As a seasoned trader with over two decades of experience under my belt, I have witnessed countless market cycles and trends. The crypto market is no exception to this rule, and it has provided me with unique insights into its dynamics.
1. On Monday, Bitcoin (BTC) hit a record high of $70,000 following its surge past $69,000. Yet, the digital currency retreated significantly after reaching this peak, suggesting that sellers are aggressively guarding the upper resistance level, causing the price to dip down to $66,810.
Before reaching $70,000, Bitcoin displayed extremely bullish behavior. Although it experienced a substantial decrease since then, it is still projected to end July with noteworthy profits. In July, Bitcoin plunged as low as $54,000 before bouncing back and surpassing $65,000.
Bitcoin (BTC) Meets Fierce Resistance At $70,000
Bitcoin’s (BTC) advance took a familiar turn as it hit a roadblock at the $70,000 mark. Having reached this milestone for the first time since early June on Monday, the cryptocurrency encountered heavy selling pressure from bears guarding this level. Consequently, BTC dropped dramatically, ending up at $66,810. Sellers aimed to push Bitcoin further down, but buyers managed to keep it above the $66,000 threshold.
2024 saw Bitcoin (BTC) exhibit a recurring price pattern several times throughout the year. The first instance was in January, following the introduction of spot Bitcoin ETFs, which propelled BTC to a multi-year high. However, this surge was short-lived, with BTC plummeting below $40,000 shortly after. Afterward, BTC embarked on an uptrend. A similar pattern emerged in March when BTC surpassed $69,000, setting a new all-time high. Yet, the price took a nosedive once more, leaving BTC below $60,000 shortly after hitting its record high. In the same month, BTC reached another milestone by moving above $73,000; however, similar to the previous occurrences, it retreated and hasn’t managed to break through $70,000 until recently.
Bitcoin (BTC) Could Hit New All-Time High
1. Once Bitcoin (BTC) surpassed $70,000, it encountered a sharp decline as bears aggressively safeguarded the $70,000 threshold, even extending to $73,000. Yet, traders believe that BTC will achieve a fresh record high this year. As per findings from Santiment, most crypto market participants foresee Bitcoin reaching a new peak by October. Investors are buying Bitcoin in anticipation of it breaking free from its current trading pattern and surpassing $70,000 to establish a new all-time high. Data from CoinShares indicates that BTC experienced inflows amounting to $519 million during the last week, bringing July’s inflows for the asset to $3.6 billion and year-to-date inflows to $19 billion.
1. As a crypto investor, I’ve noticed that the conversations revolving around Bitcoin being utilized as a strategic reserve asset, coupled with the potential Federal Reserve rate cut, have substantially enhanced my confidence in the market. Moreover, according to Raoul Pal, CEO and founder of Global Macro Investor, the current circumstances seem favorable for Bitcoin to ignite a rally.
Bitcoin (BTC) Price Analysis
1. Over the last month, Bitcoin (BTC) has experienced a 10% rise, nearly breaching the $70,000 mark on Monday, only to be pushed back by sellers. This surge in BTC following its dip below $55,000 this month has significantly shifted investor optimism, with many predicting that the cryptocurrency could establish a new record high before the year’s end. While some attribute BTC’s recent gains to political backing from key US presidential candidates, others like Solo Ceesay, founder and CEO of Calaxy Web3 wallet, suggest that its rising popularity is linked to an approaching economic downturn.
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On Thursday, Bitcoin (BTC) experienced significant selling pressure that drove the price down to a low of $63,479. Surprisingly, buyers managed to regain control and push the price back up, surpassing the $65,000 mark once more. As a consequence, BTC closed at $65,845, registering a 0.69% increase. Buyers maintained control on Friday, resulting in a 3.12% rise in the price to $67,899. The weekend brought considerable volatility as buyers and sellers battled for dominance. BTC saw a minor decrease, dipping to $67,833. However, sellers’ attempts to force BTC below $65,000 on Sunday were thwarted by buyers, who managed to push the price above $68,000 following a 0.62% increase.
On Monday, Bitcoin showed signs of gaining momentum and climbing towards $70,000. Buyers’ efforts to surpass the resistance level were met with strong opposition from sellers, causing a shift in sentiment. Consequently, Bitcoin dipped 2.12% down to $66,810. Currently, the cryptocurrency is slightly rising as buyers try to regain control. Sellers aim to push Bitcoin below $65,000. If Bitcoin manages to bounce back from this level, it may suggest that traders are taking advantage of the dip and preparing for another bullish push above $70,000. The resistance levels must be defended by bears to keep Bitcoin under control. The Relative Strength Index (RSI) is currently displaying positive values, indicating that the bulls hold the upper hand.
Ethereum (ETH) Price Analysis
Since midweek, Ethereum (ETH) advocates have been hoping for a surge past the $3,400 threshold after ETH dipped below its 50-day Simple Moving Average (SMA), closing at $3,336 on Wednesday. However, selling pressure persisted into Thursday, causing the price to plummet by nearly 5%, falling beneath both the 20-day and 200-day SMAs. ETH reached a low of $3,089 before sellers failed to drive it below the $3,000 mark, suggesting some buying interest at lower levels. As a result, buyers lifted the price above $3,100, ending the day at $3,175. Buyers regained control on Friday as ETH climbed by 3.20% to $3,277, but were unable to push it any further due to the 20-day SMA serving as a dynamic resistance level.
1. Over the weekend, Ethereum (ETH) tried to surpass its 20-day Simple Moving Average (SMA), reaching $3,330 on Saturday. However, it failed to maintain the upward trend, leading to a decline that dropped ETH to $3,201 before closing at $3,250, marking a 0.83% decrease. A resurgence of buying activity occurred on Sunday, causing ETH to rise by 0.68% to $3,272. On Monday, buyers made an effort to exceed $3,400, pushing ETH up to $3,399. Yet, it fell short of reaching the $3,400 mark as sellers stepped in, forcing the price back below the 20-day SMA to $3,319. Currently, Ethereum is trading slightly higher at $3,336. If ETH manages to surpass both its 20 and 50-day SMAs, it will likely prompt another attempt to break above the $3,400 threshold. Such a move could potentially lead to a surge towards $3,500 and beyond.
Solana (SOL) Price Analysis
On Monday, Solana (SOL) nearly broke through the $200 mark before sellers intervened, causing a price drop. Since its low of $121 in early July, SOL has experienced an impressive surge. It peaked at $184.51 on July 21 but faced resistance and retreated to $165 by the beginning of the week. Despite this setback, buyers managed to regain control and drove the price back up, reaching a closing price of $171.87, representing a weekly decline of approximately 3.5%. However, SOL recovered on Friday with a 6.56% increase and surpassed the $180 mark once again, ending the week at $183.
Over the weekend, SOL saw fluctuations but still recorded gains of 0.44% on Saturday and 0.60% on Sunday, closing above $185. The significant price movements occurred on Monday. Initially, buyers took charge, propelling SOL beyond $190 and peaking at $194, almost breaching the $200 mark. However, a large wick on the candlestick indicates that sellers stepped in to defend the $200 level, ultimately forcing the price down. This intense selling pressure caused buyers to lose steam, resulting in SOL dropping by 1.32% to $182.65. At present, the struggle between buyers and sellers persists, with SOL showing a minor decrease in the current session.
1. Option 1: In this situation, sellers aim to push the price of SOL below the $180 mark. If that happens, the coin might slip down to around $170. Conversely, if SOL recovers and ends the day trading above $190, the bulls will find themselves in a stronger position for a potential surge past $200.
Toncoin (TON) Price Analysis
Last week, Toncoin (TON) failed to hold onto the significant support level of $7 as its downward trend persisted. Having peaked at $8 in early July, TON dipped below this mark on July 22. Buyers were unable to prevent further decline, resulting in a 1.59% drop on July 23 and a minimal decrease on the following day, leaving TON at $6.86. Sellers maintained control throughout Thursday, causing a steep 3.54% decrease to $6.62. Despite this, there is demand for TON at lower prices, around the $6.50 mark. Consequently, TON experienced a 1.82% growth on Friday and reached $6.74.
Over the weekend, TON experienced a decline, dipping by 0.99% on Saturday and an additional 0.63% on Sunday, closing at $6.63. On Monday, buyers made an effort to boost the price towards $7, with the highest point reaching $6.82. However, the bullish momentum was interrupted, causing the price to drop back down to $6.63. Currently, TON is trading at $6.65 in this session. With demand relatively low, TON may maintain its position above $6.50 and attempt a recovery towards $7. However, sellers are anticipated to fiercely guard this level, potentially leading to another slide back down to $6.50.
Shiba Inu (SHIB) Price Analysis
Last week, Shiba Inu (SHIB) dipped under its 20-day Simple Moving Average (SMA), reaching a low of $0.0000170 on Tuesday. The bearish trend persisted, causing SHIB to further drop to $0.0000163 by Thursday. Despite the resistance at around $0.0000160, SHIB managed to bounce back on Friday, recording a 3.48% increase to $0.0000169. On Saturday, buyers made an effort to surpass the 20-day SMA, taking SHIB up to $0.0000176. However, sellers overpowered the bullish momentum, forcing SHIB back below its 20-day SMA and settling at $0.0000170 by the end of the day.
On Sunday, the price experienced a downturn, decreasing by 1.29% to reach $0.0000168. Buyers attempted to push the price above the 20-day Simple Moving Average (SMA) on Monday but were unsuccessful, resulting in a further decline of 1.13% to $0.0000166. Currently, SHIB is trading 1.26% higher at $0.0000168 during the ongoing session. Buyers aim to surmount resistance levels, but if the trend reverses, SHIB may fall back to the support level of $0.0000160.
Cosmos (ATOM) Price Analysis
1. Since last week when Cosmos (ATOM) dropped below its 20-day Simple Moving Average (SMA), it has been fluctuating between $6 and $6.50. On Thursday, sellers drove the price down to a low of $5.70. However, buyers stepped in at this point, pushing the price back up, eventually closing at $5.92. Buying interest picked up on Friday, causing ATOM to rise by 4.18%, surpassing the $6 mark and ending the day at $6.17. The uptrend continued on Saturday, moving above its 20-day SMA and closing at $6.35.
On Sunday, a selling pressure at higher levels caused ATOM to retreat, falling below its 20-day Simple Moving Average (SMA) again and ending the day at $6.21. Continuing this trend on Monday, the price dipped further to $6.11 before experiencing some recovery during the current session. As of now, in the ongoing session, ATOM is trading at $6.16, showing a 0.83% increase.
SEI Price Analysis
The momentum of SEI has noticeably decelerated, with the asset experiencing a downturn since March when its value reached $1.15. Since then, SEI has experienced a significant decline of over 69%, driven largely by bearish market sentiment. Last week, the asset moved laterally, but it dropped by 5.04% on Wednesday. Following a minimal decrease on Thursday, SEI saw an increase of 5.01% on Friday and rose to $0.37. However, it slipped back into negative territory over the weekend, losing 1.83% on Saturday and nearly 4% on Sunday, leaving it at $0.35. The current trend for SEI continues in the red, with little price action; instead, it is hovering around this level.
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2024-07-30 15:04