Bitcoin (BTC/USD) Technical Analysis

In the past 24 hours, Bitcoin has gained 8.61%, currently trading at $89,789. BTC has regained the $86,641 support level and is now inside a bearish FVG (Fair Value Gap) region. If this region is surpassed, the $100,000 target could be reached. However, if BTC loses the $86,641 support, the next support level would likely be the bullish FVG region. The critical point for BTC is the preservation of this support. If it’s lost, a larger decline could occur.

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Ethereum (ETH/USDT) Technical Analysis

Ethereum has gained 6.42% in the last 24 hours, currently trading at $2,207. After bouncing off the $2,037 support, ETH regained the $2,108 support level and is currently above it. The nearest resistance for Ethereum is the bearish FVG region. A breakthrough in this region could see ETH targeting the $2,811 level. If this support is lost, we may witness a pullback to the $2,000 range.

Tether (USDT) Dominance and Crypto Market Overview

Tether Dominance has pulled back to the bullish FVG region after a rejection from the order block. It rose again to the order block resistance but faced another rejection in a short time. If Tether Dominance breaks the order block resistance, the 5.90% level could be the next target. Currently, the dominance rate stands at 4.94%.

Bitcoin and Ethereum continue to be the key players in the market. The price movements of Bitcoin and Ethereum are at critical levels. If these resistance levels are broken, BTC could target $100,000, and ETH could aim for $2,811. However, the loss of support levels could lead to further retracements. Crypto investors should closely monitor these critical levels for BTC and ETH.

In conclusion, the price movements for Bitcoin and Ethereum are at pivotal levels. For an upward trend, resistance levels must be surpassed, while for a downward move, support levels need to hold. Investors should stay vigilant as the market unfolds.

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The 15.5$ level is now one of the most crucial resistance points for LINK. If LINK manages to break through this level, a potential rally towards 17.75$ could follow. This could signal a recovery for investors, bringing hopes of the price returning to previous levels. However, if the 15.5$ resistance is not surpassed, there’s a risk of further declines, possibly heading towards the 13$ range.

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Fluctuations in the cryptocurrency market can have a direct impact on LINK’s price movements. Investors are focusing on these levels to develop appropriate strategies. The response of LINK at these critical levels will be significant not just for short-term traders but also for long-term investors.

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According to crypto researcher Rajat Soni, this rise is unlike past market swings. Soni underlined on a post on X that unlike in 2021 when retail investors drove the price movement, institutional investors now control the market as Bitcoin has been consolidating above $50,000 for more than six months. Soni particularly warned marketers: “institutional investors are here, and they’re ready to buy everything retail investors want to sell.”

Jelle, the pseudonymous trader, hoped Bitcoin may buck the usual September underperformance pattern. “Bitcoins are right now on track to close September in the green,” Jell said. Just historically, Bitcoin has only showed three times a positive closing in September: 2015, 2016, and 2023. With CoinGlass data, September has been Bitcoin’s worst month ever averaging 4.49% loss over the past 11 years.

Based on trading view statistics, market supremacy of Bitcoin is also growing as its domination approaches 57.80%. Benjamin Cowen, founders of Into The Cryptoverse, observed this rise as the “highest daily close for BTC dominance all cycle.”

Moreover presenting strong technical signs for Bitcoin was co-founder Reflexive Research Will Clemente. He claims that Bitcoin is almost reaching a 200-day moving average recovery, implying more good momentum and perhaps rekindling of interest in other currencies once more.

The market seems to be defying the typical September tendencies as Bitcoin recovers the $60,000 level, suggesting a possible attitude change motivated by institutional interest.

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Bearish Trend Indicators

Based on the bearish D1 trend signal on the 12-hour chart, market analyst Jackis emphasizes the importance of Bitcoin in reclaiming the $64,000 zone to reverse the general negative daily trend. Jackis underlines that the D1 trend signal stays negative even if the price of Bitcoin launches a second leg upward to $60,300; unless BTC manages to reclaim the $64,000 zone, which has previously shown to be a huge obstacle for the bulls.

Jackis‘s study indicates that the next daily leg’s goal range is expected to be between $51,000 and $49,000, with a critical milestone around $63,800 that bulls have to aim to reverse the daily trend.

Support from Bitcoin ETFs

Notwithstanding the cautious view, there are positive indicators like large inflows to Bitcoin exchange-traded funds (ETFs) and long-term holders building more Bitcoin. With an average daily value of $175 million and spot Bitcoin ETFs seeing inflows of $882 million for the week ending July 11, JPMorgan data showed the greatest inflows since May 23.

Attracting $403 million and $361 million respectively, BlackRock’s IBIT ETF and Fidelity’s FBTC drove the jump. Grayscale’s ETF, meanwhile, kept following its outflow pattern, losing around $87 million after three weeks of withdrawals totaling more than $1.1 billion in the ETF market.

Long-Term Holder Accumulation

Supporting the positive view, crypto analyst CryptoSoulz examined Bitcoin’s price performance in July in great detail and discovered that long-term holders have amassed BTC totaling over 85,000 BTC over the last thirty days. The expert claims that this build-up by long-term investors is a positive stimulus for the price, therefore expressing faith in the promise of Bitcoin.

Anticipating a comeback from this level, especially given the recent unfavorable news, CryptoSoulz says Bitcoin is now finding support in the higher time frame (HTF). The expert clarified further, nevertheless, that the next level of support is likely around $49,500 should the Bitcoin price fall short of the $54,000 zone in the upcoming days.

Right present, the price of Bitcoin is $58,130; it has surged only 2.13% in the 24-hour period as BTC seeks to consolidate above the specified critical levels.

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