Bitcoin (BTC) rose 8.8% last week to conquer the psychological barrier of $60,000, indicating solid buying at lower levels. CoinShares data shows that Bitcoin witnessed inflows of $1.35 billion, the fifth largest weekly inflows on record.
Bitcoin was not alone a even Ethereum products saw inflows of $72 million in anticipation of the launch of the first spot Ethereum exchange-traded fund (ETF) in the US.
Cryptocurrency analytics firm Santiment said in a post on X that smaller traders dumped their holdings in the fall while Bitcoin whales and sharks accumulated. According to market intelligence platform IntoTheBlock Bitcoin, Bitcoin whales purchased 71,000 Bitcoin during “the recent price decrease.”
The next question in every trader's mind is whether the rally will continue and Bitcoin hit a new all-time high. In a range, traders generally tend to take profits near the overhead resistance, and that is likely to happen again. The bulls may not find it easy to drive the price to a new all-time high as the bears are expected to pose significant resistance above $70,000.
Could Bitcoin continue its recovery and climb above the $64,500 resistance, triggering buying in altcoins? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index remains in a solid uptrend. The bulls extended the rally on July 15, hitting a lifetime high of 5,666.
Both moving averages are sloping up, and the relative strength index (RSI) remains in the overbought zone, signaling that bulls are in command. The bears will try to start a correction from 5,600, but if the bulls prevail, the index could start its journey toward 6,000.
The first sign of weakness will be a break and close below the 20-day simple moving average (5,519). That will indicate profit-booking by short-term traders. The index may then slump to the 50-day SMA (5,375).
US Dollar Index price analysis
The bulls tried to push the US dollar index (DXY) above the 50-day SMA (105) on July 9, but the bears held their ground.
The price turned down on July 10 and has reached the crucial support at 104. Buyers are expected to defend this level. If the price rebounds off 104 with strength, the index could reach the moving averages. If the price turns down sharply from the moving averages, the likelihood of a break below 104 increases. The index may drop to 103.17 and later to 102.63.
On the upside, a break and close above the moving averages will open the doors for a rally to 106, where the bears are likely to sell aggressively.
Bitcoin price analysis
Bitcoin jumped above the 20-day SMA ($59,522) on July 14, indicating that the bearish momentum is weakening.
The bulls will try to strengthen their position by pushing the price above the $64,602 overhead resistance. If they succeed, the BTC/USDT pair is likely to pick up momentum and reach the $72,000 to $73,777 resistance zone.
On the contrary, if the price turns down from $64,602, it will suggest that the bears are selling on rallies. The pair could then pullback to the 20-day SMA. If the price turns up from the 20-day SMA, it will signal a change in sentiment from selling on rallies to buying on dips. That will improve the prospects of a break above $64,602.
Ether price analysis
Ether (ETH) has been range-bound between $2,850 and $4,094 for the past several months. In a range, traders buy near the support and sell close to the resistance.
The bears' failure to sink and maintain the price below $2,850 has started a move toward the resistance at $4,094. The bears may try to stall the recovery at the 50-day SMA ($3,469), but if the bulls do not give up much ground, the possibility of the up move continuing remains high.
If bears want to make a comeback, they will have to swiftly tug the price back below the 20-day SMA. If they do that, the ETH/USDT pair could slide toward $2,850.
BNB price analysis
The bulls pushed BNB (BNB) above the 20-day SMA ($543) on July 15, indicating that the selling pressure is reducing.
The bulls will try to continue the up move by pushing the price above the 50-day SMA ($587). If they succeed, the BNB/USDT pair could reach the overhead resistance of $635, where the sellers will attempt to stall the rally.
If the price turns down sharply from $635, it is likely to find support at the 20-day SMA. A bounce off the 20-day SMA will enhance the prospects of a break above $635.
Conversely, if the price turns down from the 50-day SMA and breaks below the 20-day SMA, it will signal that the pair remains stuck inside the $495 to $635 range.
Solana price analysis
Solana’s (SOL) recovery has risen above the 50-day SMA ($148), indicating that the bears are losing their grip.
There is a minor resistance at $155, but if that is scaled, the SOL/USDT pair could reach the downtrend line. The bears are expected to protect this level, as a break above it will invalidate the developing descending triangle pattern. The failure of a bearish pattern is a positive sign. That may start a rally to $169 and subsequently to $210.
If bears want to prevent the upside, they will have to quickly pull the price back below the 20-day SMA ($141). That may keep the price within the triangle for a few more days.
XRP price analysis
XRP (XRP) rose above the 20-day SMA ($0.46) on July 12 and followed that up with a sharp up move to $0.57 on July 13.
The bears are defending the $0.57 level, but a positive sign is that the bulls have not allowed the price to dip below the psychological level of $0.50. If the price rebounds off $0.50, the likelihood of a rally above $0.57 increases. The XRP/USDT pair could then rise to $0.62 and eventually to $0.67.
Contrarily, if the price turns down and breaks below $0.50, it will signal that the pair may drop to the solid support at $0.46.
Related: Here’s what happened in crypto today
Toncoin price analysis
Toncoin (TON) has been swinging between $6.77 and $8.29 for the past few days, indicating buying on dips and selling on rallies.
The 20-day SMA ($7.46) has flattened out, and the RSI is near the midpoint, indicating a balance between supply and demand. If buyers drive the price above $7.72, the TON/USDT pair could rally to $8.29.
Instead, if the price turns down sharply from $7.72, it will signal that the bears are selling on rallies. The pair could then slide toward the support of the range at $6.77. The next trending move is likely to begin on a break above $8.29 or below $6.77.
Dogecoin price analysis
Dogecoin’s (DOGE) pullback has reached the breakdown level of $0.12, indicating that the bulls are attempting a comeback.
If the price turns down sharply from $0.12, it will suggest that the bears are attempting to flip the level into resistance. The DOGE/USDT pair could drop to $0.10 and then retest the July 5 low of $0.09. Buyers are expected to fiercely defend the $0.09 to $0.10 support zone.
On the upside, a break and close above $0.12 will be the first indication of a potential trend change. The pair could rally to the 50-day SMA ($0.13), where the bears may mount a strong defense, but if the bulls prevail, the rally could reach $0.15.
Cardano price analysis
Cardano (ADA) broke above the descending channel on July 12 and followed it up with a break above the 50-day SMA ($0.41) on July 13. This suggests that the downtrend could be over.
The 20-day SMA ($0.39) has started to turn up, and the RSI has jumped into the positive territory, indicating that the bulls have the upper hand. If the price stays above the moving averages, the ADA/USDT pair could climb to $0.50.
This positive view will be invalidated in the near term if the price turns down sharply and plummets below the 20-day SMA. If that happens, it will signal that the current breakout may have been a bull trap.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.