Published on juli 13, 2024, 12:48 am
Image source: Fox News
```json [ "Retail and institutional traders are buying Bitcoin during market dips, signaling potential recovery for cryptocurrencies.", "Significant demand for Bitcoin noticed at lower prices, with institutional investors acquiring 100,000 Bitcoin in a week.", "Crypto market shows resilience despite Bitcoin's failure to rally, awaiting diminishing selling pressure on assets.", "Bitcoin faces resistance at $59,650, while altcoins like ETH, BNB struggle against bearish pressure near moving averages.", "Various altcoins like SOL, XRP, DOGE, TON face challenges in their trends; ADA and AVAX show signs of possible reversals." ] ```
Retail and institutional traders have shown a keen interest in buying Bitcoin during market dips, signaling early signs of recovery in selected altcoins and hinting at a potential turnaround for the cryptocurrency market as a whole. The recent bounce of Bitcoin off the $56,500 support level on July 12 points towards significant demand at lower price levels.
Institutional investors have been particularly active in purchasing Bitcoin, with reports from the onchain analytics platform CryptoQuant suggesting that they acquired 100,000 Bitcoin through new purchases in just one week. This surge in institutional interest has been seen as a positive development by many, especially considering reduced selling pressure from the German government and anticipation around potential selling actions by Mt. Gox exchange creditors post-repayment.
While Bitcoin’s failure to initiate a strong relief rally momentarily affected the recovery of various altcoins, buyers have demonstrated resilience against bearish pressure. This steadfastness indicates an expectation among investors for upward momentum to continue in the near future.
The crypto community eagerly awaits developments to see if selling pressure on both Bitcoin and altcoins will diminish. A comprehensive analysis of the charts for the top 10 cryptocurrencies should provide more insights into potential trends and movements within the market.
Bitcoin continues to face resistance around its 20-day moving average ($59,650), with bears showcasing dominance over sentiment as traders sell during rallies. However, for bulls to regain control, maintaining support levels between $56,552 and $53,485 is crucial to signal robust buying interest amidst any downturns.
Ether (ETH) encounters similar challenges with bearish pressures evident up to its 20-day simple moving average ($3,239), while Binance Coin (BNB) struggles against resistance at its 20-day SMA ($547). Solana (SOL) faces hurdles convincing bears to relent above its 50-day SMA ($150), whereas XRP faces critical tests near its 50-day SMA ($0.49).
Dogecoin (DOGE) remains under bearish pressure in a downtrend with key support at $0.10; similarly, Toncoin (TON) shows bullish prospects challenging resistance levels amid consolidating movements. Cardano (ADA) exhibits signals of a possible reversal as it approaches channel resistance lines while Avalanche (AVAX) teeters within tight trading ranges awaiting possible breakouts.
Shiba Inu (SHIB) endures sellers’ dominance below its 20-day SMA ($0.000017), highlighting ongoing downward pressures and potential bearish scenarios ahead.
It is important to note that this article provides informative content only and does not constitute investment advice or recommendations. As with any investment decision or trade move involving cryptocurrencies, thorough personal research and consideration are essential components before making any financial choices.
Original article posted by Fox News
