Price analysis 7/12: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC, MATIC, DOT

cointelegraph.com:

Bitcoin (BTC) bulls are again having a go at the overhead resistance of $31,000. The bullish sentiment may get a boost from the United States inflation report, which showed signs of slowing down. Economists were expecting the year-on-year consumer price index to rise 3.1% but the June print came in at 3%.

The month-on-month increase of 0.2% was also less than forecast. This suggests that the Federal Reserve’s rate hikes are having the desired effect. That may limit future rate hikes by the Fed.

Supported by macroeconomic conditions, institutional investors seem to be turning positive on cryptocurrencies, especially Bitcoin. CoinShares report published on July 10 showed inflows of $136 million into digital investment products in the past week. That brings the total inflows of three consecutive weeks to $470 million, indicating a positive outlook.

Large investors could be turning positive on Bitcoin because they anticipate a huge inflow of traditional finance money if the U.S. Securities and Exchange Commission approves a spot Bitcoin exchange-traded fund. Bloomberg ETF analyst Eric Balchunas said in an exclusive interview with Cointelegraph that an ETF approval would unlock $30 trillion worth of capital for Bitcoin.

Could the tailwind of the positive triggers prove bullish for Bitcoin and the major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin turned down from the overhead resistance at $31,000 on July 10 but a positive sign is that the bulls did not allow the price to dip below the 20-day exponential moving average ($30,012).

The upsloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate that the path of least resistance is to the upside. If buyers