๐ฅMarket Overview: Bitcoin Recovery Revives the Market, Altcoins Charting Green
Market Update: Bitcoin, Altcoins, and Ripple
๐ Bitcoin Breaks $60K Barrier:
Defying the Mt. Gox sell-off, Bitcoin surged past $60,000 on July 15, with the Fear & Greed index nearing 70. Trading at $64,413, BTC has risen 8.8% since July 15. This bullish momentum follows the German government's clearance of $50,000 in Bitcoin, potentially setting the stage for a rally. The Pi Cycle Top indicator suggests a target of $89,000, with increased buying pressure supporting this prediction. The price is eyeing the $70,000 mark, with resistance at $64,000 and the next target at $69,000.
๐ Altcoins on the Move:
Altcoins have generally performed well, with Pepe (PEPE), dogwifhat (WIF), and Notcoin (NOT) each up about 20%. Toncoin (TON), despite a 10% rise from July 8-15, has faced a pullback due to trading within a rising wedge. The support zone between $6.97 and $7.11 remains strong, but indicators suggest increased selling pressure. A rebound could push TON back above $8 if it holds above support.
๐ XRP Surges:
Rippleโs XRP has been the week's standout, soaring 36% as whale activity increased. Whales now hold 85% of XRPโs supply, driving the assetโs Open Interest to $233.85 million, its highest since April. XRPโs price entered an ascending channel, reflecting bullish sentiment. Although consolidation between the channelโs upper and middle bands is expected, XRP could hit $1 by early Q4 2024 if the trend continues.
