Bitcoin continues to view aggressive buying at lower levels, but will traders’ demand dry up near $70,000?
) rose 8.8% last week to conquer the psychological barrier of $60,000, indicating solid buying at lower levels. CoinShares data shows thatBitcoin was not alone a even Ethereum products saw inflows of $72 million in anticipation of the launch of the first spot Ethereum exchange-traded fund in the US.
The first sign of weakness will be a break and close below the 20-day simple moving average . That will indicate profit-booking by short-term traders. The index may then slump to the 50-day SMA .The bulls tried to push the US dollar index above the 50-day SMA on July 9, but the bears held their ground.The price turned down on July 10 and has reached the crucial support at 104. Buyers are expected to defend this level.
If bears want to make a comeback, they will have to swiftly tug the price back below the 20-day SMA. If they do that, the ETH/USDT pair could slide toward $2,850.The bulls will try to continue the up move by pushing the price above the 50-day SMA . If they succeed, the BNB/USDT pair could reach the overhead resistance of $635, where the sellers will attempt to stall the rally.
If bears want to prevent the upside, they will have to quickly pull the price back below the 20-day SMA . That may keep the price within the triangle for a few more days.) rose above the 20-day SMA on July 12 and followed that up with a sharp up move to $0.57 on July 13.The bears are defending the $0.57 level, but a positive sign is that the bulls have not allowed the price to dip below the psychological level of $0.50. If the price rebounds off $0.50, the likelihood of a rally above $0.
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