Bitcoin's Price Surged Towards The $68,000 Level to Strengthen The Bullish Trend

Bitcoin has been steadily moving closer to the $70,000 milestone, signaling sustained positive sentiment.

Source: www.cointribune.com

According to data, United States based spot Bitcoin exchange traded funds (ETFs) saw inflows of $383 million on July 19th. This has contributed to total net inflows into these ETFs surpassing $17 billion since their inception. With Bitcoin's price holding above $65,000, large Bitcoin holders, known as whales, appear to have reduced their selling activity. The head of research mentioned on X that selling pressure from major Bitcoin investors has decreased, pointing to valuation metrics indicating positive momentum.

Bitcoin's recent resilience has led to a rebound across several altcoins. The cryptocurrency markets could see additional momentum from the introduction of Ethereum ETFs, scheduled to begin trading on July 23. Should Bitcoin continue its recovery, potentially stimulating buying interest in altcoins which cryptocurrencies appear stronger.

Analysis Of Bitcoin's Price

Bitcoin rebounded from the 50 day simple moving average ($63,792) on July 19 and surpassed the $66,128 resistance, affirming the ongoing recovery. The 20 day SMA ($60,827) has turned upwards, and the relative strength index (RSI) has moved into bullish territory, indicating strength in buyer momentum. Maintaining above $66,128 could pave the way for a potential rise towards $70,000. However, resistance is anticipated near the $70,000 to $73,777 range, where bears might attempt to defend further upside. Critical support levels include the 50 day SMA, with a breach potentially leading to a test of the 20 day SMA around $60,827. 

On the 4 hour chart, moving averages are trending upwards, favoring buyers. Yet, the RSI shows signs of a bearish divergence, suggesting a potential weakening of bullish momentum. A drop below $66,128 could see the pair testing the 50 day SMA and potentially declining towards $62,350. A bounce from $66,128 would increase the likelihood of a continuation of the upward movement towards $70,000.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.