Bitcoin (BTC) has surged past $65,000 after facing intense selling pressure on Tuesday. BTC has displayed impressive strength, absorbing around 48,000 BTC sold by the German government and maintaining its upward price movement.
According to Glassnode, BTC is experiencing what is known as “near-term sell-side relief,” with Bitcoin whales continuing to accumulate more of the asset when prices dip.
Bitcoin (BTC) Marches Past $65,000
Data from TradingView has shown that BTC has rallied 20% since hitting $56,616 on July 12 to an intra-day high of $65,425 on July 16. This has been attributed to the complete exhaustion of selling pressure from the German government and its BTC selloff. According to Glassnode, large entities such as institutions and miners have typically been the primary sources of sell-side pressure. The recent drop in prices experienced by BTC was primarily due to the BTC sales by the German government and the expected repayments by the defunct crypto exchange Mt. Gox.
“Increasing our focus on the German Government sell pressure, we can see their 48.8k BTC balance was depleted over just a few weeks. The majority was distributed over a very short window between July 7 and July 10, where over 39.8k BTC flowed out of labeled wallets.”
Glassnode also noted that a majority of the selling by the German government occurred after BTC had dropped to $54,000, indicating that the market had already priced in the selling by the German authorities. Meanwhile, CryptoQuant CEO Li-Young Ju has said the impact of the Mt. Gox repayments is being overestimated and will be used by BTC whales to pick up more BTC at a discount. According to Ju, the impact of potential Mt. Gox sales, estimated to be between $3 billion and $9 billion, is negligible compared to the increase in the market capitalization of BTC over the past 18 months.
“MtGox FUD is overestimated. Market cap growth outpaces realized cap growth, showing strong demand. Since 2023, $224B in #Bitcoin sold, yet the price is up 350%. Even if MtGox’s $3B is sold on Kraken, it’s just 1% of the realized cap increase in this bull cycle — manageable liquidity.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) endured significant selling pressure on Tuesday, dropping to a low of $62,389 and going below the 50-day SMA. However, buyers could retake the session and push BTC above the coveted $65,000 mark. BTC has been extremely bullish since the weekend, rising by 0.99% on Friday and 1.71% on Saturday to settle at $58,944, just below the 200-day SMA. Sunday’s increase of 3.06% allowed BTC to push above the 200 and 20-day SMAs and the $60,000 mark, with BTC rising to $60,750.
Source: TradingView
Bitcoin bulls ensured that the cryptocurrency began the current week spectacularly, as BTC registered an increase of 6.63%, as it broke past the 50-day SMA and settled at $64,776. BTC faced significant selling pressure on Tuesday, with sellers defending $65,000. As a result of the selling pressure, BTC dropped to an intra-day low of $62,389, slipping below the 50-day SMA. However, buyers were able to push BTC back thanks to strong demand. As a result, BTC climbed back above the 50-day SMA and went past the crucial $65,000 level to settle at $65,126. The current session sees BTC up by 1.33%, and with selling pressure easing, BTC could make a significant push towards $70,000.
Looking at the price chart, the RSI indicates strong bullish momentum, meaning BTC could continue to push higher and potentially set a new all-time high if it consolidates above $65,000. Should a correction occur, BTC could see a drop towards $60,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is back on track after facing a wobble on Tuesday when the price hit an intra-day low of $3,350. Despite this hiccup, the cryptocurrency has surged by nearly 13% over the past seven days and is trading around the crucial $3,500 mark. ETH’s uptick is in line with the rest of the cryptocurrency market, which is experiencing significant bullish momentum. Peter Brandt has predicted that ETH could be setting itself up for a substantial surge. Whether this takes it past $4,000 remains to be seen.
Looking at ETH’s price chart, we can see the price has been surging since hitting an intra-day low of $2,827 on July 8. ETH was able to rebound from this support level, reclaim $3,000, and surge toward its current level. ETH pushed above the 200-day SMA on Friday, closing at $3,136. The weekend saw ETH remain bullish, rising by 1.34% on Saturday and 2.17% on Sunday to go above the 20-day SMA and settle at $3,247. ETH surged by over 7% on Monday as buyers looked to push the price above $3,500. However, with sellers active at this level, ETH settled at $3,486.
Source: TradingView
Tuesday registered a sharp increase in selling pressure, pushing ETH to an intra-day low of $3,350. However, with demand picking up, buyers were able to prop up the price to a certain extent, pushing it to $3,447. The current session sees ETH back in the green as it looks to push above $3,500. If ETH can consolidate above $3,500, we could see a move towards $3,800. ETH could slide to $3,200 or even $3,000 if sentiment changes. The RSI currently sits at 60, indicating stronger bullish sentiments, meaning we could see ETH continue to push higher.
Solana (SOL) Price Analysis
Solana crossed $160 on Tuesday after a session in which it faced significant selling pressure, falling to a low of $152. Like other major cryptocurrencies, SOL has also been quite bullish, recovering strongly after hitting a low of $135 on Thursday. A 2.78% increase saw SOL surpass the 200-day SMA and climb to $139.60 on Friday. SOL moved above the 20-day SMA on Saturday, and a 4.07% increase on Sunday allowed it to move to $147.79 to end the weekend just below the 50-day SMA.
The current week began with SOL registering a jump of nearly 8%, taking the price surging past the 50-day SMA to $159.50. However, sellers were active at this resistance level, and SOL faced significant volatility, as deduced from the price chart. SOL dropped to an intra-day low of $152.72 as selling pressure grew substantially close to $160. However, with buyers active at lower levels, SOL was able to stem the drop. Eventually, SOL recovered and registered an increase of 0.80%, allowing it to close just above $160.
Source: TradingView
The current session sees buyers and sellers jostling for control. Buyers managed to push SOL to $163, but sellers were able to push back. Currently, SOL is trading at $161.07. If SOL is able to consolidate above $160, a move to $170 could be on the cards. However, a drop below $160 could lead to SOL dropping to $150. Some analysts have pointed out that SOL is showing signs of entering into a bull market after forming a W pattern which could take the price well beyond $170.
Ripple (XRP) Price Analysis
Is Ripple (XRP) on the verge of a massive rally or an imminent correction? The cryptocurrency has surged by almost 40% over the past week and moved past $0.60, a level not seen since April. XRP’s incredible rally has seen it shatter crucial resistance levels, with analysts predicting even further gains in the near future. As we can see from the price chart, XRP has skyrocketed after falling to a low of $0.40 on July 8. It surged past the 20-day SMA on July 12 and past the 50-day SMA the following day (Saturday) after an 11% rally. XRP reached an intra-day high of $0.56 but faced significant selling pressure, as seen in the price chart.
Source: TradingView
After a drop of 1.05% on Sunday, XRP was back in the green on Monday, rising by 3.13% to $0.53. However, once again, it could not push above the 200-day SMA. It finally broke above this level on Tuesday after registering an increase of 8.01% and moving to $0.58. The current session sees XRP trading just above the crucial $0.60 mark as buyers attempt to push the price even higher. However, sellers are preventing a substantial increase above this level.
Multiple traders and market watchers are optimistic about XRP’s surging rally, with one claiming the asset is just getting started and could mimic the 2017 bull run and become one of the year’s biggest gainers.
Toncoin (TON) Price Analysis
Toncoin (TON) has been unable to push above the 20-day SMA, with sellers having forced the price back below $7.50. TON has been stuck between the 20-day SMA and the 50-day SMA since July 4, with each acting as resistance and support, respectively. After dropping to $7.29 on Saturday, TON registered a strong recovery, pushing above the 20-day SMA to reach a day high of $7.75. However, bearish sentiment meant bulls could not sustain the rally and TON dropped back, eventually settling at $7.50 after a 2.79% increase. The current week began with another push above the 20-day SMA as TON rose to $7.62. Despite this increase, TON found itself back in the red on Tuesday, with bears having pushed the price down by almost 4% to $7.32. The current session sees buyers waging another attempt to claim $7.50, having been rejected from a day high of $7.67.
Source: TradingView
Hedera (HBAR) Price Analysis
Hedera (HBAR) has been quite bullish since the weekend, having risen by over 13% during the past seven days and moved above the 20-day SMA. Hedera’s push towards $0.080 began on Friday when it registered an increase of 2.73% and moved to $0.067. It continued to push higher over the weekend, rising by 5.73% on Saturday and 0.65% on Sunday to settle at $0.069, just below the 20-day SMA.
Source: TradingView
HBAR pushed above the 20-day SMA on Monday as an uptick in buying activity pushed the asset up by almost 9% to $0.078. However, with the 50-day SMA acting as resistance and sellers active at $0.080, HBAR dropped by 2.85% on Tuesday, settling at $0.076. The current session sees HBAR up by 1.63% and trading at $0.077. If the price cannot push above $0.080, we could see a reversal, with HBAR dropping to $0.070. For a push above $0.080, HBAR must break and consolidate above this level. If it does so, we could see a move towards $0.090.
Dogwifhat (WIF) Price Analysis
Dogwifhat (WIF) has rebounded from its support level of $1.50 after facing sustained bearish pressure. The popular meme token has registered an increase of 30% over the past week as bulls look to push the asset past the 50-day SMA. After dropping to $1.54 on Thursday, WIF registered a marginal increase on Friday, rising by 1.17% to $1.56. Buyers continued to push WIF higher over the weekend, with the meme token rising by 2.91% on Saturday and a substantial 7.85% on Sunday to end the weekend at $1.73.
Source: TradingView
The current week began with WIF registering an incredible surge of 24.61, flying past the 20-day SMA and the resistance at $2 to settle at $2.07. WIF experienced significant volatility on Tuesday as both buyers and sellers attempted to control the market. Sellers pushed WIF down to $2.06 but could not breach $2 thanks to strong demand. WIF eventually recovered and registered an increase of 2.17% to settle at $2.20. However, it faces significant resistance thanks to the 50-day SMA, with buyers unable to push above it so far. The current session sees WIF marginally up, with the price being rejected at the 50-day SMA yet again.
If WIF can break above the 50-day SMA, it could move towards $2.50. On the other hand, a bearish reversal could see WIF drop to $2 or $1.90.
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.
