Bitcoin (BTC) Price Analysis: Bulls Aim to Flip $69K Resistance into Support

BTC faces strong rejection near $70,000 on July 29, indicating that the bears are fiercely defending the upper boundaries of the $55,724 to $73,777 range

Bitcoin faced strong rejection near $70,000 on July 29, indicating that the bears are fiercely defending the upper boundaries of the $55,724 to $73,777 range. Several analysts are keeping a close watch on the $69,000 level as they believe it is crucial for the bulls to flip this level into support before Bitcoin takes out $72,000 and challenges the all-time high near $74,000.

BTC

$66,298 Bitcoin will need a strong trigger to shake it out from its five-month-long trading range. Once it does, analysts are confident that Bitcoin will cross the $100,000 mark. However, some analysts believe that six figures may hit only in 2025.

Analysts believe the $35 trillion national debt of the United States will bolster Bitcoin adoption. Turbofish CEO Matt Bell told Cointelegraph that the ballooning US debt will boost the importance of Bitcoin as “‘hard money’ — a decentralized and deflationary asset that offers a hedge against currency devaluation.”

Could Bitcoin rise from the current level and challenge the $70,000 resistance, or will bears pull the price lower? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin turned down from $70,080 on July 29 and reached the 20-day exponential moving average ($65,390) on July 30.

Buyers will have to start a strong rebound off the 20-day EMA to maintain a positive sentiment. If they do that, the likelihood of a break above $70,000 increases. The BTC/USDT pair may ascend to $72,000, which is again likely to behave as a significant barrier.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will indicate that the bulls are booking profits. The pair may slide to the 50-day simple moving average ($63,294).

Ether price analysis

Ether ETH $3,292 turned down from the 50-day SMA ($3,348) on July 29, but the buyers did not cede much ground to the sellers.

ETH

$3,292

The bulls are again trying to push the price above the 50-day SMA. If they manage to do that, the ETH/USDT pair could rise to $3,563.

The bears are expected to fiercely defend the zone between $3,563 and the downtrend line. If the price turns down from this zone, it will signal that the pair may remain inside the triangle for a few more days.

The next trending move is likely to begin on a break above the downtrend line or below the support at $2,850.

BNB price analysis

BNB BNB $587 turned up from the moving averages on July 30, indicating a positive sentiment where the bulls are buying the dips.

BNB

$587

There is a minor resistance at $606, but if this level is crossed, the BNB/USDT pair could reach $635. This level is expected to attract strong selling by the bears. If the price turns down from $635 but rebounds off the 20-day EMA, it will improve the prospects of a breakout. The pair may then reach $722.

Real-world DePIN embedded in sports cars, starting with McLaren GT4

A device-agnostic blockchain platform aims to enhance data management by ensuring every IoT device can run a full node to create immutable data records.

Minima, a fully decentralized and device-agnostic layer-1 (L1) blockchain for DePIN projects, is working with data management platform Influx Technology to integrate a blockchain-powered data tracker into a McLaren GT4 supercar, which was tested during the British GT testing day of Spa-Francorchamps this June.

As of May 2024, AntPool and Foundry USA have collectively amassed control of 56.4% of Bitcoin’s hashrate, a significant increase from their nearly 50% share in February. This concentration of hash power grants these mining pools substantial influence over the Bitcoin network, including the ability to censor transactions by selectively choosing which blocks to mine.

This consolidation of power raises concerns about the potential for transaction censorship within the network. As centralization creeps in, the very principles that underpin blockchain technology —security, transparency and resilience— are put at risk.

Percentage of Bitcoin hashrate controlled by the largest mining pools as of May 15, 2

The above is the detailed content of Bitcoin (BTC) Price Analysis: Bulls Aim to Flip $69K Resistance into Support. For more information, please follow other related articles on the PHP Chinese website!