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Investors have experienced significant losses in altcoins due to the inability to surpass the $73,777 threshold for months. Most of these losses have not yet been recovered. The expectation is that with the continuation of BTC’s rise from the current level, cash flow into altcoins will accelerate. So, what does the current outlook tell investors? Here are the details.
Bitcoin (BTC)
The last 7-day performance of BTC was relatively positive compared to the previous month. However, the important thing is for this to continue. As we approach the end of July, investor sentiment is positive. According to IOMAP data, the current price region is a very dense area in terms of investor cost and is likely to be maintained as support. Investors should avoid selling at cost, especially as positive sentiment towards the end of the year strengthens.
According to IntoTheBlock data, 1.58 million wallets bought BTC between $65,323 and $67,353. It seems that many more who bought between $69,425 and $72,500 can maintain this level as support. The key support point is $66,388, and the resistance level that needs to be surpassed is at $69,455.
From July 25-27, there is the biggest annual Bitcoin event where Republican presidential candidate Donald Trump will speak. As the importance of the November elections for crypto increases, we have good catalysts supporting the price rise.
Crypto as Elections Approach
Following the development on Sunday, Trump will now compete against Kamala Harris instead of Biden. This suggests that one of his biggest chances to attract voters in the crypto space is his speech at the Bitcoin conference, where he could say strong, supportive things.
The BTC price lingering above the fundamental support level should start closing above $68,030. The Awesome Oscillator (AO) indicates that momentum is in favor of the bulls. The MFI is at the overbought point, indicating a risk of potential correction or a more parabolic increase.
AO data supports $70,000, but if MTGOX repayments accelerate, on-chain activity could scare investors again. This week, ETF data will need to be supportive. Both ETH and BTC ETF inflows will be monitored by investors daily.
