Bitcoin (BTC) maintains its price above $63,000, stirring heightened interest in altcoins. This trend reflects a growing appetite for cryptocurrencies beyond BTC, with several altcoins showing notable gains. Current signals suggest a continuing positive trend for cryptocurrency prices in the medium term.
What Signals Indicate Rising Demand?
Despite some price drops, demand for Bitcoin ETFs remains strong, a key indicator of the recent price surge that began on July 15. The ETH ETF listing date is now set, and no major macroeconomic events are expected to disrupt the market this week. Positive statements from Powell further support a favorable outlook.
Santiment data reveals that while individual investors are selling for profits, Bitcoin whales and smaller whales, known as sharks, are accumulating BTC. This accumulation suggests that the primary phase of the price rise might still be ahead.
Will Altcoins Benefit in the Long Run?
Investors are keen to see if the rally will persist. A move to $70,000 could yield significant gains for altcoin investors who bought during the dips. If the main rise in altcoins starts while individual investors are selling, it could lead to unexpected losses for those who chose to exit early.
Key Inferences for Investors
– Bitcoin price stabilizing above $63,000 is a positive signal for the market.
– Strong ETF demand highlights sustained interest in BTC.
– Accumulation by whales suggests potential for further price increases.
– Investors selling early might miss out on the main altcoin rally.
– Monitoring the $64,500 resistance level is crucial for anticipating future BTC trends.
BTC price consolidation above $70,000 could drive further investment into altcoins. If ETH ETF listing does not trigger significant sales, we might witness increased market dominance by altcoins, led by ETH.
The next critical step for BTC involves surpassing the $64,500 resistance level. Breaking past this threshold could lead to new peaks between $72,000 and $73,777. Conversely, a decline from $64,602 back to the SMA20 level could embolden bears, potentially leading to deeper price dips. The determining factor will be the actions of BTC bulls at the $64,620 resistance level.
