Bitcoin (BTC) has surged past $64,000, having been incredibly bullish as buyers return to the market. BTC’s recent surge indicates strong demand at lower levels, with the cryptocurrency recording weekly inflows of over $1.3 billion, according to data from CoinShares.
BTC and other major altcoins could register significant upward movement should the bullish sentiment continue, potentially even reaching new all-time highs.
Major Cryptocurrencies Record Significant Inflows
Bitcoin (BTC) has rocketed over 12% during the past seven days as bulls returned to the market, driving the prices of major cryptocurrencies higher. The world’s largest cryptocurrency recorded the fifth largest weekly inflows at $1.35 billion. At the same time, Ethereum (ETH) saw weekly inflows worth $72 million as anticipation around the launch of a spot Ethereum ETF in the US builds. According to crypto analytics firm Santiment, smaller BTC traders dumped their holdings when prices dipped. On the other hand, BTC whales bought the dip, accumulating the asset in a big way. Data from IntoTheBlock showed that BTC whales purchased over 71,000 BTC during the recent price drop.
Every trader has two questions: How long will the BTC rally continue, and will it be able to set a new all-time high? Traders may be tempted to take profits near the overhead resistance, and we could see this happen this time as well. This is why BTC may find it difficult to set a new all-time high and will likely encounter significant resistance around $65,000 and $70,000 should it climb any higher.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has been quite bullish since the weekend, surging past the $60,000 mark. However, its bullish momentum is showing signs of waning as bears push back, with considerable selling pressure prevalent at higher levels. This is evident in the price chart, which shows BTC in the red during the ongoing session as sellers push back. After a mixed week, BTC rose by 0.99% to $57,972 in a session marred by high volatility. Buyers were able to continue controlling the market over the weekend as well, with BTC registering an increase of 1.71% on Saturday and 3.06% on Sunday to end the weekend above $60,000. Sunday’s increase also saw BTC push above the 200 and 20-day SMAs to settle at $60,750.
Source: TradingView
The current week began with an impressive surge of 6.63% for BTC. This saw the price surge past $64,000 and settle at $64,776. However, bears were expected to defend the $65,000 level, and with the expectation that some profit booking would occur, BTC fell into the red during the ongoing session as bulls lost steam. Currently, BTC is down by almost 2% as sellers are looking to push the price down to $60,000. If BTC is able to recover and push back above $64,000, we could see the price test the resistance at $65,000. A break above this level could see a rally towards the $70,000 mark.
However, if bears can push the price down further, it would indicate selling on rallies. As such, BTC could drop to $60,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) saw a significant uptick in demand near a crucial support level, leading to a notable rebound. However, bulls may have to wait a little longer to push above $3,500, with ETH currently down by 1.76%. Looking at the price chart, we can see that ETH has surged after a prolonged bearish trend, which saw the price dip to a low of $2,824. However, the price has since rebounded, reclaiming the $3,000 level. The bullish sentiment intensified in recent days, with anticipation growing around the launch of spot Ethereum ETFs.
Source: TradingView
As we can see in the price chart, after experiencing significant volatility on Thursday, ETH was able to push above the 200-day SMA on Friday, rising by 1.12% to $3,136. The weekend saw bulls continue to control the market, with ETH rising by 1.34% on Saturday and 2.17% on Sunday to settle at $3,247. Sunday also saw ETH push above the 20-day SMA, a crucial level. ETH began the current week with a 7.37% surge as bulls eyed the $3,500 level and a move above the 50-day SMA. However, with intense selling pressure at $3,500, bulls began losing momentum, and ETH settled at $3,486. The current session sees ETH down by 1.55% as buyers look to push ETH back towards the 20-day SMA.
If bulls are able to regain control, we could see ETH push above $3,500, a level not seen since May. However, should sellers continue to push ETH lower, we could see a drop to $3,000 or $2,850.
Solana (SOL) Price Analysis
Solana (SOL) surged past the $150 mark on the back of growing optimism and market strength. The cryptocurrency is currently trading above the 20,50, and 200-day SMAs but is down by just over 2% during the current session. However, it has seen a noticeable jump over the weekend, which has fueled its ascent to above $150. SOL registered a jump of 2.78%, which saw it move above the 200-day SMA to $139.60. Saturday saw another increase, which pushed SOL above the 20-day SMA to $142.04, while a 4.05% increase on Sunday saw SOL settle at $147.79, just below the 50-day SMA.
Source: TradingView
SOL surged past the 50-day SMA and $150 on Monday, registering an increase of 7.93% to $159. However, it faced significant resistance at $160 and, as a result, has seen a drop during the ongoing session. Currently, SOL is down by 3.30% and is trading at $154. If the price remains above $150 and consolidates, we may see SOL test of $160 again. A break past this level could start a rally to $170 and above. The RSI is currently sitting at 56, indicating neither overbought nor oversold conditions, giving SOL room for upward price movements.
Cardano (ADA) Price Analysis
Cardano (ADA) has spent the previous week steadily climbing towards $0.45. The cryptocurrency broke above the 20-day SMA on Wednesday when it rose to $0.38. By Friday, ADA had pushed above $0.40 after an increase of 6%, settling at $0.41, just below the 50-day SMA. It was able to move above the 50-day SMA on Saturday when it registered an increase of 6% to move to $0.44. However, with strong resistance at $0.45, sellers were able to push ADA down to $0.43 on Sunday, a drop of 2.26%.
Source: TradingView
The current week began with buyers attempting to push ADA above $0.45. However, they were unable to do so, and ADA settled at $0.44 once again. The current session sees ADA down by 2.39% with sellers in control. If ADA is able to break out and consolidate above $0.45, we could see a rally toward $0.50. However, if sellers retain control of the markets, we could see a drop to $0.40.
Avalanche (AVAX) Price Analysis
Avalanche (AVAX) has witnessed considerable volatility over the past week as it attempted to move above the 20-day SMA, acting as a dynamic resistance level. AVAX was able to stay above $25, trading in a narrow range during the previous week. AVAX registered an increase of just above 3% on Friday, rising to $25.99. However, it was back in the red on Saturday, falling marginally before rising by 1.87% on Sunday to end the weekend above $26.
Source: TradingView
The current week began with bulls pushing AVAX above the 20-day SMA, as the price broke above this level and moved to $27.84 after an increase of 5.61%. However, bulls lost momentum as the price got closer to $30, with AVAX back in the red during the ongoing session. AVAX is currently down by 3.36% and trading at $26.89. Looking at the price chart, we can see that AVAX is experiencing considerable volatility, as indicated by the Bollinger Bands. If sellers push AVAX lower, it could slip below the 20-day SMA and move down to $25.
Uniswap (UNI) Price Analysis
Uniswap (UNI) has registered a sharp drop, down by almost 7% during the ongoing session. UNI was quite bullish over the weekend, registering considerable gains as the crypto markets turned bullish. The cryptocurrency pushed above $8 on Friday after an increase of 3.28%, settling at $8.09. The weekend saw UNI continue to be bullish, rising by 0.99% on Saturday and 2.80% on Sunday to $8.60, settling just below the 20-day SMA. UNI broke above the 20-day SMA on Monday, rising to $8.60.
Source: TradingView
However, UNI was unable to push higher, and bearish sentiment returned during the ongoing session as the price faced strong resistance at higher levels. Currently, UNI is trading at $8.05, down by over 6%. If sellers continue to control the session, UNI could be pushed below $8. UNI faces several critical resistance levels that it must overcome for a sustained push upwards. These levels are $8.60, $9, and $9.50.
Cosmos (ATOM) Price Analysis
Cosmos (ATOM) has recovered well after dropping to a low of $5.09 on July 5. Over the past week, the cryptocurrency has registered an increase of over 8%, although the current session has seen the escalation of selling pressure. ATOM reclaimed $6 on Friday after a 3.59% increase, which saw the price move to $6.15. The weekend saw only marginal increases of 0.92% on Saturday and 0.24% on Sunday, leaving the price at $6.23, just below the 20-day SMA. ATOM surged past the 20-day SMA on Monday, rising by 4.41% and reaching a crucial level at $6.50.
Source: TradingView
However, it faced considerable selling pressure at this level and, as a result, fell back into the red during the current session. The current session sees ATOM down by just over 3%, with the price at $6.29. If ATOM continues to be bearish, we could see a move back to $6. If it is able to consolidate above $6, it indicates demand at lower levels. To alleviate the selling pressure, ATOM must consolidate above the 20-day SMA and push above $7 and the 50-day SMA.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
