Path to $68K Fuels Optimism for $SOL , ICP, $GRT , and $BONK
Trending:
Bitcoin (BTC) is steadily approaching the $70,000 mark, reflecting a positive sentiment in the market. On July 19, U.S.-based spot Bitcoin ETFs saw inflows of $383 million, pushing total net inflows to over $17 billion since their inception, according to Farside Investors. As BTC holds above $65,000, Bitcoin whales seem to be reducing their selling. Julio Moreno from CryptoQuant noted that large Bitcoin investors have exhausted their selling, and valuation metrics indicate positive momentum.
Bitcoin Price Analysis:
Bitcoin rebounded from the 50-day simple moving average (SMA) at $63,792 on July 19 and surpassed the $66,128 resistance, maintaining the recovery. The 20-day SMA at $60,827 is rising, and the relative strength index (RSI) is positive, showing bulls are in control. If BTC stays above $66,128, it could reach $70,000, though resistance is expected between $70,000 and $73,777. Key support lies at the 50-day SMA, with a potential drop to the 20-day SMA if it breaks. On the 4-hour chart, moving averages favor buyers, but the RSI shows a negative divergence, indicating weakening momentum. Falling below $66,128 could see a drop to $62,350, while rebounding increases the chance of hitting $70,000.
Solana Price Analysis:
Solana (SOL) broke above the downtrend line on July 20, negating a bearish descending triangle pattern, which is bullish. The rising 20-day SMA at $148 and positive RSI indicate bullish advantage. Sustaining above the downtrend line could push SOL/USDT to $189 and then $210. If SOL re-enters the triangle, it suggests a bull trap, potentially dropping to the 20-day SMA, a strong support.The overall crypto market might get a further boost from the launch of Ethereum ETFs expected to begin trading on July 23.
