I have been closely following the cryptocurrency market for the past few years, having seen its highs and lows firsthand. I remember the excitement when Bitcoin reached its all-time high in 2017, only to witness the devastating bear market that followed. But through it all, I have learned to read charts and understand market trends.
Bitcoin‘s value has climbed above $64,000, marking a highly bullish trend as investors re-enter the market. The latest increase in Bitcoin’s price signifies robust demand at lower levels, with inflows exceeding $1.3 billion during the past week, according to CoinShares’ data.
Should the positive market outlook persist, Bitcoin and leading altcoins may experience notable price surges, possibly reaching new peak levels.
Major Cryptocurrencies Record Significant Inflows
Bitcoin surged by more than 12% over the last week, with major cryptocurrencies following suit as optimistic investors re-entered the market. Bitcoin recorded the fifth largest weekly inflows of $1.35 billion, while Ethereum saw inflows worth $72 million due to growing excitement about an upcoming Ethereum spot ETF launch in the US. According to Santiment, less experienced Bitcoin traders sold off their holdings during price dips, but larger Bitcoin investors (whales) seized this opportunity and bought significant amounts of the asset. IntoTheBlock reported that approximately 71,000 BTC were purchased by whales during the recent price decline.
For every cryptocurrency trader, there are two crucial inquiries: How long will Bitcoin’s price surge persist, and can it reach a new record high? Traders might consider cashing out around resistance levels, which could occur once more. Consequently, Bitcoin could encounter formidable hurdles around $65,000 and $70,000 if it continues to rise.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) experienced a robust uptrend since the weekend, surpassing the $60,000 threshold. However, the bullish trend seems to be losing steam as bears attempt to regain control. Sellers have exerted significant pressure at higher price levels, causing BTC to dip during the current trading session and display a red figure on the price chart. Following a volatile week, Bitcoin concluded it with a 0.99% gain to reach $57,972. Despite this, buyers managed to maintain control over the weekend, pushing BTC up by 1.71% on Saturday and an impressive 3.06% on Sunday, propelling it above the $60,000 mark and even surpassing both the 200-day and 20-day Simple Moving Averages (SMAs), settling at $60,750.
I’ve analyzed the cryptocurrency market this week, and I can tell you that Bitcoin (BTC) started off strongly with a 6.63% surge, pushing the price up to over $64,000 before settling at $64,776. However, bears were anticipated to challenge the $65,000 mark, and as profit-taking became prevalent, the bulls started losing momentum, causing BTC to dip into negative territory during the current trading session. Currently, Bitcoin is down by nearly 2%, and sellers aim to drive the price down towards $60,000. If BTC manages to rebound and regain the $64,000 level, we might observe a test of the resistance at $65,000. A successful break above this barrier could potentially lead to an uptrend targeting the $70,000 mark.
If bears have the ability to lower the price even more, this could be a sign of selling during rallies. Therefore, Bitcoin might decline to reach $60,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) experienced a notable increase in interest close to a vital support point, resulting in a considerable bounce back. However, Ethereum’s bulls might need to be patient before pushing past $3,500, as the cryptocurrency is currently down by 1.76%. The price chart reveals that ETH has regained momentum after a lengthy downtrend, which saw it reach a low of $2,824. Nevertheless, the price has since bounced back and recovered above the $3,000 threshold. Recently, Ethereum investors have been optimistic, with excitement building up around the upcoming launch of spot Ethereum Exchange-Traded Funds (ETFs).
In the price graph, after undergoing considerable price fluctuations on Thursday, Ethereum managed to surpass its 200-day moving average on Friday, increasing by 1.12% to reach $3,136. The bulls maintained control over the market during the weekend, causing Ethereum to rise by 1.34% on Saturday and 2.17% on Sunday, reaching a settlement price of $3,247. Ethereum also surpassed its 20-day moving average, an essential threshold, on Sunday. Ethereum started the current week with a robust increase of 7.37%, as bulls aimed for the $3,500 mark and crossing over the 50-day moving average. However, due to heavy selling pressure at $3,500, the bullish momentum weakened, resulting in Ethereum settling at $3,486. Currently, Ethereum is experiencing a decline of 1.55% as buyers attempt to push Ethereum back towards its 20-day moving average.
Should bulls successfully take the reins, Ethereum might surpass the $3,500 mark once more – a price point last touched in May. Conversely, if selling pressure persists, Ethereum could plunge to the $3,000 or even $2,850 support levels.
Solana (SOL) Price Analysis
Solana’s price soared past the $150 threshold due to heightened positivity and robust market conditions. At present, the cryptocurrency is trading above its 20-day, 50-day, and 200-day Simple Moving Averages (SMAs). However, there’s been a slight dip of around 2% during this session. Over the weekend, Solana experienced substantial growth, which propelled it beyond the 200-day SMA to reach $139.60. On Saturday, an additional surge occurred, pushing Solana above the 20-day SMA to hit $142.04. Subsequently, a more significant increase of 4.05% on Sunday resulted in Solana closing at $147.79, just shy of the 50-day SMA.
On Monday, Solana’s (SOL) price broke through the 50-day moving average and hit $159, marking a 7.93% gain. However, at $160, SOL encountered substantial resistance, leading to a decline in its value during the current trading session. At present, SOL has dropped by 3.30% and is being exchanged at $154. If the price continues to stay above $150 and stabilizes, there’s a possibility that SOL may challenge the $160 mark once again. A breach of this level could trigger a surge toward $170 and beyond. The Relative Strength Index (RSI) is presently at 56, suggesting neither overbought nor oversold conditions, leaving ample space for price increases.
Cardano (ADA) Price Analysis
Over the past week, Cardano (ADA) has been gradually advancing towards $0.45. On Wednesday, it surpassed its 20-day Simple Moving Average (SMA) by reaching $0.38. The cryptocurrency went beyond $0.40 on Friday following a 6% surge, settling at $0.41, slightly below the 50-day SMA. ADA managed to move above the 50-day SMA on Saturday as it experienced another 6% growth, reaching $0.44. However, due to significant resistance at $0.45, sellers caused a decline in ADA’s price to $0.43 on Sunday, resulting in a drop of approximately 2.26%.
As a researcher observing the cryptocurrency market this week, I noted that buyers made an effort at the onset to propel ADA above the $0.45 threshold. Regrettably, they failed in their attempt, and ADA ended up settling back at $0.44. In the ongoing trading session, there’s been a 2.39% decline for ADA, with sellers currently holding the reins. Should ADA manage to break through and hold steady above $0.45, we could anticipate a surge toward the $0.50 mark. On the other hand, if sellers maintain their dominance in the market, we might witness a slide down to the $0.40 level.
Avalanche (AVAX) Price Analysis
Over the past week, Avalanche (AVAX) experienced significant price fluctuations as it tried to break through its 20-day Simple Moving Average (SMA), serving as a formidable resistance line. During the previous week, AVAX managed to stay above the $25 mark, trading within a narrow range. On Friday, there was a modest gain of approximately 3%, pushing the price up to $25.99. However, on Saturday, AVAX dipped slightly and then rebounded with a 1.87% increase, closing the weekend above $26.
Based on my extensive experience in analyzing cryptocurrency markets, I have observed that the current week started off positively for AVAX as it surged above its 20-day Simple Moving Average (SMA), pushing the price up to $27.84 with a remarkable gain of 5.61%. However, my gut feeling tells me that the bulls’ momentum began to falter as the price approached the resistance level at $30. I’ve seen this pattern many times before in my trading career.
Uniswap (UNI) Price Analysis
Uniswap’s (UNI) value has taken a significant dip, decreasing by approximately 7% in this current trading period. Over the past weekend, UNI exhibited a robust performance, recording substantial growth as the crypto market rallied. The digital asset surged above $8 on Friday, marking an increase of 3.28%, ending the day at $8.09. Throughout Saturday and Sunday, UNI continued its upward trend, gaining 0.99% and 2.80% respectively, reaching a high of $8.60, just shy of the 20-day moving average (SMA). On Monday, UNI breached the 20-day SMA, peaking at $8.60.
Despite UNI‘s efforts, it failed to advance further, and pessimistic feelings resurfaced as the stock encountered significant resistance at more elevated prices. At present, UNI is trading at a price of $8.05, representing a decline of more than 6%. Should selling pressure persist, UNI may dip below $8.
Cosmos (ATOM) Price Analysis
The cryptocurrency Cosmos (ATOM) bounced back strongly after hitting a low of $5.09 on July 5. In the last week, ATOM has experienced a noteworthy rise of more than 8%. However, selling pressure intensified in the current session, causing a slight decline. Despite this setback, ATOM managed to regain the $6 mark on Friday, resulting in a price increase of 3.59% and reaching a new high of $6.15. The weekend brought about minimal gains of 0.92% on Saturday and only 0.24% on Sunday, keeping the price at $6.23, just under its 20-day moving average. ATOM broke past this moving average on Monday with a significant surge of 4.41%, reaching a pivotal point at $6.50.
Despite encountering significant resistance at this price point, ATOM took a step back and dipped into negative territory during the present trading session. Currently, ATOM is losing more than 3% in value, with its price set at $6.29. Should ATOM exhibit bearish tendencies further, it may revisit the $6 mark. On the other hand, if ATOM manages to hold its ground above the current price, this could signal a demand for the asset at lower levels. To ease off the selling pressure, ATOM needs to surpass its 20-day Simple Moving Average (SMA) and move beyond $7, along with crossing over its 50-day SMA.
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2024-07-16 12:11