Bitcoin (BTC) touched $70,000 on Monday after surging past $69,000. However, BTC pulled back sharply after reaching this level, indicating that sellers are fiercely defending the overhead resistance, with the price dropping to $66,810.
BTC was extremely bullish prior to hitting $70,000 and, despite the significant drop, remains on track to close the month of July with significant gains. July saw BTC plummet to a low of $54,000 before it made a strong recovery to surge past $65,000.
Bitcoin (BTC) Meets Fierce Resistance At $70,000
The Bitcoin (BTC) price played out an all too familiar script, encountering strong resistance at the $70,000 level. The world’s premier cryptocurrency crossed $70,000 on Monday, the first time it has done so since early June. However, with intense selling pressure thanks to bears actively defending this level, the price plummeted significantly, eventually settling at $66,810. Sellers attempted to drive BTC even lower, but buyers ensured it stayed above the $66,000 mark.
Bitcoin (BTC) has played out a similar price pattern several times this year. It was first seen in January 2024, just after the launch of the spot Bitcoin ETFs, which saw BTC climb to a multi-year high. However, the price reversed within minutes, and BTC fell below $40,000 before beginning a new uptrend. The pattern repeated in March after BTC pushed above $69,000, setting a new all-time high. However, the price slumped again, with BTC finding itself below $60,000 just hours after its record high. BTC set another record later in the same month when it moved above $73,000. However, as with the previous two times, BTC fell back once again and hasn’t been able to push above $70,000 until yesterday.
Bitcoin (BTC) Could Hit New All-Time High
After reaching $70,000, BTC was quickly turned down, with bears fiercely defending the $70,000 level, extending to $73,000. However, traders expect BTC to hit a new all-time high this year. According to a survey by Santiment, most crypto market participants expect BTC to hit a new all-time high by October. Investors have been purchasing BTC, anticipating it will break out of its current price action and push above $70,000 to set a new all-time high. According to data from CoinShares, BTC witnessed inflows of $519 million during the previous week, taking July inflows for the asset to $3.6 billion and year-to-date inflows to $19 billion.
According to CoinShares, discussions about BTC being used as a strategic reserve asset and a potential Federal Reserve rate cut have significantly boosted investor confidence. According to Raoul Pal, CEO and founder of Global Macro Investor, conditions are ripe for BTC to start a rally.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has seen a 10% increase over the past month and came on the brink of pushing above $70,000 on Monday before sellers forced the price down. BTC’s surge after trading below $55,000 earlier this month has completely flipped investor sentiment, with many confident the cryptocurrency could set a new all-time high before the end of the year. While some have claimed that BTC’s recent surge is due to political support from leading candidates in the US presidential election, others, such as Solo Ceesay, the founder and CEO of the Calaxy Web3 wallet, believe its growing demand is due to an impending economic recession.
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BTC faced considerable selling pressure on Thursday as sellers forced the price down to a low of $63,479. Despite the selling pressure, BTC was able to rebound from this level, allowing buyers to regain control and push the price back above $65,000. As a result, BTC settled at $65,845 after an increase of 0.69%. Buyers retained control on Friday, with BTC rising by 3.12% to $67,899. The weekend began with BTC facing significant volatility as buyers and sellers struggled for control. BTC eventually registered a marginal drop and fell to $67,833. Sellers attempted to push BTC towards $65,000 on Sunday as well, but buyers could regain control and push BTC above $68,000 after an increase of 0.62%.
Source: TradingView
Monday began with BTC surging towards $70,000 as buyers attempted to push above the overhead resistance. However, with sellers actively defending the level, sentiment reversed as sellers were able to wrest control. As a result, BTC dropped back into the red, falling by 2.12% to $66,810. The current session sees BTC marginally up as buyers attempt to regain their footing. Sellers will attempt to push BTC to $65,000. However, if it can recover from this level, it indicates that traders are buying the dip, and bulls will make another attempt to push above $70,000. Bears must defend the resistance levels if they want to prevent a break above the resistance level. The RSI is currently in the positive zone, indicating that the bulls have the advantage.
Ethereum (ETH) Price Analysis
Ethereum (ETH) bulls have been eying a break above $3,400 since Wednesday when ETH slipped below the 50-day SMA and settled at $3,336. Selling pressure also continued on Thursday, as the price dropped by almost 5%, going below the 20- and 200-day SMAs. ETH broke below the moving averages as it hit a low of $3,089. However, sellers could not push the price below the $3,000 mark, indicating buying at lower levels. Buyers pushed the price above $3,100, and ETH finally settled at $3,175. Buyers were able to wrest control on Friday, as ETH rose by 3.20% to $3,277. Buyers could not push ETH any higher thanks to the 20-day SMA, which acted as a dynamic resistance level.
Source: TradingView
ETH attempted to break above the 20-day SMA on Saturday, rising to $3,330, but could not sustain momentum. As a result, the price fell back into the red, dropping to a low of $3,201 before settling at $3,250, a drop of 0.83%. Buying activity picked up on Sunday as ETH rose by 0.68% to $3,272. Buyers made a strong push to break above $3,400 on Monday, with ETH rising to $3,399. However, it was unable to push above $3,400, as sellers forced the price back below the 20-day SMA to $3,319. The current session sees ETH marginally up and trading at $3,336. If ETH can push above the 20 and 50-day SMAs, buyers will make another attempt to break above $3,400. Such a move could open the doors for a push to $3,500 and above.
Solana (SOL) Price Analysis
Solana (SOL) came on the verge of pushing above $200 on Monday before sellers could push the price back down. SOL has been on an incredible run since the beginning of July, when it dropped to a low of $121. The cryptocurrency climbed to $184.51 on July 21 (Sunday) but faced a pullback at the beginning of the previous week. SOL fell to a low of $165 on Thursday, but demand at lower levels meant buyers could push the price back above $170. SOL eventually settled at $171.87, a decline of 3.50%. SOL picked up on Friday, recording an increase of 6.56% and pushing above $180 to settle at $183.
Source: TradingView
SOL experienced volatility over the weekend but still managed to register a 0.44% increase on Saturday and a 0.60% increase on Sunday to settle above $185. Monday is when all the price action happened. SOL began the week with buyers in control, surging past $190 and reaching a high of $194, bringing it on the verge of $200. However, as the long wick on the candlestick shows us, sellers defended the $200 level and successfully pushed the price back down. As a result of the strong selling pressure, buyers lost momentum, and SOL dropped by 1.32% to $182.65; the current session sees SOL marginally down as buyers and sellers struggle to wrest control.
Sellers will look to drive SOL below $180. Should such a scenario occur, SOL could drop to $170. However, if SOL rebounds and closes above $190, bulls will be in a much better position for a move above $200.
Toncoin (TON) Price Analysis
Toncoin (TON) lost the crucial $7 support level last week as the price continued its bearish trajectory. TON has steadily declined since hitting $8 at the beginning of July and dropped below $7 on July 22. Buyers could not defend this level, leading to TON dropping by 1.59% on July 23 (Tuesday) and then marginally on Wednesday to settle at $6.86. Sellers continued to control the session on Thursday, with TON dropping by 3.54% to $6.62. However, TON has demand at lower levels, around $6.50. As a result, TON registered an increase of 1.82% on Friday and rose to $6.74.
Source: TradingView
TON spent the weekend in the red, dropping by 0.99% on Saturday and 0.63% on Sunday to settle at $6.63. Buyers attempted a push towards $7 on Monday, as the price reached a high of $6.82, but bears broke the momentum and pushed the price back down to $6.63. The current session sees TON trading at $6.65. With demand at lower levels, TON can stay above $6.50 and look to push back towards $7. However, sellers are expected to defend this level vigorously, and TON could face a downward move back to $6.50.
Shiba Inu (SHIB) Price Analysis
Shiba Inu fell below the 20-day SMA the previous week, dropping to $0.0000170 on Tuesday. Bearish pressure continued to dominate the market, and by Thursday, SHIB was down to $0.0000163. With demand around the $0.0000160 level, SHIB was able to rebound on Friday, rising by 3.48% to $0.0000169. Buyers attempted to push above the 20-day SMA on Saturday, with SHIB reaching a high of $0.0000176. However, sellers were able to reverse the bullish sentiment. As a result, SHIB fell back below the 20-day SMA and settled at $0.0000170.
Source: TradingView
The price turned bearish on Sunday, dropping by 1.29% and settling at $0.0000168. Buyers made another attempt to move above the 20-day SMA on Monday but were thwarted once again. As a result, SHIB dropped by 1.13% and settled at $0.0000166. The current session sees SHIB up by 1.26% and trading at $0.0000168. Buyers will attempt to push SHIB above resistance levels. However, if the price turns, we can expect SHIB to drop to the $0.0000160 support level.
Cosmos (ATOM) Price Analysis
Cosmos (ATOM) has been trading between the $6 and $6.50 price range since last week when it fell below the 20-day SMA. With sellers in control, ATOM fell to a low of $5.70 on Thursday. However, buyers were able to push the price up from this level, with the price eventually settling at $5.92. Buying picked up on Friday as ATOM registered an increase of 4.18% to move above the $6 level and settle at $617. The price continued to increase on Saturday, going above the 20-day SMA and settling at $6.35.
Source: TradingView
However, selling pressure at higher levels pushed ATOM back down on Sunday, as it slipped below the 20-day SMA once again and settled at $6.21. The price remained in the red on Monday, dropping to $6.11 before picking up during the ongoing session. The current session sees ATOM at $6.16, up by 0.83%.
SEI Price Analysis
SEI’s momentum has seen a notable slowdown, with the asset being in a downward trend since March when its price hit $1.15. Since March, SEI has registered a drop of over 69% as bearish sentiment dominated. The asset has been moving sideways since last week, although it did see a drop of 5.04% on Wednesday. After registering a marginal drop on Thursday, SEI rose by 5.01% on Friday and moved to $0.37. However, it was back in the red over the weekend, falling by 1.83% on Saturday and almost 4% on Sunday to settle at $0.35. The current week also sees SEI in red, although the price has not seen much movement; instead, it is trading sideways.
Source: TradingView
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.
