I’ve been closely monitoring the crypto market for quite some time now, having seen my fair share of bull and bear markets. With my background in finance and data analysis, I find myself particularly intrigued by the price movements of various cryptocurrencies.
Bitcoin‘s price soared above $65,000 despite heavy selling pressure on Tuesday. Remarkably, Bitcoin managed to overcome the selling of approximately 48,000 coins from the German government, and continued its price uptrend.
Based on Glassnode’s analysis, Bitcoin is currently undergoing a “temporary let-up in selling pressure,” during which large Bitcoin holders, or whales, are buying more of the cryptocurrency when its price drops.
Bitcoin (BTC) Marches Past $65,000
The price of Bitcoin on TradingView surged 20% between its $56,616 slump on July 12 and its peak of $65,425 reached on July 16. This significant increase can be linked to the depletion of selling pressure from the German government following their Bitcoin sell-offs. As per Glassnode’s analysis, major players like institutions and miners have historically driven sell-off activity in the market. The recent downturn for Bitcoin can be attributed mainly to these German government transactions and the anticipated Mt. Gox payouts.
Focusing more on the German Government’s Bitcoin sell-off, we notice that their substantial 48,800 BTC holdings were significantly reduced within a few short weeks. A large portion, approximately 39,800 BTC, left their identified wallets between July 7 and July 10.
As a researcher studying the Bitcoin market, I’ve come across some interesting insights from Glassnode and CryptoQuant CEO Li-Young Ju. Glassnode pointed out that most of the selling by the German government occurred after Bitcoin had dipped to $54,000. This suggests that the market had already factored in this selling activity. On the other hand, Li-Young Ju downplayed the impact of Mt. Gox repayments on Bitcoin’s price. In his opinion, these sales, estimated between $3 billion and $9 billion, would have a negligible effect compared to the substantial increase in Bitcoin’s market capitalization over the past 18 months.
The hype surrounding MtGox’s impact on Bitcoin’s market is exaggerated. The rapid expansion of Bitcoin’s market capitalization surpasses the growth of its realized capitalization, indicating robust demand. Between 2023 and present day, approximately $224 billion worth of Bitcoins have been sold. Despite this, the price has soared by an impressive 350%. Even if MtGox’s $3 billion were to be offloaded on Kraken, it would represent a mere 1% increase in the realized capitalization growth during this bullish cycle – a manageable influx of liquidity.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) experienced notable selling pressure on Tuesday, causing its price to dip down to $62,389, falling below the 50-day moving average. Nonetheless, potential buyers might regain control and propel BTC beyond the desired $65,000 threshold. Bitcoin’s bullish trend began over the weekend, resulting in a 0.99% increase on Friday and a robust 1.71% surge on Saturday, which brought its closing price to $58,944, just below the 200-day moving average. The 3.06% growth on Sunday enabled BTC to surpass both the 200 and 20-day moving averages as well as the $60,000 milestone, reaching a high of $60,750.
Bitcoin experienced a remarkable start to the week, surging by 6.63% and breaking through its 50-day moving average, reaching a settlement price of $64,776. However, on Tuesday, Bitcoin faced intense selling pressure that forced it down to an intraday low of $62,389, dropping below the 50-day moving average. Nevertheless, strong buying demand stepped in, causing Bitcoin to rebound and surpass the 50-day moving average as well as the significant level of $65,000, closing at $65,126. Currently, Bitcoin is up by 1.33%, with selling pressure subsiding, potentially setting the stage for a substantial advance towards $70,000.
Based on the price chart’s analysis, the Relative Strength Index (RSI) signifies robust buying power, implying Bitcoin (BTC) might go on to achieve a new record high above $65,000 if it maintains its position there. In contrast, a possible correction could lead BTC to dip down near $60,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) recovered from a dip on Tuesday when its price dropped to a low of $3,350. Nevertheless, the digital currency bounced back strongly, recording an increase of over 13% in the last week. Currently, ETH is hovering around the important level of $3,500. The uptrend for Ethereum follows the broader cryptocurrency market’s robust bullish trend. Noted analyst Peter Brandt anticipates a potential significant price rise for ETH; whether it will breach the $4,000 threshold is yet to be determined.
Examining Ethereum’s price trend, it is evident that the cryptocurrency experienced a significant uptick starting from its intraday low of $2,827 on July 8. Ethereum bounced back from this floor, regained the $3,000 mark, and continued to ascend toward its current value. Ethereum surpassed the 200-day Simple Moving Average (SMA) on Friday, concluding the week at $3,136. The bullish momentum persisted during the weekend, with Ethereum gaining 1.34% on Saturday and 2.17% on Sunday, surpassing the 20-day SMA and settling at $3,247. Ethereum’s price soared by more than 7% on Monday as investors sought to push the value beyond $3,500. Nevertheless, sellers emerged at this level, causing Ethereum to retreat and finish the day at $3,486.
On Tuesday, ETH experienced a significant surge in selling intensity, causing the price to plummet to an intraday low of $3,350. Nevertheless, purchasing power emerged, enabling buyers to momentarily support the price at $3,447. In the ongoing trading session, ETH has recovered and is now advancing towards surpassing $3,500. Should ETH successfully hold above this level, it may trigger a rally towards $3,800. Conversely, if market sentiment shifts negatively, ETH could plummet to $3,200 or even $3,000. The Relative Strength Index (RSI) stands at 60, signaling robust bullish momentum, potentially leading to further price gains for ETH.
Solana (SOL) Price Analysis
As a crypto investor, I’ve noticed that Solana (SOL) reached a new milestone by surpassing the $160 mark on Tuesday, despite facing some intense selling pressure during the session that pushed its price down to a low of $152. However, like many other major cryptocurrencies, SOL bounced back strongly after dipping to a low of $135 on Thursday. This resilience resulted in a 2.78% increase by Friday, enabling SOL to move above its 200-day Simple Moving Average (SMA) and reach $139.60. By the end of the weekend, SOL had managed to climb above its 20-day SMA and experienced a 4.07% surge, pushing its price up to $147.79 – just shy of the 50-day SMA.
In the past few days, SOL experienced a notable rise of approximately 8% at the beginning of the week, pushing the price above its 50-day moving average to reach $159.50. Nevertheless, this level served as strong resistance, leading to substantial volatility in SOL’s price action. The cryptocurrency dipped to a low of $152.72 during intraday trading due to increased selling pressure near $160. Nonetheless, buyers emerged at lower levels to prevent further decline. Eventually, SOL rebounded and gained 0.80%, ending the week just above $160.
In the ongoing market dynamics, buyers and sellers are engaged in a tug-of-war. Buyers successfully drove up Solana (SOL) to reach $163, but sellers retaliated, pushing it back down to its current trading price of $161.07. If SOL manages to hold above the support level of $160, there is a potential for further gains, possibly reaching $170. Conversely, a dip below $160 may lead to a slide down to $150. Some market observers have noted that Solana’s price action resembles a “W” pattern, suggesting the possibility of a bullish trend that could potentially propel the price significantly beyond $170.
Ripple (XRP) Price Analysis
As a cryptocurrency analyst, I’ve been closely monitoring the price action of Ripple (XRP). The digital asset has experienced a remarkable surge of nearly 40% over the past week and surpassed the $0.60 mark for the first time since April. This impressive rally has shattered several key resistance levels, leaving many analysts optimistic about further gains in the near term.
Following a 1.05% decrease on Sunday, XRP bounced back on Monday with a 3.13% gain, reaching $0.53. Yet, it failed to surpass the 200-day simple moving average (SMA). Eventually, on Tuesday, XRP surmounted this barrier after experiencing a rise of 8.01%, touching $0.58. Currently, the cryptocurrency is trading slightly above the pivotal $0.60 mark as buyers aim to push the price further up. Nonetheless, sellers are hindering significant growth beyond this level.
Several traders and financial analysts are enthusiastic about XRP‘s price surge, with one commentator predicting that this is only the beginning for the asset and it may follow the trend of the 2017 bull market, potentially making it one of the most profitable investments of the year.
Toncoin (TON) Price Analysis
TON’s price has struggled to surpass the 20-day simple moving average (SMA), with sellers causing a dip below the $7.50 mark. Since July 4, TON has bounced between the 20-day SMA and the 50-day SMA, serving as both resistance and support. Following a drop to $7.29 on Saturday, TON experienced a robust recovery, surpassing the 20-day SMA to peak at $7.75. However, bearish market sentiment hindered the bulls’ efforts to maintain this growth, resulting in a decline back to $7.50 after a 2.79% rise. The new week started with another push above the 20-day SMA, reaching a high of $7.62 for TON. However, during Tuesday’s trading session, bears took control, pushing the price down by nearly 4%, to $7.32. Currently, buyers are making another attempt to reclaim the $7.50 mark after being repelled from a high of $7.67.
Hedera (HBAR) Price Analysis
Hedera’s (HBAR) price surge over the last week has been impressive, with a gain of more than 13%. The coin broke through the $0.067 resistance on Friday, increasing by 2.73%, and continued to climb higher. On Saturday, it experienced a significant jump of 5.73% and a smaller increase of 0.65% on Sunday, reaching a settlement price of $0.069. Despite this progress, Hedera remains slightly below its 20-day Simple Moving Average (SMA).
As a crypto investor, I’ve noticed that HBAR managed to surpass its 20-day Simple Moving Average (SMA) on Monday due to a surge in purchasing activity that boosted the asset’s price by nearly 9% to $0.078. However, encountering resistance from the 50-day SMA at $0.080 and persistent selling pressure, HBAR dipped by 2.85%, landing at $0.076 on Tuesday. Currently, HBAR is up by 1.63% during this session, trading at $0.077. If the price fails to break through $0.080, we might witness a reversal, potentially causing HBAR to decline to $0.070. Conversely, if HBAR manages to overcome this hurdle and consolidate above it, we could observe an upward trend towards $0.090.
Dogwifhat (WIF) Price Analysis
I, as an analyst, have observed that Dogecoin (WIF) bounced back from its support level of $1.50 following a prolonged bearish trend. The meme token has experienced a significant surge of 30% over the past week, with bulls aiming to propel the asset above the 50-day Simple Moving Average (SMA). After dipping to $1.54 on Thursday, WIF saw a slight uptick of 1.17% to $1.56 on Friday. The buying pressure intensified over the weekend, causing the token to rise by 2.91% on Saturday and an impressive 7.85% on Sunday, closing the week at $1.73.
As a seasoned financial analyst with over a decade of experience in the stock market, I’ve seen my fair share of market fluctuations and trends. Last week, I was particularly intrigued by the performance of WIF, which began the current week with an astounding surge of 24.61%, leaving both the 20-day Simple Moving Average (SMA) and the previous resistance level at $2 in the dust, settling comfortably at $2.07.
As an analyst, I would interpret that if WIF manages to surpass its 50-day Simple Moving Average (SMA), it may potentially advance toward the price point of $2.50. Conversely, should a bearish reversal occur, WIF could plummet down to the levels of $2 or even $1.90.
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2024-07-17 14:11