“Bitcoin has bounced back to the $68,000 mark as market participants show optimism about Donald Trump’s potential election win. BTC is now eyeing the $70,000 level, signaling a continued positive sentiment. However, bears are likely to challenge this advance in the $70,000 to $73,000 range,” said Edul Patel, CEO of Mudrex.
“Bitcoin’s strength has also led to a recovery in several altcoins. Additionally, the market may get another boost from the launch of Ethereum ETFs, which are expected to start trading on July 23,” he added.
CoinDCX Research Team, said, “Over the weekend, the crypto market remained positive following President Biden’s announcement that he will not seek re-election. This news is seen as beneficial for the crypto space as it increases the chances of Trump’s return, who is perceived as more crypto-friendly.”
“Technically, Bitcoin is now eyeing a test of the range high at the early $70k level. Key support levels to consider are around $63,200 and $60,300. On the upside, resistance levels are at $72,000 and $73,800,” it said.
Meanwhile, popular cryptocurrencies, including BNB (0.3%), Solana (4.1%), Dogecoin (5.4%), Cardano (0.4%), Avalanche (11%), Tron (1.5%), and Chainlink (1.6%) surged. On the other hand, Ethereum, Toncoin, and NEAR Protocol declined up to 2%.
The volume of all stablecoins is now $65.02 billion, which is 89.98% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, rose to $1.327 trillion. Bitcoin’s dominance is currently 54.4%, according to CoinMarketCap. BTC volume in the last 24 hours surged 62.1% to $29.35 billion.
Tech view by ZebPay Trade Desk
On July 19th, US-based spot Bitcoin exchange-traded funds saw inflows of $383 million, according to data. This brought the total net inflows into these ETFs to over $17 billion since their inception. With Bitcoin’s price holding above $65,000, it appears that Bitcoin whales have slowed their selling activity. The 20-day simple moving average (SMA) has turned upward to $60,827, and the relative strength index (RSI) has climbed into positive territory, signalling that the bulls are currently in control.
After correcting almost by 27% from the recent highs, Bitcoin made a low of $53,485. The asset didn’t break the crucial support level of $52,000 and the lower longer shadow indicated buying at these levels. After this move, BTC started to consolidate between $56,500 to $59,700. It finally gave a breakout above the psychological resistance of $60,000 and rallied up to $68,474. The asset has strong resistance at $70,000 and $73,777. Once it breaks and sustains above these levels then we may expect the prices to further rally. $66,000 and $60,000 will act as a strong support for BTC.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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