BTC price continues to close above $63,000 at the time of writing, and appetite for altcoins is increasing. Signals indicate growing interest in cryptocurrencies outside of BTC, with several altcoins leading gains. Additionally, recent news is promising for continued price increases in the medium term.
Cryptocurrency Commentary
Bitcoin ETF demand remained strong despite price drops. This was one of the biggest signals of the rise that accelerated on July 15 and started on Sunday. The listing date for the ETH ETF has been set, and no major macroeconomic events are expected this week. Indeed, Powell’s statements a few hours ago were relatively positive.
According to Santiment data, Bitcoin whales and smaller whales (sharks) accumulated while individual investors sold for satisfactory profits. Normally, this detail indicates that the main rise period has not yet begun.
Everyone is wondering if the rally will continue, but even a move to $70,000 from these levels could bring satisfactory gains to altcoin investors who took advantage of the dips. So, can the main altcoin rise start while they are selling? This would be a bad surprise for those who sell.
Bitcoin (BTC)
BTC price consolidating above at least $70,000 could accelerate cash flow into altcoins. Indeed, if we do not see massive sales on the ETHE side after the ETH ETF listing (Tuesday, July 23), an environment where altcoins’ market dominance increases under the leadership of ETH could form.
So, what’s next for BTC? The $64,500 resistance is a critical threshold here. The price surpassing the SMA20 level ($59,522) on July 14 highlighted the weakness in the downward momentum. If we see closures above $64,500 (net resistance $64,602), new peaks between $72,000 and $73,777 ATH levels could form.
However, if the price turns down from $64,602 and falls back to the SMA20 level, this could encourage bears due to the easy gain environment despite serious short liquidations, triggering deeper dips. In summary, the key point is whether BTC bulls make destructive sales at the $64,620 level.
