE) Price Analysis
The bears could not push Dogecoin above the 50-day SMA ($0.13), but a positive sign is that the bulls successfully defended the 20-day SMA ($0.11).
The bulls will try to push the price above the 50-day SMA. If they succeed, the DOGE/USDT pair could move to $0.15 and eventually to $0.18. The bears are expected to mount a vigorous defence at $0.18.
Instead, if the price again turns down from the 50-day SMA, it will signal that the bears are trying to defend the level. That will increase the likelihood of a break below the 20-day SMA, opening the doors for a drop to $0.10.
Toncoin (TON) Price Analysis
Toncoin has been consolidating in an uptrend. For several days, the price has been stuck between $6.77 and $8.29.
The price slipped below the 50-day SMA ($7.34) on July 16, but the bears could not sink the TON/USDT pair to the support of the range at $6.77. This suggests a lack of aggressive selling at lower levels.
If the price rises above the moving averages, the pair could rise to $7.72. This is an essential short-term resistance to watch out for because a break above it could propel the price to the formidable hurdle of $8.29.
Cardano (ADA) Price Analysis
Cardano bounced off the moving averages on July 19, indicating solid demand at lower levels.
The bulls will try to resume the up move by pushing the price above the nearby resistance at $0.46. If they manage to do that, the ADA/USDT pair will likely rise to $0.52 and, after that, to $0.57.
Bears must swiftly yank the price below the moving averages if they want to prevent the move. That could trap the aggressive bulls, resulting in a drop toward $0.35 and then to the channel’s support line.
Avalanche (AVAX) Price Analysis
For the past few days, the Avalanche has been stuck between the moving averages, indicating a tussle between the bulls and the bears.
The flat 20-day SMA ($26.75) and the RSI near the midpoint do not clearly favor the bulls or the bears. That suggests a range-bound action between $29 and $24 for a few days.
The first sign of strength will be a break and close above $29. Such a move will signal solid demand at lower levels. The AVAX/USDT pair could start a relief rally to $34 and subsequently to $37.
Shiba Inu (SHIB) Price Analysis
Shiba Inu turned down from the breakdown of $0.000020 on July 17 and reached the 20-day SMA ($0.000017) on July 18.
If the price rebounds off the 20-day SMA, the bulls will make another attempt to overcome the barrier at $0.000020. If they succeed, it will indicate the start of a more robust recovery. The SHIB/USDT pair could then start a rally to $0.000026.
Contrarily, if the price skids below the 20-day SMA, it will suggest that the pair may swing between $0.000020 and $0.000012 for some time. The flattish 20-day SMA and the RSI at the midpoint also point to a consolidation in the near term.
