After experiencing a short pullback at the start of the week, Bitcoin resumed its uptrend toward the $69,580 resistance on Friday, suggesting that the buyers have been purchasing every dip.
According to CryptoQuant boss Young Ju, long-term Bitcoin holders have been busy this month, acquiring over 350 BTC since the start of July. Ju says the current buying activity shows that Bitcoin is still in an accumulation phase, which may last for an unknown time.
Individual Bitcoin holders are not the only ones buying the coin aggressively. On Wednesday, crypto miner Marathon Digital reported that it had bought $100 million worth of Bitcoin over the past three weeks. Its CEO, Fred Thiel, said the company planned to hold the purchased Bitcoin as its treasury reserve asset.
Although most crypto analysts remain bullish on Bitcoin’s performance in the long term, Capriole Investments CEO Charles Edwards has cautioned short-term traders. He wrote an X post on Thursday claiming that the launch of Ethereum ETFs may weaken the Bitcoin market, possibly because some investors in Bitcoin ETFs may decide to sell some of their shares to invest in Ethereum ETFs.
Is $70,000 attainable in the coming days, or could the bears return to the market to start aggressive selling and pull Bitcoin to lower levels? We now analyze the price charts to get answers.
Bitcoin Price Analysis
Bitcoin bears’ failure to tug the digital asset below the 20-day Exponential Moving Average of $64,218 on July 25th indicated positive sentiment around BTC. At the time of this writing, Bitcoin is trading at $67,793. If the bulls push and maintain the coin above $69,580, we might see a rally to $72,200 and then to $73,764, where aggressive selling is likely to happen.
Conversely, Bitcoin could sink to $60,000.37 or even $59,000 if the buyers get defeated at $64,218.
Ethereum Price Analysis
Ethereum has yet to cross above the downtrend line. Moreover, it trades below the 50-day Simple Moving Average of $3,387 and the 20-day Exponential Moving Average of $3,332. The Relative Strength Index indicator is 38.91, signaling a slight edge for the sellers who could tug ETH below $3,000.74 if they keep it below the moving averages for longer.
On the contrary, a push above $3,387 could fuel a rally above the downtrend line toward the $3,800 resistance.
BNB Price Analysis
BNB dropped briefly below the 20-day Exponential Moving Average of $569.87 on July 25th. However, a long-wicked candlestick on the coin’s price chart indicates that bulls are mounting buying pressures at lower prices. BNB is valued at $580.53 as of this writing.
If the buyers maintain the uptrend, $610 will be a vital level to monitor. A break above there could trigger a rally to the $636.27 resistance level. On the other hand, a reversal from $610 could lead to a downtrend toward $550.23 and later to $487.34.
Solana Price Analysis
The bulls have kept Solana above the downtrend line since Monday, suggesting that the line has now become a solid support. The relative Strength Index indicator (62.11) gives the bulls a massive edge, which could make a rally to $210.07 possible. However, Solana will first have to overcome the hurdle at $189.59.
Meanwhile, if the bears stand their ground at $189.59, they might fuel a downward move toward the 50-day Simple Moving Average of $149.32.
XRP Price Analysis
XRP closes the week with gains of 2.5% despite reversing from the $0.64097 resistance on July 25th. Data from CoinGecko shows this digital currency trading at $0.60671.
If the bulls prevent a fall below $0.60, XRP could begin its uptrend toward the $0.74220 resistance after the bears are defeated at $0.64097.
This assumption will be invalidated if XRP slides below $0.60. That’s because selling activity could escalate, pulling the coin to the 20-day Exponential Moving Average of $0.55038 or even the 50-day Simple Moving Average of $0.50022.
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