Bitcoin (BTC) experienced a short-lived attempt to break out of its sideways price action on July 13 following Ripple’s legal victory against the US Securities and Exchange Commission (SEC). However, sellers quickly pushed the price back into its range on July 14, indicating their continued activity at higher levels. Despite this, a positive sign is that the bulls have managed to keep Bitcoin’s price above the $30,000 mark.
The review process for various proposals for a spot Bitcoin exchange-traded fund (ETF) is expected to be closely monitored by market observers, with BlackRock’s proposal being the most prominent. Interestingly, out of the 550 ETF applications submitted by BlackRock, only one has been rejected. This information comes from Bloomberg Intelligence analysts Eric Balchunas and James Seyffart.
As Bitcoin consolidates and waits for its next catalyst, several altcoins are witnessing strong buying activity, leading to a decline in Bitcoin’s market dominance below 50%. This suggests that the focus of traders may be shifting towards altcoins in the near future.
Bitcoin Price Analysis:
Bitcoin closed above $31,000 on July 13, but the bears quickly brought the price back below that level on July 14. This indicates a strong defense by the bears in the $31,000 to $32,400 zone. The recent price action has also formed a bearish divergence on the Relative Strength Index (RSI), indicating weakening bullish momentum. If the bears manage to pull the price below the 20-day exponential moving average ($30,187), the BTC/USDT pair could drop to the 50-day simple moving average ($28,631). On the other hand, if the bulls can push and sustain the price above $31,000, the pair could climb to $32,400 and potentially rally to $40,000 without any major resistances in between.
Uniswap Price Analysis:
Uniswap (UNI) has been finding support at the 20-day exponential moving average ($5.41) during pullbacks, indicating positive sentiment and buying interest. The bulls will aim to push the price above the immediate resistance at $6.16, which could open the door for a rise to $6.50 and potentially $6.70. On the downside, the 20-day EMA is the important support level to watch, and a break below it could signal the return of bears, potentially pushing the price to the 50-day simple moving average ($5) and the crucial support at $4.72.
Arbitrum Price Analysis:
Arbitrum (ARB) broke above the symmetrical triangle pattern on July 15, indicating bullish dominance. The upside path seems clear, with minor resistance at $1.36 and potential targets at $1.50 and $1.70. However, a downside breakdown and close below the triangle’s support line could invalidate this bullish view and lead to a sharp drop to $0.90.
Aave Price Analysis:
Aave (AAVE) broke above the descending channel pattern on July 3, and subsequent retests of the breakout level on July 6 and 10 confirmed it as support. The rising 20-day EMA ($72) and positive RSI suggest bullish control, with potential targets at $84.50 and $95. A break below the 20-day EMA, however, would indicate weakening bullish momentum and potential downside into the descending channel.
Maker Price Analysis:
Maker (MKR) broke above the downtrend line on July 2 and successfully retested the level on July 14, indicating strong demand at lower prices. The upsloping 20-day EMA ($878) and positive RSI support a bullish view, with potential targets at $1,100 and $1,200. A turn down from $1,080, however, could signal continued selling pressure from bears, potentially leading to a drop towards the 20-day EMA.
In conclusion, Bitcoin’s attempt to break out of its sideways price action was short-lived, with sellers pushing the price back into its range. The review process for spot Bitcoin ETF proposals, particularly BlackRock’s, is expected to be closely watched. Altcoins are seeing strong buying activity, leading to a decline in Bitcoin’s market dominance. Technical analysis of top altcoins like Uniswap, Arbitrum, Aave, and Maker suggests various potential price movements in the near term.
Source link