Bitcoin price advance towards US$ 68 thousand sets a bullish path for SOL, ICP, GRT and BONK

On the rise

Bitcoin (BTC) has been gradually rising towards the US$ 70,000 mark, indicating that sentiment remains positive. US-based spot Bitcoin exchange-traded funds witnessed inflows of US$$ 383 million on July 19, according to data from Farside Investors. This brought cumulative net inflows into ETFs to more than $17 billion since their launch.

As the price of Bitcoin remains above US$ 65,000, Bitcoin whales appear to have reduced their selling. CryptoQuant head of research Julio Moreno said in a post on X that selling by large Bitcoin investors has dried up and “valuation metrics suggest positive momentum.”

Bitcoin's strength has resulted in the recovery of several altcoins. Cryptocurrency markets could receive an additional boost with the launch of Ethereum ETFs, which are expected to begin trading on July 23.

Could Bitcoin extend its rally in the near term by increasing altcoin buying? If that happens, what are the top 5 cryptocurrencies looking strong on the charts?

Bitcoin Price Analysis

Bitcoin bounced from the 50-day simple moving average (US$ 63.792) on July 19 and rose above the resistance of US$ 66.128, indicating that the recovery remains intact.

The 20-day SMA (US$ 60.827) rose and the relative strength index (RSI) rose into positive territory, indicating that bulls are in charge. If the price remains above US$ 66.128, the BTC/USDT pair could reach US$ 70,000. The bears are expected to mount a vigorous defense in the US$ 70,000 to US$ 73,777 zone.

The crucial support to watch on the downside is the 50-day SMA. If this support gives way, the pair could fall to the 20-day SMA.

The moving averages are rising on the 4-hour chart, indicating upside for buyers, but the RSI is forming a negative divergence.