Bitcoin has turned sharply upward and has broken above the overhead resistance, signalling a resumption of its upward movement toward $70,000. After a mild pullback over the past two days, Bitcoin rebounded on July 19. Data from Farside Investors shows that U.S.-based spot Bitcoin exchange-traded funds (ETFs) continued to see inflows on July 17 and 18, indicating cautious yet bullish market sentiment.
Onchain analytics firm Santiment reported on X that the number of Bitcoin wallet addresses holding a non-zero balance had dropped by 672,510 over the past month, a mass liquidation typically followed by a rebound. Trading firm QCP Capital speculated that Bitcoin’s resilience, despite equity market weakness and the potential Mt. Gox supply, suggests that the market may have moved past its major concerns.
Crypto market data daily view. Source: Coin360
If Bitcoin continues its recovery, it could push altcoins higher. Bitcoin’s sharp recovery hit a stall at $66,128 on July 17, but the bears could not sink the price below the 50-day simple moving average (SMA) of $63,806, indicating strong buying interest. The 20-day SMA has started to rise, and the relative strength index (RSI) has moved into positive territory, signalling a bullish trend. If the price stays above $66,128, a rally to the psychological level of $70,000 is likely. Conversely, if the price drops below the 50-day SMA, it could fall to the 20-day SMA.
Ether (ETH) Price Analysis
Ether rose above the 50-day SMA ($3,441) on July 19, indicating that bulls are aiming to extend the recovery. If the price stays above the 50-day SMA, the ETH/USDT pair could rally to $3,730. A move above this level could target $4,000. However, if the price breaks below $3,346, the pair could drop to the 20-day SMA ($3,235). A failure to hold this level could lead to a retest of the support at $2,850.
ETH/USDT daily chart. Source: TradingView
BNB Price Analysis
BNB surged above the 50-day SMA ($586) on July 19, showing that bulls are in control. If the price stays above the 50-day SMA, the BNB/USDT pair could reach $635. A break above this level could lead to a rally to $722. However, a sharp decline below the 20-day SMA ($545) could result in a range-bound movement between $460 and $635.
BNB/USDT daily chart. Source: TradingView
Solana (SOL) Price Analysis
Solana has broken above the downtrend line of the descending triangle pattern, indicating strong demand. The 20-day SMA ($145) is turning up, and the RSI is in positive territory, suggesting a bullish edge. A break and close above the downtrend line could lead to a rise to $180 and then $210. Conversely, a plunge below the moving averages could keep the pair within the triangle for longer.
SOL/USDT daily chart. Source: TradingView
XRP Price Analysis
XRP turned down sharply from $0.64 on July 18, indicating strong bearish defence. The XRP/USDT pair fell below $0.57 but showed aggressive buying at lower levels. The moving averages are forming a bullish crossover, and the RSI is positive, suggesting an upward path. If the price remains above $0.57, a move above $0.64 is possible. However, a drop below $0.51 could lead to a fall to the 20-day SMA ($0.49).
XRP/USDT daily chart. Source: TradingView
Dogecoin (DOGE) Price Analysis
Dogecoin’s bulls defended the 20-day SMA ($0.11) but could not push the price above the 50-day SMA ($0.13). A successful move above the 50-day SMA could lead to $0.15 and then $0.18, where bears may mount a strong defence. A failure to break above the 50-day SMA could increase the likelihood of a drop below the 20-day SMA to $0.10.
DOGE/USDT daily chart. Source: TradingView
Toncoin (TON) Price Analysis
Toncoin has been consolidating between $6.77 and $8.29. After slipping below the 50-day SMA ($7.34) on July 16, the price has not dropped to the range support at $6.77, indicating limited selling pressure. A rise above the moving averages could push the pair to $7.72, and a break above this level could lead to $8.29.
TON/USDT daily chart. Source: TradingView
Cardano (ADA) Price Analysis
Cardano bounced off the moving averages on July 19, showing strong demand at lower levels. If the price moves above $0.46, the ADA/USDT pair could rise to $0.52 and then $0.57. Bears need to push the price below the moving averages to prevent this upward move, which could lead to a drop to $0.35 and then to the support line of the channel.
ADA/USDT daily chart. Source: TradingView
In summary, Bitcoin’s sharp recovery and potential move to $70,000 could lift altcoins higher. Each top cryptocurrency has unique support and resistance levels to watch, with varying bullish and bearish scenarios possible.
