Bitcoin (BTC) has been unable to go above $65,000, facing strong selling pressure at that price. Additionally, retail interest in BTC has hit a three-year low, with analysts stating that a rebound is needed before BTC’s “real bull run” can begin.
Despite BTC’s recent stutter, analysts have predicted the cryptocurrency’s next stop is $74,000. However, to confirm such a prediction, BTC will have to reclaim its old all-time high.
Retail Interest In BTC Hits 3-Year Low
CryptoQuant founder Ki Young Ju pointed out that a metric representing retail interest in Bitcoin (BTC) has just hit its lowest point in three years. Analysts have suggested this points to declining retail interest in BTC, with a strong rebound needed for the “real bull run” to begin. Ki Young Ju’s claim was based on the monthly change in demand for BTC, which has dropped to negative 15% over the past 30 days.
“Bitcoin retail investor demand is at a 3-year low. It’s measured by the 30-day change in total transfer volume for transactions under $10K.”
While institutions are responsible for a vast majority of large BTC transactions, analysts and traders are of the opinion that major rallies can only begin if there is a surge in retail investor interest. According to CryptoQuant contributor Minkyu Woo, the real bull run begins with massive buying volumes driven by retail investors. However, such volumes have yet to be seen. However, VanEck CEO Jan van Eck has stated that a majority of inflows into spot Bitcoin ETFs have been from retail investors.
“I was surprised, but I don’t think it’s traditional investors yet. I still think 90% of the flows are retail.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has hit a roadblock at the $65,000 mark, having been unable to go past it this week. The cryptocurrency, which began the week with an almighty surge, has seen a retracement. However, this could be the precursor to an even bigger rally if we go by telltale signs on the price chart. First, let’s look at BTC this week. BTC ended the weekend on a positive note, rising by 3.06% to move above the 20 and 200-day SMAs and settle at $60,750. Monday saw an even bigger rally, with BTC moving above the 50-day SMA and settling at $64,776 after an increase of 6.63%. However, BTC faced significant selling pressure on Tuesday, dropping to a day low of $62,388. Despite the bearish sentiment, the price recovered, pushing back above the 50-day SMA and settling above $65,000 after an increase of 0.54%.
Source: TradingView
BTC bulls made a strong push towards $66,000 on Wednesday but were unable to break the resistance at this level. As a result, BTC fell into the red, dropping by 1.49% to $64,156. Thursday saw increased volatility as buyers attempted another push above $65,000 while sellers looked to push BTC below the 50-day SMA. While the price registered a marginal drop, it was able to stay above the 50-day SMA at $64,027. The current session sees BTC marginally up, trading at $64,406, having recovered from a day low of $63,321. Whether bulls make another push for $65,000 during the current session remains to be seen.
If BTC is able to push above $65,000 and the resistance at $66,000, the next crucial level in the bull cycle is $74,000. This is based on a popular chart formation called the bull flag. A bull flag is a pattern that forms between two rallies that are separated by a short retracement period, something we could be witnessing in BTC’s chart. However, any chance of such a scenario playing out depends on BTC reclaiming its old all-time high. Before that, BTC faces stiff resistance at $65,000, with some analysts stating the cryptocurrency is not yet ready for a retest of that level. However, it has managed to stay above a key level of support in the form of the 50-day SMA.
Ethereum (ETH) Price Analysis
Ethereum (ETH) witnessed a substantial correction during the ongoing week. The revival and surge in buying interest and demand propelled ETH above crucial levels such as $3,000 and the 20 and 200-day SMAs. Many analysts predict a push above $4,000 with spot Ethereum ETFs on the horizon. But will we see another correction before that happens? Looking at the ETH price chart, we can see that after a significant increase in buying pressure at $3,000, ETH was able to surge above the 20, 50, and 200-day SMAs and move to $3,486, settling just under the crucial $3,500 level on Monday. ETH faced considerable bearish pressure on Tuesday as sellers pushed it to a low of $3,350. However, thanks to strong demand at lower levels, ETH recovered and settled at $3,447.
Source: TradingView
Buyers made a push towards $3,500, reaching $3,522 on Wednesday. However, sellers defended the resistance level vigorously, with ETH eventually retreating to $3,389, below the 50-day SMA. Thursday saw bulls retesting $3,500 once again as ETH rose to $3,490. However, the price was forced back down yet again and settled at $3,426, an increase of 1.09%. The current session sees ETH marginally down, trading at $3,415.
ETH has managed to stay above its $2,850 support level since April, indicating the strong presence of buyers. However, its inability to move above $3,500 is an indication of strong selling pressure at higher levels. The $3,500 level is a crucial barrier, and buyers must reclaim it for a move to $3,700 and eventually $4,000. ETH’s current consolidation phase, which has mostly remained above $3,400, is a good sign for the market. Some analysts have even predicted a surge to $5,000 by the end of 2024, pointing to its low equivalent inflation rate, lower costs for validators, and a significant chunk of ETH locked in staking. The SEC’s preliminary approval to at least 3 spot Ethereum ETF issuers to begin trading ETH ETFs on July 23 could also positively impact prices.
Solana (SOL) Price Analysis
While the larger crypto markets witnessed a slowing down of bullish momentum, Solana (SOL) has soldiered on. The cryptocurrency has registered an impressive increase of 20% over the past seven days and a surge in trading volume. It also surpassed the crucial resistance levels at $160 and $163 during the ongoing session, indicating we could see a significant move upward over the weekend. As we can see from the price chart, SOL has surged nearly all week, recording an increase of almost 8% on Monday to move to $159.50.
With sellers actively defending $160, SOL was only able to register a marginal increase on Tuesday and move to $160.79. However, this was only after sellers forced SOL to a day low of $152.72, after which buyers pushed the price higher. SOL fell on Wednesday, registering a drop of 3.23% to $155.60. However, it quickly recovered and moved to $159.25 on Thursday, an increase of 2.35%. The current session sees buyers attempting a move to $170. However, SOL is facing considerable selling pressure close to that level, as can be seen in the price chart.
Source: TradingView
If SOL can push above $170, its next target could be the $188-$190 resistance. A break above this level could see a push to $200. However, should sellers retake the session and push SOL below $160, it could prompt a move to $150. If this level of support is breached, we can expect a dropdown to $140.
Toncoin (TON) Price Analysis
Toncoin (TON) registered a significant dip this week, deflating what has been a largely positive week for the Telegram-affiliated cryptocurrency. While this week may have seen a bit of a drop, TON has been in an uptrend in the bigger scheme of things. However, TON has been unable to consolidate above $7.50, with sellers consistently pushing the price down. Buyers attempted to push TON above $7.50 on Sunday, reaching a day high of $7.75. However, significant selling pressure forced TON down to $7.50. The current week began with TON pushing above the 20-day SMA and moving to $7.62.Yet again, TON was unable to consolidate above $7.50, and sellers pushed the price down by 3.91% to $7.32 on Tuesday.
Source: TradingView
TON made another attempt to push above $7.50 on Wednesday, as can be seen in the price chart. However, selling pressure pushed the price back down to $7.14. Thursday registered an uptick as TON rose to $7.25, with the current session witnessing a battle for control between buyers and sellers. TON’s RSI sits at just under 50, meaning it has plenty of room for a strong bullish reversal before it hits overbought territory, which could force another correction. For a sustained push towards $8, TON must first reclaim $7.50.
Polkadot (DOT) Price Analysis
Polkadot (DOT) fell almost 4% over the past 24 hours, dropping from $6.41 to its current level of $6.08. The cryptocurrency is also witnessing considerable volatility, as can be seen in the price chart. The current drop has wiped out gains made by DOT during the previous week. DOT has been unable to move past the resistance at $6.50, settling at $6.49 on Monday. With strong resistance at this level, DOT faced significant bearish pressure on Tuesday, dropping to a low of $6.14. Thanks to demand at lower levels, DOT was able to recover and settle at $6.34, just above the 50-day SMA. However, this still represented a decline of 2.31%.
Source: TradingView
Buyers attempted to push above $6.50 on Wednesday but were unable to do so. Instead, DOT dropped by 1.26% and slipped below the 50-day SMA. Thursday witnessed volatility yet again as buyers attempted to reclaim the 50-day SMA. However, sellers won out, pushing DOT down by 2.72% to $6.09. As a result of this drop, DOT also slipped below the 20-day SMA. DOT’s price chart indicates a tussle between buyers and sellers, with buyers attempting a move above the 50-day SMA in the current session as well. However, selling pressure at higher levels is far greater than demand. Bulls must not lose the crucial $6 support level in the face of this bearish pressure. Failure to stay above this level could see a dropdown to $5. DOT must consolidate above $6 before pushing higher.
BONK Price Analysis
Popular meme token BONK experienced several rallies this week. However, it was also marred with considerable volatility, with the cryptocurrency failing to push above $0.000030. BONK started the week with an 11.03% increase to move to $0.000026. It continued its rally on Tuesday, rising by 7.16% to $0.000028. However, it was unable to push higher and fell back into the red on Wednesday with a substantial drop of 6.72%, leaving it at $0.000026. Sellers attempted a recovery on Thursday, pushing BONK to a day high of $0.000028. Ultimately, they were unsuccessful in breaching $0.000030, and BONK dropped back down to $0.000026. BONK countered considerable selling pressure during the ongoing session and recovered to move to $0.000027, an increase of almost 3%.
Source: TradingView
If BONK can consolidate above the 50-day SMA, we could see buyers mount another push towards $0.000030. However, sellers are expected to fiercely defend this level. However, a reversal could see BONK slip to $0.000025.
Celestia (TIA) Price Analysis
Celestia (TIA) had registered a significant upswing last week, with expectations that the increase would continue. However, it fell back after reaching $7, dropping to $6.09 by Saturday. It was able to rebound from this level, reaching a high of $6.98 on Monday. Once again, TIA was unable to move above $7 and fell back to a low of $6.31 on Tuesday. Buyers were able to push the price higher, with TIA eventually settling at $6.61. Bearish sentiment continued to prevail on Wednesday, as TIA dropped by 4.99% to $6.28, and a 1.68% drop on Thursday pushed the price even lower to $6.18.
Source: TradingView
The current session sees TIA down marginally, although maintaining its price at $6.18. If sellers are able to push TIA below the 20-day SMA and $6, we could see a significant drop to $5. However, it will likely retest the resistance at $7 if it can rebound.
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.
