Bitcoin (BTC) has been gradually inching higher toward the $70,000 mark, indicating that the sentiment remains positive. United States-based spot Bitcoin exchange-traded funds witnessed inflows of $383 million on July 19, per Farside Investors data. That pushed the cumulative net inflows into the ETFs to more than $17 billion since their launch.
As Bitcoin’s price maintains above $65,000, Bitcoin whales seem to have reduced their selling. CryptoQuant head of research Julio Moreno said in a post on X that selling by large Bitcoin investors has exhausted and “valuation metrics suggest positive momentum.”
Crypto market data daily view. Source: Coin360
Bitcoin’s strength has resulted in a recovery in several altcoins. The cryptocurrency markets may receive a further boost from the launch of Ethereum ETFs, which are expected to start trading on July 23.
Could Bitcoin extend its recovery in the near term, boosting buying in altcoins? If that happens, what are the top 5 cryptocurrencies that look strong on the charts?
Bitcoin price analysis
Bitcoin bounced off the 50-day simple moving average ($63,792) on July 19 and rose above the $66,128 resistance, indicating that the recovery remains intact.
BTC/USDT daily chart. Source: TradingView
The 20-day SMA ($60,827) has turned up, and the relative strength index (RSI) has risen into positive territory, indicating that the bulls are in command. If the price maintains above $66,128, the BTC/USDT pair could reach $70,000. The bears are expected to mount a vigorous defense in the $70,000 to $73,777 zone.
The crucial support to watch on the downside is the 50-day SMA. If this support gives way, the pair may drop to the 20-day SMA.
BTC/USDT 4-hour chart. Source: TradingView
The moving averages are sloping up on the 4-hour chart, indicating advantage to buyers, but the RSI is forming a negative divergence, signaling that the bullish momentum could be weakening. If the price skids below $66,128, the pair may drop to the 50-SMA and later to $62,350.
Contrarily, if the price rebounds off $66,128, it will increase the possibility of resuming the up move. The pair could then climb to…
..
