Bitcoin’s price rally to $70K could lure buyers to XRP, KAS, STX and JASMY
Bitcoin ( BTC ) has recovered sharply from the intra-week lows, indicating a positive sentiment where dips are being purchased. Market analytics firm Santiment said in a X post that the ratio of positive comments to negative comments toward Bitcoin has reached its highest level since March 2023 .
While the short-term traders are focusing on a new all-time high for Bitcoin, the long-term investors are projecting uber-bullish targets for Bitcoin . SkyBridge Capital founder Anthony Scaramucci said during the Bitcoin 2024 conference in Nashville, Tennessee, that Bitcoin’s market capitalization will probably overtake the total market capitalization of gold. Bitcoin’s market capitalization is roughly $1.3 trillion, while gold is between $15 trillion-$16 trillion.
Bitcoin’s bullishness did not rub off on Ether ( ETH ), which is down more than 7% this week. The negative sentiment in Ether is largely due to the net outflows of about $342 million from the Ether exchange-traded funds, per data from SoSo Value.
Could Bitcoin rise to $70,000, triggering buying in altcoins? If that happens, what are the top 5 cryptocurrencies that look strong on the charts?
Bitcoin price analysis
The bulls tried to push Bitcoin to $70,000 on July 27, but the long wick on the candlestick shows selling at higher levels.
The upsloping 20-day exponential moving average ($64,945) and the relative strength index (RSI) in the positive territory suggest that the path of least resistance is to the upside. If the price turns up from the current level or rebounds off the 20-day EMA, the bulls will again try to clear the hurdle at $70,000. If they succeed, the BTC/USDT pair could reach the $72,000 to $73,777 resistance zone.
This positive view will be invalidated in the near term if the price turns down and breaks below the 50-day simple moving average ($63,422). That could pull the price down to the psychological support at $60,000.
The 4-hour chart shows that the bulls are finding it difficult to maintain the price above $68,500. The price has pulled back to the moving averages, which are likely to act as a strong support. If the price turns up from the moving averages, the bulls will make another attempt to drive the pair to $70,000.
Alternatively, if the price skids below the moving averages, it will suggest that the bulls are losing their grip. The pair may then plunge to $63,250 and later to $62,300.
XRP price analysis
XRP ( XRP ) has been consolidating between $0.57 and $0.64 for the past few days, indicating uncertainty about the next directional move.
The upsloping 20-day EMA ($0.57) and the RSI in the positive territory indicate advantage to buyers. The bulls will have to push and sustain the price above $0.64 to start the next leg of the up move to $0.74. This level is likely to attract aggressive selling by the bears.
This positive view will be invalidated in the near term if the price turns down and breaks below the 20-day EMA. That will suggest trading inside the large range between $0.41 and $0.64 for a while longer.
Both moving averages have flattened out, and the RSI is near the midpoint, indicating a balance between supply and demand. If the price stays above $0.61, the bulls will try to push the pair to $0.64.
On the contrary, if the price slips below the moving averages, the bears will try to tug the pair to the solid support at $0.57. The next trending move is likely to begin on a break above $0.64 or below $0.57.
Kaspa price analysis
The bulls tried to propel Kaspa ( KAS ) above the $0.19 overhead resistance on July 27, but the bears thwarted their attempt.
The moving averages are the crucial support to watch for on the downside. A strong bounce off the moving averages will signal that the sentiment remains positive and traders are buying on dips. That will improve the prospects of a break above $0.19, and the KAS/USDT pair could surge to $0.24.
Instead, if the price turns down and breaks below the moving averages, it will suggest that the bulls have given up. The pair may then slump to the solid support at $0.14.
The 4-hour chart shows that the pair has formed a bullish ascending triangle pattern, which will complete on a break and close above $0.20. This bullish setup has a target objective of $0.24.
The first important support on the downside is the 20-EMA and then the uptrend line. If the price turns up from the uptrend line, it will suggest that the pair may spend some more time inside the triangle.
If bears want to make a comeback, they will have to yank the price below the uptrend line. If they do that, the bullish setup will be negated. That may accelerate selling and pull the pair toward $0.16 and then $0.14.
Related: ‘Feels surreal’ — Bitcoin sticks to $68K as market ignores 200K BTC US election pledge
Stacks price analysis
Stacks ( STX ) broke above the downtrend line on July 15, signaling that the downtrend could be ending.
The moving averages have completed a bullish crossover, and the RSI has jumped into the positive territory, indicating that the bulls have a slight edge. Buyers will have to push and maintain the price above the neckline to complete an inverse head-and-shoulders pattern. If they do that, the STX/USDT pair could start an up move to $2.50 and then to the pattern target of $2.65.
If bears want to prevent the up move, they will have to quickly pull the price back below the moving averages. The selling could intensify further on a break below $1.65.
The 4-hour chart shows that the bulls pushed the price above $2 but could not sustain the higher levels. This suggests that the bears are fiercely defending the $2 level. If the price rebounds off the moving averages, the bulls will again try to drive the pair above $2. If they manage to do that, the pair could start a rally toward $2.50.
Conversely, a break and close below the moving averages may sink the pair to $1.72 and thereafter to $1.65. This level is likely to attract strong buying by the bulls.
JasmyCoin price analysis
JasmyCoin ( JASMY ) fell below $0.027 on July 25, but the bulls bought the dip and pushed the price back above the level.
The 20-day EMA ($0.028) has started to turn up gradually, and the RSI is in positive territory, indicating advantage to buyers. If the bulls overcome the barrier at $0.033, the JASMY/USDT pair is likely to pick up momentum and jump to $0.039.
Contrarily, if the price turns down from $0.033, it will suggest that the bears are active at high levels. That may keep the pair stuck inside the $0.027 to $0.033 range for a few days. The bears will be back in command if the price plunges and closes below $0.027.
The 4-hour chart shows that the bears are trying to stall the up move at $0.033, but a positive sign is that the buyers have not ceded much ground to the sellers. The upsloping 20-EMA and the RSI in the positive territory indicate the possibility of an upside breakout. If that happens, the pair may start a rally to $0.039.
This optimistic view will be negated in the near term if the price breaks below the 20-EMA. The pair may then decline to the $0.027 support.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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