Bitcoin (BTC) has recorded strong inflows into its spot Bitcoin ETFs, suggesting that the sentiment may have turned positive, and traders are purchasing the asset aggressively, with the cryptocurrency also conquering crucial overhead resistance levels.
Multiple analysts have speculated that BTC could even hit $220,000 after it reclaimed several crucial support levels. This prediction is based on historical Bitcoin miner capitulation patterns.
Spot Bitcoin ETFs Register Strong Inflows
Bitcoin (BTC) has pushed above several critical overhead resistance levels, indicating that bulls are gaining confidence. Data from Farside has shown that US-based spot Bitcoin ETFs registered $422 million in inflows on July 16 alone, which is no small number. BlackRock’s iShares Bitcoin Trust also crossed $20 billion in assets under management after purchasing 4004 BTC. The fund has also crossed this number previously.
Talking about the significant inflows being witnessed by spot Bitcoin ETFs, ETF store president Nate Geraci stated that not just retail investors but also institutional investors and advisors have been purchasing BTC.
“iShares Bitcoin ETF now over $20bil in assets & taking in a quarter bil on a random Tuesday… *$20bil*. *6mos* after launch. I think we can safely put the “degen retail” narrative to bed. Advisors & inst’l investors clearly showing up to this party.”
BTC’s recent price jump has improved sentiment across the crypto markets, with analysts speculating how soon the world’s largest cryptocurrency can set a new all-time high. BTC is trading just under $65,000, and many expect a push towards $70,000. However, such a move is expected to face significant resistance between $70,000 and $74,000. Additionally, the markets are still volatile, with some of the Mt.Gox creditors expected to sell their BTC when they receive repayments from the defunct exchange.
Despite this volatility, some analysts have predicted that BTC could even cross $200,000, based on historical Bitcoin miner capitulation patterns. One pseudo-anonymous analyst wrote,
“Historically, the end of Miner Capitulation periods following Bitcoin Halvings has led to significant price increases for Bitcoin in the subsequent months and year. Assuming the current Miner Capitulation period ends soon, and using today’s price of $64,700, an exponential decay model suggests a potential price peak of $223,000 for this cycle based on historical post-Halving periods.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is facing considerable resistance between $65,000 and $66,000, with sellers active at these levels. Despite this, it has registered an impressive 12% increase over the past seven days, with the overall trend remaining bullish. BTC has been on the up since the weekend, with a 3.06% jump on Sunday, pushing its price above the 20 and 200-day SMAs. The increase also helped BTC move above the crucial $60,000 level. The bullish sentiment strengthened on Monday, as BTC rose by 6.63% to leapfrog the 50-day SMA and move to $64,776. With significant resistance present at $65,000, BTC faced considerable selling pressure, as can be deduced from the price chart.
Source: TradingView
As a result, BTC was pushed back below the 50-day SMA to an intra-day low of $62,388. However, with solid demand at lower levels, BTC was able to rebound and push back above the 50-day SMA. Eventually, BTC was able to register an increase of 0.54% and settle at $65,126. BTC attempted to push above $66,000 on Tuesday but could not due to sellers defending this level. Instead, it fell back by 1.49% and settled at $64,156. The current session sees BTC up by 1.24% as it looks to reclaim $65,000 and push toward $66,000.
Currently, the 50-day SMA is acting as a dynamic support level. If sellers push the price below this level, a drop to $60,000 could be expected. However, if bulls can regain momentum and push BTC above $65,000-$66,000, we could see a push to $70,000. The RSI still indicates bullish momentum, indicating that BTC could still push higher.
Ethereum (ETH) Price Analysis
Ethereum (ETH) topped out just above the $3,500 mark on Wednesday, marking an impressive rebound of nearly 25% over the past 12 days. However, the rally to the 50-day SMA and then topping out also indicates that it remains in the range between $2,850 and $4,100. While ETH has registered impressive gains over the past few days, it has yet to push above $3,500 and test the $4,000 mark. The cryptocurrency surged at the beginning of the week but has slowed down over the past few sessions.
Source: TradingView
After pushing above the 20-day SMA on Sunday, ETH surged by 7.37% on Monday, rising to $3,486 and going above the 50-day SMA. However, with intense selling pressure at higher levels, ETH fell back on Tuesday, dropping to a low of $3,350 before recovering and settling at $3,447, a decline of 1.11%. ETH made a renewed attempt to push above the 50-day SMA and $3,500 on Wednesday, reaching a day high of $3,522. However, strong selling pressure pushed ETH into the red once again. As a result, ETH was back below the 50-day SMA and $3,500, settling at $3,389.
The current season sees ETH up by nearly 2% as it looks to retest resistance levels. ETH bulls will attempt to strengthen their position by pushing ETH towards $3,700 and above. If this happens, we could see a rally to $4,000 and the overhead resistance. However, sellers are expected to defend these resistance levels vigorously. However, this outlook will be neutralized if sellers push ETH back below the 20-day SMA.
Solana (SOL) Price Analysis
Solana (SOL) crossed $160 on Tuesday but faced significant selling pressure at this level. As a result, SOL was back in the red on Wednesday. While SOL has seen a wobble in the past session, it has been quite bullish during the week. After pushing above the 20-day SMA on Saturday, SOL ended the weekend at $147.79, just below the 50-day SMA. It was able to push above this level on Monday, rising to $159.50, an increase of almost 8%.
Source: TradingView
SOL faced significant selling pressure on Tuesday, dropping to an intra-day low of $152. However, it recovered and pushed above $160 after registering an increase of 0.81%. A move towards $165 did not materialize for SOL, as intense selling pressure forced the price into the red on Wednesday. As a result, SOL dropped by 3.23% to $155.60. The current session sees SOL up by 2.62% as it looks to retest the resistance at $160. Bears are expected to vigorously defend resistance levels ($160, $170).
Should SOL face rejection at these levels and turn bearish, we can expect a sharp drop to the 50-day or 20-day SMAs. However, if it is able to rebound from these levels, it will suggest strong buying at lower levels and could increase the likelihood of a break above $160. However, if the price continues to drop from the 20-day SMA, we can expect a significant drop to $140 or $120.
Tron (TRX) Price Analysis
Tron (TRX) has experienced a sharp correction this week after reaching a high of $0.142 on Saturday. With sellers defending this level, TRX faced significant selling pressure, dropping by 1.79% on Sunday. Monday saw TRX experience significant volatility as buyers and sellers attempted to establish control. Bears eventually won out, and despite TRX recovering from a day low of $0.136 to move to $0.138, it still ended the day in the red. TRX kept dropping on Tuesday, with a decline of 3.28% to $0.133. The current session sees buyers and sellers battling for control. If sellers maintain their bearish push, we could see TRX drop down to $0.130. A recovery would need TRX to consolidate above $0.135 before testing $0.140 once again.
Source: TradingView
Render (RNDR) Price Analysis
Render’s (RNDR) rally has stalled over the past few sessions even though the cryptocurrency rebounded strongly after hitting a low of $5.69 on July 12. With strong support at $6, RNDR was able to move up to $6.18 on Sunday before surging by almost 9% on Monday and moving to $6.72. However, with the 20-day SMA acting as a dynamic level of resistance, RNDR fell back on Tuesday after facing significant selling pressure, hitting an intraday low of $6.29 before buyers were able to push it to $6.60.
Source: TradingView
RNDR experienced significant volatility as buyers made a strong push to move above the 20-day SMA and $7. However, sellers were able to push the price back below the 20-day SMA, with RNDR settling at $6.66. The current session has seen buyers fail to push above $7 once again, as can be seen in the price chart. RNDR is currently down by 0.54%, with sellers in control. If buyers are unable to counter intense selling pressure, RNDR could drop to $6. For a move above $7, RNDR must consolidate above $6.50 before making a push towards $7.
Cosmos (ATOM) Price Analysis
Cosmos (ATOM) failed to push above $7 despite an impressive rally over the past few days, which saw it rebound from a low of $5.09 on July 5. ATOM’s steady upward trajectory saw it reclaim $6 on July 10, following which it moved to $6.23 on Sunday. A strong showing on Monday saw ATOM push above the 20-day SMA and rise to $5.50, a level where it faced considerable selling pressure. This was evident on Tuesday as sellers pushed ATOM to a day low of $6.26. However, thanks to strong demand, the price recovered and moved to $6.61 after an increase of 1.67%.
Source: TradingView
ATOM made a strong push towards $7 on Wednesday, rising to $6.80. However, sellers were able to push the price back down. ATOM eventually closed the session at $6.48, down by almost 2%. The current session sees buyers and sellers vying for control. If ATOM is able to reclaim $6.50, it could make another push towards $7. However, it must consolidate above the 20-day SMA before such a move. If sellers take control of the market, they could push ATOM below the 20-day SMA. In such a situation, a drop to $6 can be expected.
SEI Price Analysis
SEI has encountered significant selling pressure between $0.35 and $0.38, leading to the asset’s recent momentum stalling. SEI had surged past the 20-day SMA on Sunday, rising to $0.32, with many expecting a push towards $0.50. Bullish momentum picked up on Monday as the price surged by 8.60% to move to $0.35. With sellers active at this level, Tuesday saw a tussle between the bulls and the bears, with each looking to seize control. After facing strong selling pressure, which resulted in SEI hitting a day low of $0.33, buyers were able to claw back, pushing SEI to $0.36, an increase of 1.27%.
Source: TradingView
However, SEI fell back on Wednesday as sellers drove the price down by 3.28% to $0.34. The current session sees the price up by 0.77% as bulls make a push toward $0.40. Should buyers gain momentum, SEI could push towards the 50-day SMA and then to $0.40. However, should the price turn bearish, it could drop to $0.32, where the 20-day SMA could act as support. Should this level be breached, a drop to $0.30 or below can be expected.
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.
