Bitcoin (BTC) has recovered sharply from its weekly low, indicating positive sentiment that the dip is being bought. Market analysis firm Santiment said in a post on X that the ratio of positive to negative comments about Bitcoin has reached its highest level since March 2023.
While short-term traders are focused on Bitcoin’s new all-time high, long-term investors are anticipating a hyper-bullish target for Bitcoin. Anthony Scaramucci, founder of SkyBridge Capital, said at the Bitcoin 2024 conference in Nashville, Tennessee, that Bitcoin’s market cap is likely to surpass that of gold. Bitcoin’s market cap is around $1.3 trillion, while gold’s is between $15 trillion and $16 trillion.
Bitcoin’s strength has not affected Ether (ETH), which has fallen more than 7% this week. The negative sentiment for Ether is largely due to net outflows of around $342 million from Ether exchange-traded funds, according to data from SoSo Value.
Could Bitcoin Rise to $70,000 and Incite altcoin Buying? If so, what are the top 5 cryptocurrencies showing strength on the charts?
Bitcoin Price Analysis
On July 27, bulls attempted to push Bitcoin to $70,000, but the long wick of the candlestick shows a selloff at higher levels.
The rising 20-day exponential moving average ($64,945) and the relative strength index (RSI) in positive territory suggest that the path of least resistance is in the up direction. If the price rises from current levels or bounces off the 20-day EMA, the bulls will try to overcome the $70,000 hurdle again. If successful, the BTC/USDT pair could reach the $72,000-$73,777 resistance zone.
This positive outlook will be invalidated in the short term if the price declines and breaks below the 50-day simple moving average ($63,422). This could lead to a drop to the psychological support level of $60,000.
The 4-hour chart shows that the bulls are having a hard time holding the price above $68,500. The price has retreated to the moving average, which is likely to act as a strong support level. If the price breaks above the moving average, the bulls will try again to push the pair to $70,000.
Or, if the price breaks below the moving average, it suggests that the bulls are losing control. Then, the pair can plunge to $63,250 and later to $62,300.
XRP Price Analysis
XRP (XRP) has been consolidating between $0.57 and $0.64 over the past few days, indicating uncertainty about its next direction.
The rising 20-day EMA ($0.57) and the RSI in positive territory are in favor of buyers. The bulls need to push the price above $0.64 and hold it to start the next phase of the uptrend to $0.74. This level is likely to trigger aggressive selling by the bears.
This positive outlook will be invalidated in the short term if the price declines and breaks below the 20-day EMA, suggesting that we will see a brief period of trading within a wide range between $0.41 and $0.64.
Both moving averages are flat and the RSI is near the midpoint, indicating a balance between supply and demand. If the price stays above $0.61, the bulls will try to push the pair to $0.64.
Conversely, if the price breaks below the moving average, the bears will try to push the pair to the solid support level of $0.57. The next trend move is likely to start above $0.64 or below $0.57.
Caspar Price Analysis
On July 27, the bulls tried to push Kaspar (KAS) above the resistance level of $0.19, but the bears thwarted their attempt.
The moving average is an important support level to watch in a downtrend. A strong bounce from the moving average is a signal that sentiment is still positive and traders are buying on the downside. This increases the likelihood of a break above $0.19 and could send the KAS/USDT pair to $0.24.
Instead, if the price declines and falls below the moving average, this suggests that the bulls have given up. The pair could then crash to the solid support level of $0.14.
The 4-hour chart shows that the pair has formed a bullish ascending triangle pattern, which is likely to complete the breakout and close above $0.20. This bullish setup has a target of $0.24.
In a downtrend, the first important support level is the 20-EMA, followed by the uptrend line. If the price rises above the uptrend line, it suggests that the pair may spend more time inside the triangle.
If the bears want to fight back, they will have to push the price down below the rising trend line. If they do, the bullish setup will be invalidated. That could accelerate the selling and push the pair up to $0.16 and then $0.14.
Related: ‘Unrealistic’ – Bitcoin Stuck at $68,000 as Market Ignores 200K BTC US Election Pledge
Stack Price Analysis
Stacks (STX) broke through its downtrend line on July 15, signaling that the downtrend may be coming to an end.
The moving averages have completed a bullish crossover and the RSI has jumped into positive territory, indicating that the bulls have a slight upper hand. Buyers need to push the price above the neckline and hold it to complete the inverse head and shoulders pattern. If they do, the STX/USDT pair could start to rally to $2.50 and then move up to the pattern target of $2.65.
The bears will need to quickly pull the price below the moving average to stop the uptrend. A drop below $1.65 could trigger further selling.
The 4-hour chart shows that the bulls pushed the price above $2 but were unable to sustain the higher level. This suggests that the bears are fiercely defending the $2 level. If the price bounces off the moving average, the bulls will try to push the pair above $2 again. If they succeed in doing so, the pair could start a rally towards $2.50.
Conversely, a breakout and close below the moving average could push the pair to $1.72 and then $1.65, levels that are likely to attract strong buying from the bulls.
JasmyCoin Price Analysis
JasmyCoin (JASMY) fell below $0.027 on July 25, but the bulls bought it and pushed the price back above the level.
The 20-day EMA ($0.028) is starting to gradually rise, and the RSI is in the positive zone, indicating that it is favorable for buyers. If the bulls overcome the $0.033 barrier, the JASMY/USDT pair is likely to gain momentum and jump to $0.039.
Conversely, if the price drops below $0.033, it suggests that the bears are active at higher levels. Then, the pair may stay in the range of $0.027 to $0.033 for a few days. If the price crashes and closes below $0.027, the bears will take control again.
The 4-hour chart shows that the bears are trying to stop the uptrend at $0.033, but the positive sign is that the buyers have not given much ground to the sellers. The rising 20-EMA and the RSI in positive territory indicate a possible upside breakout. If that happens, the pair could start a rally to $0.039.
This bullish outlook will be invalidated in the short term if the price breaks below the 20-EMA. Then the pair may decline to the $0.027 support.
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.