ETH, ICP, AAVE and LUNA are expected to demonstrate impressive results over the coming days in case BTC funds keep above the 50-day moving average.
Bitcoin’s (BTC) rebound is going through stiff resistance around the $35,000. Nevertheless, some experts, including Bloomberg Intelligence senior commodity strategist Mike McGlone remain bullish. In his analysis, McGlone emphasized that the probability of Bitcoin surpassing $60,000 is stronger than the price falling below $20,000.
Institutional investors seem to be using Bitcoin weakness to their favor, thus building their positions. Cathie Wood’s Ark Invest added more than 450,000 shares of Grayscale Bitcoin Trust in two separate buys during the past week, boosting their holdings to more than 9 million shares. Moreover, Edge Wealth Management and Rothschild Investment Corp also put GBTC shares to their portfolio.
Nevertheless, not everyone is optimistic about Bitcoin. Analysts at Delphi Digital have said that Bitcoin is testing the support at the 12-month moving average and a break below it would end in further downtrend. Kevin Kelly, a certified financial analyst at Delphi Digital, stated that a break below $30,000 might prove to be bearish for Bitcoin.
In case Bitcoin remains range-bound, investors may pay more attention to the top-performing altcoins, which may see upside momentum. Let’s take a look at the BTC/USDT pair that is expected to attract buying interest in the short term.
Bitcoin moved higher and closed above the 20-day exponential moving average ($32,974) on July 23rd, demonstrating that the selling pressure is reducing. The bulls are now trying to push the price above the 50-day simple moving average ($34,301).
In case buyers succeed, the BTC/USDT pair would challenge the critical short-term resistance at $36,670. A breakout of this resistance would entail further buying, clearing the path for a potential rally to the $41,330 to $42,451.67 resistance zone.
The 20-day EMA has started to turn up and the relative strength index (RSI) has risen above 54, indicating a minor advantage to the bulls.