Bitcoin price hovers at $66,500, limiting altcoin gains. Maintaining $65,000 as support is positive for BTC, but excess supply worries investors. What are the current predictions for BTC and ETH?
Is It Time to Buy Cryptocurrency?
Kraken announced that all creditors received their funds. This is great news as BTC remains above $65,000 despite the massive distribution. The bad news is that Bitstamp has not started refunds yet. They will begin on July 25 and are expected to complete in a few weeks.
Gradual refunds are positive to avoid a supply shock, but despite billions in sales, the market remains stable, and investors are still fearful. ETH ETFs started on July 23, but there was no significant rise. The net inflow on the first day was $106.6 million. The volume approached $1.1 billion. This was a notable start among all ETF launches.
Bitcoin (BTC)
Overall sentiment is weak, and the BTC price remains stuck between $56,552 and $73,777. Resistance-induced sales are good for short-term traders but discouraging for those with medium to long-term goals.
Continued closures above $61,887 and RSI indicate that things are not entirely against the bulls in the short term. If there are no major negative surprises, BTC could soon move towards closures above $70,000. Then, the strong resistance at $72,000 and the ATH line at $73,777 will be targeted.
If the $65,000 support breaks, $61,887 and $60,000 could be targeted. This would be extremely painful for already struggling altcoins.
Ethereum (ETH)
Neither ETH nor altcoins have shown positive divergence. Despite the first altcoin ETF in US history, it feels like it’s not trading on major stock markets. Despite massive ETHE sales, net inflows from BlackRock and others exceeded $100 million. Let’s look at the chart. SMA50 is at $3,411, and ETH bounced back from there, meaning short-term rise attempts faced strong sales.
If the ETH price closes below $3,272, it could drop to $3,000. If we start seeing net outflow days in the ETH ETF channel, the bearish scenario will find support in the short term. On the other hand, closures above $3,411 could push the price to $3,563, turning the outlook positive again, with targets of $3,722 and $4,000. The strong resistance before the ATH is at $4,094.
