• Bitcoin continues to trade near the resistance at $31,000 and is showing strength.
• LTC, XMR, AAVE and MKR are also showing strength as investors look forward to Bitcoin ETF approval news.
• July has seen only three negative monthly closes since 2013, suggesting bulls have a slight edge.
Bitcoin (BTC) has been trading in a narrow range for the past few days, but that hasn’t taken away from its stunning 84% rally in 2023. The strong recovery of Bitcoin’s price has boosted buying in several altcoins which have risen sharply from their yearly lows. As the second half of the year begins, investors are wondering if this rally will continue. CoinGlass data shows that over the past seven years there have been only three months with negative closes in July, indicating that bulls may have a slight edge over bears.
Bitcoin Price Analysis
Bitcoin (BTC) is trading near an overhead resistance at $31,000 with bulls expecting another leg higher soon. The rising 20-day exponential moving average ($29,278) and the relative strength index (RSI) in positive territory suggest the path of least resistance is to the upside. If bulls can push and sustain BTC above $31,000 then it may begin its next uptrend towards $40,000 or higher levels. On the other hand if bears can sink and sustain prices below $20-day EMA then it could slide down to 50-day SMA ($27,622).
Altcoin Price Analysis
Litecoin (LTC), Monero (XMR), Aave (AAVE), and Maker (MKR) are all showing signs of strength as investors anticipate news on US Securities Exchange Commission approving one or more applications for a spot Bitcoin exchange-traded fund (ETF). If approved then this could further boost prices across various cryptocurrencies including those mentioned above.
At this time Bitcoin continues to show strength while altcoins such as LTC, XMR , AAVE and MKR may continue their upmove in coming days depending on approval news on Spot Bitcoin ETFs by US SEC . Historical data suggests that there is likely to be an overall bullish sentiment prevailing through out July with only 3 negative monthly closes since 2013 .
Investors should keep an eye on developments related to Spot ETFs as they may be crucial for determining future price movements of BTC and altcoins