Bitcoin (BTC) is gradually rising towards the $70,000 mark, indicating that sentiment remains positive. According to Farside Investors data, the US-based spot Bitcoin ETF saw inflows of $383 million on July 19. This brought cumulative net inflows into the ETF to over $17 billion since its launch.
As Bitcoin price continues to hold above $65,000, Bitcoin whales appear to have reduced their selling. In a post to X, CryptoQuant’s head of research, Julio Moreno, said that selling by large Bitcoin investors has dried up and “valuation metrics suggest positive momentum.”
Bitcoin’s strength has led to a recovery in several altcoins. The cryptocurrency market could get a boost from the launch of the Ethereum ETF, which is expected to start trading on July 23.
Could Bitcoin extend its recovery in the short term to encourage altcoin buying? If so, what are the top five cryptocurrencies showing strength on the charts?
Bitcoin Price Analysis
Bitcoin bounced off the 50-day simple moving average ($63,792) on July 19 and broke through the resistance level at $66,128, showing that the recovery is still ongoing.
The 20-day SMA ($60,827) is up, and the Relative Strength Index (RSI) is rising into positive territory, indicating that bulls are dominant. If the price holds above $66,128, the BTC/USDT pair could reach $70,000. Bears are expected to make a strong defense in the $70,000 to $73,777 range.
An important support level to watch in a downtrend is the 50-day SMA. If this support level breaks, the pair may fall to the 20-day SMA.
The moving average is rising on the 4-hour chart, indicating a bearish trend, but the RSI is forming a negative divergence, indicating that the bullish momentum may be weakening. If the price breaks below $66,128, the pair may fall to the 50-SMA and later to $62,350.
Conversely, if the price bounces off $66,128, the uptrend is likely to resume. Then, the pair can go up to $70,000.
Solana Price Analysis
Solana (SOL) rose on July 20th and closed above the downtrend line, invalidating the developing descending triangle pattern. Failure of the downtrend pattern is a bullish signal.
The rising 20-day SMA ($148) and the RSI in positive territory suggest that the bulls are in favor. If the price stays above the downtrend line, the SOL/USDT pair could rally to $189 and then to the overhead resistance at $210.
Conversely, if the price declines and re-enters the triangle, it suggests that the breakout may have been a bull trap. Then, the SOL/USDT pair may sink to the 20-day SMA, which is likely to act as a strong support line.
Both moving averages are rising on the 4-hour chart, but the RSI is showing a negative divergence. This indicates that the trend is up, but the positive momentum is slowing down. The 20-SMA is an important support level to watch in a downtrend. If the price bounces off the 20-SMA, it will signal that the uptrend could reach $189.
If the bears want to stop the uptrend, they will need to quickly push the price below the 20-SMA. If they do, the selling pressure could pick up and the pair could crash to $155. A break below this level would be favorable for the bears.
Internet Computer Price Analysis
Internet Computers (ICP) broke through its downtrend line on July 15, indicating that the downtrend is weakening.
The moving averages are on the verge of a bullish crossover and the RSI is in positive territory, indicating that the bulls are making a comeback. The bears tried to push the price below the $9.36 level on July 19, but the bulls held on. If the price rises and holds above $10.50, the ICP/USDT pair could go up to $13 and later $14.
Meanwhile, the bears are likely to have other plans. They will try to push the price down to $9.36. If they succeed in doing so, the pair could fall to the 20-day SMA. This is a crucial level for the bulls to defend, as if it breaks, the next stop could be $6.
The 4-hour chart shows that the bears are trying to stop the recovery at $10.50, but the bulls have prevented the price from falling below $9.36. This suggests that the pair may consolidate between $10.50 and $9.36 for a while.
If the bulls push the price above $10.50, it will be a signal for the uptrend to resume. The pair can rise to $11.25 and then to $13. Conversely, if the price falls below $9.36, the pair can fall to $8.50 and then to $7.
Related: DOGE open interest increases 19% as price ‘breaks’ to monthly high
Graph Price Analysis
Graph (GRT) has been trading in a narrow range between $0.22 and the 20-day SMA ($0.19) over the past few days.
The tight range trade is unlikely to last long. If buyers push the price above $0.22, the GRT/USDT pair could reach the downtrend line. The bears will try to stop the relief rally at this level, but if the bulls prevail, the pair could start an uptrend towards $0.27 and then $0.32.
Contrary to this assumption, if the price declines from current levels and crashes below the 20-day SMA, this indicates that the bulls have given up. This could lead to the price moving towards the next support level of $0.15.
The 4-hour chart shows that the bears are fiercely defending the $0.22 resistance level. An important level to watch in a downtrend is the 50-SMA. If the price surges above the 50-SMA, a rally above $0.22 is likely. If that happens, the pair could reach the downtrend line.
Conversely, if the price declines and breaks below the 50-SMA, this indicates that the bulls are rushing for the exit. The pair may fall to $0.20 and later to $0.18.
Bonk Price Analysis
The BONK has been fluctuating within a symmetrical triangle pattern for several days, indicating indecision between bulls and bears.
The 20-day SMA ($0.000025) is starting to gradually rise, and the RSI is in the positive zone, indicating that it is in favor of buyers. The bulls will try to push the price up to $0.000036 and later to the resistance line of the triangle. This level is likely to attract a solid sell-off from the bears.
The 20-day SMA is an important support line to watch on the downside. If it breaks and closes below this, the BONK/USDT pair may fall to the support line. Buyers are expected to buy when it falls to the support line.
The 4-hour chart shows that the bears are trying to stop the uptrend at $0.000032, but the buyers are not giving much ground to the sellers. The first support level for the downtrend is the 20-SMA, followed by the 50-SMA. If the price bounces off the moving average, a rally to $0.000036 and later to $0.000042 is likely.
This positive view will be invalidated in the short term if the price breaks below the 50-SMA. This may lead to additional selling, which may push the price down to $0.000022 and then to $0.000020.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.