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Cryptocurrency Price July 22: Bitcoin Hits $68K, Dogecoin, Avalanche Soars Up to 11%
Cryptocurrency Markets rose on Monday, led by Bitcoin, Solana and Dogecoin. The global cryptocurrency market capitalization has increased by 0.7% to around $2.45 trillion in the past 24 hours. As of 1:08 PM IST, Bitcoin (BTC) was trading 1% higher at $67,350, however, Ethereum has fallen by 0.5% to $3,473. Earlier, Bitcoin briefly hit the $68,450 mark.
“Bitcoin bounced to the $68,000 level as market participants showed optimism over Donald Trump’s potential election victory. BTC is now eyeing the $70,000 level, signaling continued positive sentiment. However, bears are likely to contest this advance in the $70,000 to $73,000 range,” said Edul Patel, CEO of Mudrex.
“Bitcoin’s strength has also led to a recovery in several altcoins. In addition, the market could receive another boost from the launch of Ethereum ETFs, which are expected to start trading on July 23,” he added.
CoinDCX research team said: “The cryptocurrency market remained positive over the weekend after President Biden announced that he will not seek reelection. This news is seen as beneficial for the cryptocurrency space as it increases the chances of Trump’s return, who is perceived as more crypto-friendly.”
“Technically, Bitcoin is now eyeing a test of the range top at the initial $70k level. Key support levels to watch are around $63,200 and $60,300. On the upside, resistance levels are at $72,000 and $73,800,” he said.
Meanwhile, the most popular cryptocurrencies, including BNB (0.3%), Solana (4.1%), Dogecoin (5.4%), Cardano (0.4%), Avalanche (11%), Tron (1.5%), and Chainlink (1.6%), are up. On the other hand, Ethereum, Toncoin, and NEAR Protocol are down by up to 2%.
According to data available on CoinMarketCap, the volume of all stablecoins is now equal to $65.02 billion, or 89.98% of the total 24-hour cryptocurrency market volume.
Over the past 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, has risen to $1.327 trillion. Bitcoin’s dominance currently stands at 54.4%, according to CoinMarketCap. BTC volume over the past 24 hours has increased by 62.1% to $29.35 billion.
Technical view of ZebPay Trade Desk
On July 19, US-based spot Bitcoin exchange-traded funds recorded inflows of $383 million, according to data. This brought total net inflows into these ETFs to over $17 billion since their inception. With the price of Bitcoin holding above $65,000, it appears that Bitcoin whales have slowed down their selling activity. The 20-day simple moving average (SMA) rose to $60,827 and the relative strength index (RSI) rose into positive territory, signaling that the bulls are currently in control.
After correcting almost 27% from the recent highs, Bitcoin hit a low of $53,485. The asset failed to break the crucial support level of $52,000 and the lower longer shadow indicated buying at these levels. After this move, BTC started consolidating between $56,500 and $59,700. It finally gave a break above the psychological resistance of $60,000 and recovered to $68,474. The asset faces strong resistance at $70,000 and $73,777. Once it breaks and sustains above these levels, then we might expect further price upside. $66,000 and $60,000 will act as strong support for BTC.
(Disclaimer: Recommendations, suggestions, opinions and views provided by experts are personal. They do not represent the views of the Economic Times)
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