As someone who has been closely following the cryptocurrency market for the past few years, I have seen my fair share of ups and downs. I remember when Solana (SOL) was just starting to gain traction, and many in the community were bullish about its potential to disrupt the DeFi space. I personally invested a small amount in SOL, hoping to see significant returns.
Over the weekend, Bitcoin (BTC) experienced a significant surge in price, breaking through the important resistance of $65,000. This upward trend followed a brief dip. Despite some market apprehension, spot Bitcoin Exchange-Traded Funds (ETFs) saw ongoing investments, suggesting that while investors were cautious, they remained optimistic rather than bearish.
The potential recuperation of Bitcoin (BTC) might lead it towards reaching a new peak price of $70,000, given its upward trend that started when it surpassed the 200-day Simple Moving Average (SMA) on July 14.
Smart Money Continues BTC Buying Spree
Over the weekend, Bitcoin (BTC) demonstrated a robust performance, surpassing the pivotal $65,000 threshold. Bulls took charge following a minor correction, resulting in an impressive 8% gain for BTC over the past week. With the next milestone at $70,000 within reach, Bitcoin’s upward trend can be linked to substantial investments in spot Bitcoin ETFs and accumulation by large-scale investors (whales). If this momentum persists, a new record high for Bitcoin may be imminent.
Based on information from Lookonchain, a platform that tracks on-chain data, large Bitcoin investors, referred to as whales, have been actively purchasing BTC in significant quantities. Notably, one such whale acquired 213.78 BTC within the last 24 hours. Over the past four days, this particular whale has amassed a total of 677 BTC, equating to an impressive $45.6 million in value.
As a crypto investor, I’ve noticed that some savvy investors recently purchased an additional 215.5 $BTC, worth approximately $14 million, only sixteen minutes ago. Currently, they hold a total of 463.16 $BTC, which equates to around $30 million in value.
Analysts point out that significant Bitcoin purchases by major investors demonstrate their faith in the cryptocurrency’s prospects. Nate Geraci, ETF Store president, emphasized the impact of US-listed spot Bitcoin ETFs, which currently hold around 900,000 BTC or roughly 4.3% of the total supply. The value of these ETFs is impressive at approximately $60 billion.
Bitcoin (BTC) Price Analysis
Analyzing the Bitcoin (BTC) price trend, I noticed a V-shaped recovery following its dip to a low of $53,591 on July 5. This marked an impressive surge of approximately 26%. However, after attempting to surpass $65,000 on Wednesday, BTC encountered significant resistance from sellers and consequently dropped by 1.49% to $64,156. Reaching a daily high of $66,135 on Thursday, the market saw heightened volatility as buyers and sellers vied for control. Ultimately, BTC experienced a marginal decrease, ending the day at $64,027.
Biting at the robust support level of $64,000, Bitcoin surged forward on Friday as investors jumped in, breaching the hurdle at $65,000 following a 4.10% growth that concluded at $66,652. The cryptocurrency remained bullish over the weekend with gains of 0.65% on Saturday and 0.84% on Sunday, escalating its value to $67,654. However, sellers made a strong attempt to drag Bitcoin back below $65,000 on Sunday, causing it to plummet to a low of $65,730. Despite this setback, the digital currency managed to stay above the key support level. Presently, Bitcoin is experiencing a slight dip in value with sellers pushing the price down from $68,000. The ongoing session could witness intensified selling pressure as sellers aim to push the price below $65,000 again. However, if Bitcoin manages to hold above this level, we might observe another challenge of the $68,000 resistance and a subsequent advance towards $70,000.
However, the RSI is close to the overbought zone, indicating a short-term correction.
Ethereum (ETH) Price Analysis
Over the weekend, Ethereum (ETH) experienced a robust rebound, pushing the price above $3,500 in anticipation of the launch of spot Ethereum Exchange-Traded Funds (ETFs). Despite bullish efforts to build on this recovery, ETH encountered substantial selling pressure as depicted in the price graph. Although ETH is currently showing a loss, it has recorded an impressive gain over the past week. The token kicked off last week with a surge of 7.37%, reaching a high of $3,486. However, sellers were present at this level, resulting in a drop to $3,389 by midweek.
On Thursday, Ethereum (ETH) surged towards $3,500, reaching a peak of $3,490, yet sellers managed to pull the price back down to $3,426, marking a 1.09% gain. The following day, Friday, saw robust buying interest as ETH transcended both its 50-day Simple Moving Average (SMA) and $3,500, concluding at $3,501. Throughout the weekend, ETH stayed positive but faced notable selling pressure. On Sunday, sellers drove ETH to a low of $3,413, but buyers regained control, pushing the price back above its 50-day SMA and ending the week at $3,537.
In the present market scenario, ETH has experienced a decline of 1.75%, with sellers attempting to drive its price below $3,500 yet again. Some experts believe that if the excitement surrounding Ethereum spot ETFs diminishes, it may cause ETH’s value to decrease further. However, ETH has thus far maintained an position above its 50-day moving average (SMA). If buyers manage to push ETH back above $3,500 and reclaim this level, it could potentially catapult ETH towards $3,700. Despite bearish expectations at the $3,500 mark, a bullish push towards $4,000 remains a possibility if the bulls prevail. Conversely, should sellers succeed in pushing ETH below its 50-day SMA, we might see ETH drop to $3,300 where the 20-day SMA could provide support. The upcoming launch of Ethereum spot ETFs on July 23, as confirmed by Cboe, may result in a significant increase in ETH’s price.
Solana (SOL) Price Analysis
Over the past fortnight, Solana (SOL) has experienced a notable bounce back. The previous week brought about a near 17% growth as investors targeted the $200 mark. Following a 3.23% decline on Wednesday, bears failed to drive the price below $150. SOL made a robust attempt to reach $160 on Thursday, resulting in a 2.35% rise. However, it fell short and ended the day at $159.25. A 6.30% surge on Friday enabled SOL to surpass $160 and close at $169.29, empowering the bulls significantly.
Over the weekend, SOL experienced a notable uptrend, reaching $184 after a 2.62% growth on Saturday and a powerful 6.20% surge on Sunday. Despite efforts from sellers to pull SOL back below $170, it rebounded and surpassed this resistance level. However, the ongoing trading session has seen a decline of 3.35% for SOL, currently priced under $180. The upward trend of the 20-day Simple Moving Average indicates bullish sentiment, but the Relative Strength Index hints at potential short-term price drops.
If Solana (SOL) manages to hold its ground above $170 despite bearish attempts, there’s a strong possibility for the price to surge towards $200. Conversely, if bears successfully drive the price below $170, we may witness a decline and reach the support at around $160.
Polkadot (DOT) Price Analysis
Polkadot (DOT) hasn’t fully taken advantage of the ongoing cryptocurrency market rally. Its price action has been lackluster when compared to other prominent altcoins. The digital currency has repeatedly failed to surpass the $6.50 resistance mark, leaving investors underwhelmed. The previous week was marked by significant volatility, with DOT managing to bounce back but slipping into the red once more during the current trading session. Despite a promising start over the past weekend, when it hit a high of $6.49 on Monday, DOT’s progress was halted due to substantial bearish pressure. By Thursday, its price had dropped to $6.90. However, DOT found solace in its robust support at the $6 mark and staged a strong rebound on Friday, surpassing both the 20-day and 50-day Simple Moving Averages (SMAs) and settling at $6.35.
Over the weekend, I observed DOT making another effort to surpass the resistance at $6.50, managing to reach a high of $6.44. However, despite facing significant selling pressure, the buyers failed to maintain the upward momentum. Consequently, DOT has taken a nosedive and is currently trading at around $6.26, representing a nearly 3% decrease in value. If the bearish trend persists, we may witness DOT dropping further down to its support level of $6.00. Should this support be breached, the price could potentially slide all the way to $5.00.
Dogecoin (DOGE) Price Analysis
In July, Dogecoin (DOGE) experienced a notable surge as investors tried to drive the meme currency beyond $0.140. However, DOGE experienced a minor setback in the previous week, dipping to $0.119 on Thursday. Despite bears’ efforts to push DOGE beneath its 20-day moving average (SMA), the price bounced back on Friday, recording a 5.46% gain to close at $0.125. Dogecoin continued its bullish trend over the weekend, surpassing both the 50 and 200-day SMAs on Saturday, closing at $0.133. However, DOGE encountered substantial selling pressure on Sunday as sellers aimed to take charge. Despite this, DOGE registered a 5.09% increase and rose above $0.140.
In the present trading scenario, DOGE is experiencing a decline of 1.78%, with sellers attempting to push the price down to around $0.130. If sellers maintain control, there’s a possibility that DOGE could plummet further towards its 20-day Simple Moving Average (SMA). Conversely, if the price recovers, we might see another attempt to reach the $0.140 mark. For buyers aiming to advance the price to $0.150, they must first regain and stabilize above the $0.140 level.
Uniswap (UNI) Price Analysis
Last week, Uniswap (UNI) showed both positive and negative trends. The token started off strong, reaching a price of $8.60 on Monday. However, it failed to build upon this momentum and instead slid into the red territory on Tuesday. By Thursday, UNI had dropped to $7.83 due to intense selling pressure. A minor recovery followed on Friday, with a 1.99% price increase that brought UNI up to $7.99. On Saturday, UNI experienced considerable volatility but managed to surpass $8 on Sunday. However, bears were successful in pushing the token down to a low of $7.64 before buyers regained control and pushed UNI back above $8 to $8.12. Currently, UNI is once again facing selling pressure and has dipped back into the red during this session, with sellers aiming to drive the price below $8.
If buyers fail to take control during the trading session, UNI‘s price may decrease and reach the $7.50 mark, which is known for its robust support.
Cardano (ADA) Price Analysis
At the $0.45 mark, Cardano (ADA) experienced robust opposition, causing a halt in its impressive rally as a coin. This resistance allowed bears to regain control during the past week, driving ADA’s price down to $0.42 by Thursday. However, on Friday, there was a notable rebound from this level, suggesting substantial buyer interest around $0.40. As a result, ADA experienced a 3.78% rise to reach $0.43. On Saturday, there was only a slight decline, but ADA remained in the positive territory on Sunday despite encountering considerable selling pressure that pushed the price down to a daily low of $0.41. Once again, demand resurfaced at lower levels, enabling ADA to register a 2.29% increase and close at $0.44.
In the ongoing trading, Cardano (ADA) has dipped back into the negative territory due to robust resistance at the $0.45 mark. At present, ADA is experiencing a decrease of 2.46%, with its price settling at $0.43. If selling pressure persists, ADA may plummet to $0.40. However, if bulls manage to take charge, they will strive to surpass the resistance at $0.45. A successful breakthrough above this level could potentially propel the price to $0.50.
Dogwifhat (WIF) Price Analysis
As a researcher studying the cryptocurrency market, I’ve noticed that Dogecoin (WIF) has shown remarkable bullishness since it hit a low of $1.49 on July 11. In just the past seven days, WIF has experienced an impressive 49% surge, with investors targeting the $3 resistance level. The previous week saw WIF as one of the top performers, and this trend could potentially continue. After a brief pause in the middle of last week, WIF broke through its 50-day Simple Moving Average (SMA) and a significant resistance level on Thursday, closing at $2.43. However, sellers tried to regain control on Friday, causing a dip to $2.31. Nevertheless, buyers managed to push the price back up, resulting in a 4.40% increase to close at $2.54.
During the weekend, bulls maintained their dominance over WIF, which rose by 3.68% on Saturday to hit $2.63. On Sunday, sellers put pressure on WIF once more, driving the price down to a low of $2.40. Nevertheless, buyers regained control and managed to lift the price back up, resulting in a gain of 6.89% to close at $2.82. In the current trading session, sellers are attempting to force WIF below $2.50. However, buyers will resist this level and aim for consolidation above it, with their sights set on the significant $3 mark.
Read More
Sorry. No data so far.
2024-07-22 13:08