Bitcoin (BTC) rose on July 19 after a mild decline over the past two days. According to Farside Investors data, US-based spot Bitcoin exchange-traded funds (ETFs) continued to see inflows on July 17 and 18, a sign that market participants were cautious but not bearish.
The number of Bitcoin wallet addresses with non-zero balances has plummeted by 672,510 in the past month, on-chain analytics firm Santiment said in a post on X. According to the firm, these mass liquidations typically lead to a rally.
Trading firm QCP Capital also took a positive stance in a recent announcement, speculating that Bitcoin’s resilience despite the stock market weakness and the potential Mt. Gox supply shortage suggests the market has shaken off most concerns.
Can Bitcoin continue its recovery and reach $70,000, sending altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
Bitcoin’s rapid recovery was halted on July 17 at $66,128, but the bears were unable to push the price below the 50-day simple moving average ($63,806), suggesting that bulls are buying every minor dip.
The 20-day SMA ($60,380) has started to rise, and the Relative Strength Index (RSI) has jumped into positive territory, signaling that bulls are in favor. If the price holds above $66,128, it will pave the way for a rally towards the psychological level of $70,000.
Conversely, if the price declines and falls below the 50-day SMA (63,762), this indicates that the bulls are losing strength. The BTC/USDT pair may crash to the 20-day SMA, and the bulls will try to stop the decline.
Ether Price Analysis
Ethereum (ETH) rose above its 50-day SMA ($3,441) on July 19, indicating that bulls are looking to extend their recovery.
If buyers hold the price above the 50-day SMA, the ETH/USDT pair could rally to $3,730. This level is likely to attract bears to sell, but if the bulls win, the pair will attempt a move to $4,000.
Contrary to this assumption, if the price breaks below $3,346, the pair could reach the 20-day SMA ($3,235). This is an important level for the bulls to defend, as if they fail in their efforts, the pair could retest the solid support of $2,850.
BNB Price Analysis
BNB (BNB) surged above its 50-day SMA (586) on July 19, indicating that bulls are still in control.
If the price stays above the 50-day SMA, the BNB/USDT pair can reach $635. The bears are expected to defend this level with all their might, as a failure to do so could lead to a rally to $722.
Alternatively, if the price plunges and falls below the 20-day SMA ($545), it suggests that the bears are selling the rally. Then, the pair may remain in the range between $460 and $635 for a while.
Solana Price Analysis
Bulls have pushed Solana (SOL) above the downtrend line of a descending triangle pattern, indicating solid demand at higher levels.
The 20-day SMA ($145) has started to rise, and the RSI is in positive territory, indicating that the bulls are in control. A breakout and close above the downtrend line will invalidate the bearish setup. The SOL/USDT pair could rise to $180 and eventually reach the strong overhead resistance of $210.
This bullish outlook will be invalidated in the short term if the price declines and plunges below the moving averages. Then the pair may spend more time inside the triangle.
XRP Price Analysis
XRP (XRP) plunged from $0.64 on July 18, showing that the bears are fiercely defending this level.
The XRP/USDT price has fallen below the $0.57 breakout level, but the long tail of the July 19 candlestick shows aggressive buying at lower levels.
The moving averages are completing a bullish crossover and the RSI is in positive territory, indicating that the path of least resistance is up. If the price holds above $0.57, the bulls will again attempt to overcome the $0.64 barrier.
An important support to watch in a downtrend is $0.51. If this level breaks, the pair could plunge to the 20-day SMA ($0.49).
Dogecoin Price Analysis
While the bears failed to push Dogecoin (DOGE) above the 50-day SMA ($0.13), the bulls have successfully defended the 20-day SMA ($0.11), which is a positive sign.
The bulls will try to push the price above the 50-day SMA. If successful, the DOGE/USDT pair can move to $0.15 and eventually $0.18. The bears are expected to make a strong defense at $0.18.
Instead, if the price were to decline back down from the 50-day SMA, it would be a signal that the bears are trying to defend that level. This would increase the likelihood of a drop below the 20-day SMA, potentially to $0.10.
Toncoin Price Analysis
Toncoin (TON) is consolidating in an uptrend. The price has been hovering between $6.77 and $8.29 for several days.
The price broke below the 50-day SMA ($7.34) on July 16, but the bears were unable to push the TON/USDT pair down to the range support of $6.77, suggesting a lack of aggressive selling at lower levels.
If the price rises above the moving average, the pair could rise to $7.72. This is an important short-term resistance level to watch out for, as a break above it could send the price soaring to the formidable barrier of $8.29.
Related: MAGA Memecoin Hints at Another ‘Trump Pump’ Ahead of Bitcoin 2024 Conference
Cardano Price Analysis
Cardano (ADA) bounced off the moving averages on July 19, indicating solid demand at lower levels.
The bulls will try to push the price above the nearby resistance level of $0.46 to resume the uptrend. If they do so, the ADA/USDT pair is likely to rise to $0.52 and then to $0.57.
In order for the bears to stop the uptrend, they will need to quickly pull the price below the moving average, which could trap the aggressive bulls and lead to a drop to $0.35 and then to the support line of the channel.
Avalanche Price Analysis
Avalanche (AVAX) has been stuck between its moving averages for the past few days, suggesting a clash between bulls and bears.
The flat 20-day SMA ($26.75) and the RSI near the midpoint do not give a clear advantage to either bulls or bears, suggesting a range-bound move between $29 and $24 over the next few days.
The first strength signal is a breakout and close above $29. This move indicates solid demand at lower levels. The AVAX/USDT pair could start a relief rally to $34 and then $37.
Shiba Inu Price Analysis
Shiba Inu (SHIB) showed a downward trend from the $0.000020 level on July 17th and reached the 20-day SMA ($0.000017) on July 18th.
If the price bounces off the 20-day SMA, the bulls will make another attempt to overcome the $0.000020 barrier. If successful, it will signal the start of a stronger recovery. Then, the SHIB/USDT pair can start a rally towards $0.000026.
Conversely, if the price breaks below the 20-day SMA, it suggests that the pair may fluctuate between $0.000020 and $0.000012 for a while. The flat 20-day SMA and the RSI at the midpoint also suggest a short-term consolidation.
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.