Published on juli 16, 2024, 12:41 am
Image source: Fox News
```json [ { "TLDR": "Bitcoin and altcoin traders anticipate new all-time highs as BTC surpasses $63,000 again. Ethereum also sees inflows ahead of a US ETF launch. Analysis shows smaller traders selling while Bitcoin whales accumulate. Market speculates if rally will continue amid challenges above $70,000. Attention on altcoins for potential resistances breakthroughs. Various cryptos like SOL, XRP, TON, DOGE, ADA show diverse price actions. Traders monitor indicators cautiously for market sentiment with optimism tempered by potential risks." } ] ```
Bitcoin and other altcoin traders are eyeing new all-time highs as the BTC price surpasses $63,000 once again. Bitcoin displayed resilience by surging 8.8% last week to break the $60,000 barrier with significant buying activity noted at lower levels, as shown by CoinShares data reporting $1.35 billion in inflows – the fifth highest weekly inflow on record.
Ethereum products also gained traction with $72 million in inflows amid anticipation for the launch of the first spot Ethereum exchange-traded fund (ETF) in the US. Analysis from cryptocurrency firm Santiment suggests that smaller traders sold off their holdings during the fall while Bitcoin whales accumulated a staggering 71,000 Bitcoin during this period.
The current burning question among traders is whether this rally will persist and lead Bitcoin to a new all-time high. Technical analysis anticipates challenges from bearish forces at levels above $70,000, potentially hindering a straightforward path to new records.
As Bitcoin navigates these dynamics, attention shifts to potential impacts on altcoins. Observers are watching closely for a potential breakthrough above key resistance levels to trigger increased altcoin buying activities.
In parallel, various cryptocurrencies such as Solana (SOL), XRP (XRP), Toncoin (TON), Dogecoin (DOGE), and Cardano (ADA) are experiencing diverse price actions within specific ranges or technical patterns. Traders are meticulously monitoring crucial indicators like moving averages and relative strength indices to gauge market sentiment.
While optimism prevails among market participants aiming for higher price levels, cautionary tones remain regarding potential downside risks. As always, it’s paramount for investors to conduct thorough research and exercise prudence when navigating the volatile cryptocurrency landscape.
Original article posted by Fox News
