As someone who has been closely following and trading cryptocurrencies for several years now, I have seen firsthand the volatility and unpredictability of the market. And this week has been no exception with Solana (SOL), Toncoin (TON), Polkadot (DOT), Bonk, and Celestia (TIA) all experiencing significant price movements.
Bitcoin‘s advance past the $65,000 mark has been met with significant resistance, causing it to halt. Moreover, among individual investors, or “retail buyers,” there’s been a noticeable decline in interest towards Bitcoin for the past three years. Analysts believe that a price rebound is essential before the digital currency can truly embark on its bullish trend.
Although Bitcoin (BTC) has experienced some setbacks lately, industry experts anticipate that its price could reach an astonishing $74,000 in the future. Nevertheless, for this projection to hold true, Bitcoin needs to surpass its previous record-high value first.
Retail Interest In BTC Hits 3-Year Low
As a researcher, I’ve come across an intriguing observation from CryptoQuant founder Ki Young Ju. He noted that a key metric indicative of retail investor interest in Bitcoin (BTC) has recently reached its lowest point in the last three years. This finding has led analysts to speculate that waning retail enthusiasm for BTC could be at play, and that a robust rebound is essential for the true bull market to commence. Ki Young Ju’s assessment was derived from the 30-day moving average of demand for Bitcoin, which has dipped into negative 15%.
The demand from retail investors in Bitcoin is currently at its lowest point in the past three years. This can be gauged through examining the 30-day change in the overall transfer volume for transactions valued below $10,000.
Institutions dominate large-bitcoin transactions, but analysts and traders believe the true bull market will start once retail investor participation significantly increases. As per CryptoQuant’s Minkyu Woo, a substantial buying spree driven by individual investors initiates a full-blown bull run. Nevertheless, this level of activity has yet to materialize. However, according to Jan van Eck, CEO of VanEck, the majority of investments into Bitcoin spot ETFs have originated from retail investors.
“I was taken aback, but I’m not convinced that institutional investors have jumped on board just yet. I believe the majority of investments, around 90%, continue to come from individual or retail investors.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) encountered resistance at the $65,000 level this week, failing to surpass it despite a strong start that saw the cryptocurrency surge. The upward trend from the beginning of the week resulted in a retracement, but this could be a prelude to an even more substantial rally based on indicators in the price chart. Let’s examine Bitcoin’s performance during this period. Over the weekend, BTC concluded with a 3.06% rise, exceeding both its 20-day and 200-day moving averages to settle at $60,750. On Monday, Bitcoin experienced a more pronounced rally, crossing over the 50-day moving average and settling at $64,776 following an increase of 6.63%. However, on Tuesday, Bitcoin faced significant selling pressure, dropping to a low of $62,388 before rebounding above the 50-day moving average and ending the day above $65,000 with a gain of 0.54%.
In simpler terms, Bitcoin’s price surged towards $66,000 on Wednesday but failed to break through the resistance at that level, causing a 1.49% decrease in its value to $64,156. The following day brought increased volatility as buyers tried to drive the price above $65,000 while sellers aimed for a drop below the 50-day moving average. Despite a minor decline, Bitcoin managed to stay above the moving average at $64,027. Currently, Bitcoin is slightly up and trading at $64,406 after recovering from a low of $63,321. It remains to be seen if the bulls will attempt another push for $65,000 during this session.
As a crypto investor, I’ve noticed that if Bitcoin (BTC) can surpass the current resistance at around $65,000 and push further upwards towards $66,000, we could be looking at a significant bull cycle development with the next major milestone being around $74,000. This prediction is based on a popular chart pattern known as the “bull flag.”
Ethereum (ETH) Price Analysis
Ethereum (ETH) underwent a notable decline during the recent week. Yet, renewed buying interest and escalating demand caused ETH to break past significant thresholds such as $3,000 and its 20-day and 200-day moving averages. Several analysts anticipate a leap towards $4,000 with Ethereum ETFs imminently launching. However, is another correction in store before this milestone is reached?
On Wednesday, buyers attempted to drive up the price of ETH to $3,522, but sellers strongly resisted at the $3,500 mark. Consequently, ETH dropped back to $3,389, falling below its 50-day Simple Moving Average (SMA). The following day, buyers made another attempt to reach $3,500, pushing the price up to $3,490. However, they were unable to sustain this gain and ETH retreated once more, ending the session at $3,426, representing a 1.09% increase. Currently, ETH is trading marginally lower at $3,415.
Ether (ETH) has successfully held above the $2,850 support mark since April, signifying the robust buying power. However, its failure to surpass $3,500 indicates a substantial selling pressure at higher levels. The $3,500 threshold is a significant hurdle for ETH, and buyers need to regain control of this level for potential price rallies towards $3,700 and eventually $4,000.
Solana (SOL) Price Analysis
Despite a deceleration in the broader crypto market’s bullish trend, Solana (SOL) has persisted with noteworthy progress. Over the last seven days, this cryptocurrency has achieved an impressive gain of approximately 20%, accompanied by a notable increase in trading activity. Furthermore, it has breached significant resistance levels at $160 and $163 during the current trading session, suggesting the potential for substantial growth over the weekend. As depicted in the price chart, SOL has experienced almost uninterrupted growth throughout the week, recording an approximately 8% rise on Monday alone to reach $159.50.
Sellers put up strong resistance at the $160 mark for SOL on Tuesday, resulting in a minimal gain to $160.79 after a brief dip to $152.72. Sellers weighed heavily on SOL on Wednesday, causing it to decline by 3.23% to $155.60. However, the cryptocurrency bounced back the following day, rising by 2.35% to $159.25. Presently, buyers are attempting to push SOL towards $170, but they encounter significant selling pressure near that price level, as evident from the price chart.
Should SOL manage to surpass the $170 mark, its subsequent objective may lie between $188 and $190, serving as resistance. A successful breakthrough above this range could pave the way for a potential rise towards $200. Conversely, if sellers regain control and drag SOL below the $160 level, a downward trend might ensue, potentially taking it to $150. If this support is subsequently breached, we may witness a further decline towards $140.
Toncoin (TON) Price Analysis
As a seasoned cryptocurrency analyst with years of experience under my belt, I’ve seen my fair share of market fluctuations. This week, Toncoin (TON) displayed a noticeable decline, which was a disappointing turn after an otherwise encouraging week for this Telegram-linked digital asset. Although there was a dip this week, TON has been on an upward trend in the grand scheme of things. However, TON failed to sustain its position above $7.50, with sellers relentlessly driving down the price.
On Wednesday, TON made another effort to surpass the $7.50 mark, as shown in the price chart. Yet, selling pressure caused the price to drop back to $7.14. The value of TON rose to $7.25 on Thursday, and currently, there’s a struggle between buyers and sellers for control. TON’s Relative Strength Index (RSI) is close to 50, indicating ample potential for a robust bullish turnaround before it reaches overbought levels and triggers another correction. To achieve a prolonged push towards $8, TON must initially retake the $7.50 mark.
Polkadot (DOT) Price Analysis
Over the past 24 hours, Polkadot (DOT) experienced a nearly 4% decrease in value, going from $6.41 to its current price of $6.08. The cryptocurrency market is displaying high volatility, as evidenced by DOT’s price chart. This recent decline erased the gains made by DOT during the previous week. On Monday, DOT reached a peak of $6.49 but was unable to surpass the resistance at $6.50 and settled at this level. Due to strong resistance at this point, DOT experienced significant downward pressure on Tuesday, reaching a low of $6.14. Despite support from buyers at lower levels, DOT finished the day at $6.34, which was still a 2.31% decrease.
On Wednesday, buyers made efforts to drive the price of DOT above $6.50 but were unsuccessful. Consequently, DOT decreased by 1.26% and fell beneath its 50-day moving average (SMA). The following day, Thursday, displayed volatility once more as buyers attempted to regain the 50-day SMA. However, sellers overpowered the buyers, causing a significant drop of 2.72%, bringing DOT down to $6.09 and pushing it below the 20-day SMA. The price chart for DOT suggests a continuous struggle between buyers and sellers, with buyers striving to surpass the 50-day SMA during the current session. However, selling pressure at higher levels is much stronger than demand. It is crucial that bulls defend the $6 support level against this bearish pressure. If they fail to maintain this level, a potential drop to $5 may occur. DOT needs to stabilize and hold above the $6 mark before making any further progress upward.
BONK Price Analysis
As a crypto investor, I’ve observed some exciting price movements in the meme token BONK this week. However, its trajectory was not without turbulence. Despite two consecutive days of growth – an 11.03% rise to $0.000026 on Monday and a 7.16% increase to $0.000028 on Tuesday – BONK failed to sustain its upward momentum. On Wednesday, the token plunged by 6.72%, dropping back to $0.000026. Sellers attempted a recovery on Thursday, pushing BONK up to a daily high of $0.000028, but they fell short of breaching the crucial resistance level at $0.000030. Instead, the token retreated once more, closing the day at $0.000027, marking a near 3% gain.
If BONK manages to rise above its 50-day simple moving average (SMA), there’s a possibility that buyers will attempt to drive the price up to $0.000030. Nevertheless, sellers are likely to put up strong resistance at this level. Conversely, if BONK experiences a reversal, it might drop down to $0.000025.
Celestia (TIA) Price Analysis
Last week, there was a noticeable surge in Celestia (TIA)’s value, with optimism that this upward trend would persist. However, the token experienced a setback and dipped from $7 down to $6.09 by Saturday. Subsequently, it managed to regain some ground, peaking at $6.98 on Monday. Yet, TIA failed to surpass $7 once more, plunging to a low of $6.31 on Tuesday. Purchasers stepped in, propelling the token upwards, with TIA concluding its week-long journey at $6.61. Despite this, pessimistic sentiments dominated the market, causing TIA to decline by 4.99% to $6.28 on Wednesday, and an additional 1.68% drop on Thursday brought the token’s price down to $6.18.
In the present trading scenario, TIA experiences a slight decrease in value, staying put at $6.18. If sellers successfully force the price below its 20-day Simple Moving Average (SMA) and the $6 mark, we may witness a substantial decline towards $5. Nevertheless, a bounce back could lead to TIA testing the resistance level of $7 once again.
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2024-07-19 14:04