Published on juli 20, 2024, 12:36 am
Image source: Fox News
```json [ { "TLDR": "Bitcoin broke through overhead resistance, signaling a potential move towards $70,000. Market cautiousness seen in US-based ETF inflows. ETH, BNB, SOL, XRP, DOGE, TONcoin, ADA, AVAX showing positive signs for potential growth." } ] ```
Bitcoin made a significant move by breaking through overhead resistance, hinting at a potential push towards $70,000, marking an important moment in cryptocurrency history. On July 19th, Bitcoin rebounded after a slight decline over the previous couple of days. Despite this positive movement, data from Farside Investors revealed that US-based spot Bitcoin exchange-traded funds continued to see inflows on July 17th and 18th, indicating cautiousness among market participants rather than bearish sentiment.
Santiment, an on-chain analytics firm, reported a decrease of 672,510 Bitcoin wallet addresses holding a non-zero balance over the past month. This mass liquidation is typically followed by a rebound according to the firm. Additionally, QCP Capital expressed optimism in their latest bulletin, suggesting that Bitcoin’s resilience amid equity market turbulence and signals from Mt. Gox may indicate that most concerns have been alleviated.
The possibility of Bitcoin extending its recovery and reaching $70,000 raises questions about the impact on altcoins. Looking at the charts of the top 10 cryptocurrencies offers insights into their potential movements.
Ether (ETH) has surpassed the 50-day simple moving average ($3,441) on July 19th, showing efforts by bulls to sustain the recovery momentum. If ETH maintains above this level, it could target $3,730 and potentially $4,000.
BNB surged above its 50-day SMA (586) on July 19th, reflecting ongoing bullish control with a possible move towards $635 or even $722 if current levels are maintained.
Solana (SOL) broke above a descending triangle pattern’s downtrend line with indications pointing towards further gains. If SOL/USDT successfully breaches $180 and heads towards $210 resistance levels.
XRP experienced downward pressure near $0.64 but showed resilience with key support seen around $0.57 amidst optimistic indicators like moving averages’ crossover and positive RSI signaling an upward bias.
Dogecoin (DOGE) faced resistance at its 50-day SMA ($0.13) yet received support near the 20-day SMA ($0.11). DOGE might target $0.15 and potentially $0.18 if bulls maintain control.
TONcoin is consolidating within a range and could see upward movement if it breaks key levels around short-term resistances like $7.72 leading to stronger hurdles at $8.29.
Cardano (ADA) demonstrated strength by bouncing off moving averages with potential upside targets around $0.52 and possibly higher levels beyond that if current momentum persists.
Avalanche (AVAX) remained range-bound between moving averages signaling uncertainty in direction; however; a break above key levels such as $29 could lead to relief rallies towards $34 and then possibly up to $37.
Shiba Inu (SHIB) faces challenges as it struggles around crucial levels like$0.000020 but could witness recovery attempts targeting higher resistance marks like $0.000026 upon successful breakthroughs.
It’s important to note that this article does not serve as investment advice but rather aims to provide insights on recent cryptocurrency developments for informational purposes only. Each reader should conduct thorough research before making any investment decisions given the inherent risks involved in trading and investing in cryptocurrencies.”
Original article posted by Fox News
