The Bitcoin price remains stationary at $66,500, causing altcoins to struggle to gain traction. Holding the $65,000 support level is seen as a positive sign for BTC, but worries about surplus supply continue to trouble investors.
What Are the Predictions for BTC and ETH?
Kraken has announced that all creditors have received their funds, marking a positive note as BTC stays above $65,000 despite widespread distribution. However, Bitstamp has yet to start its refund process, set to begin on July 25 and expected to complete in several weeks. Despite significant sales, the market remains stable yet anxious. The launch of ETH ETFs on July 23 showed no substantial price boost, although the net inflow on the first day was impressive at $106.6 million, with the volume approaching $1.1 billion.
How Is Bitcoin Performing?
Market sentiment around Bitcoin remains tepid, with the price trapped between $56,552 and $73,777. This resistance causes short-term traders to benefit, while medium to long-term investors find it challenging. If BTC can maintain closures above $61,887, it might move towards the $70,000 mark, aiming for the strong resistance at $72,000 and the all-time high at $73,777. Conversely, a drop below $65,000 could target $61,887 and $60,000, causing further pain for already struggling altcoins.
How Is Ethereum Reacting?
Ethereum and other altcoins have not shown much positive divergence. Despite the launch of the first altcoin ETF in U.S. history, trading remains subdued on major stock markets. Massive ETHE sales were countered by substantial net inflows from firms like BlackRock. Short-term rise attempts face strong sales around the $3,411 mark. If ETH closes below $3,272, it might spiral down to $3,000. On the flipside, closures above $3,411 could see prices climbing to $3,563, with further targets at $3,722 and $4,000.
Key Takeaways for Investors
Investors can draw several concrete inferences from the current market data:
- BTC maintaining support above $65,000 is a positive sign.
- ETH ETFs show initial promise but lack significant immediate impact.
- Volatility around BTC and ETH suggests caution for medium to long-term investors.
- Monitoring key levels like $61,887 for BTC and $3,411 for ETH is crucial for future movements.
While Bitcoin’s steady price offers some stability, the broader altcoin market continues to face significant headwinds. As both BTC and ETH navigate through key resistance and support levels, investors should remain vigilant and responsive to any major shifts in market sentiment.