Bitcoin (BTC) and most major altcoins are witnessing profit-booking on July 25 as the bulls scale back their positions before the Federal Open Market Committee meeting on July 26 through July 27. This indicates that the sentiment remains fragile and that bulls are not confident about carrying long positions into the event.
Several analysts have retained their bearish view after Bitcoin failed to sustain above the 200-week moving average at $22,780. CryptoQuant contributor Venturefounder expects the selling to resume and Bitcoin to fall as low as $14,000 before a macro bottom is confirmed.
The institutional investors seem to be absent from the markets and the recovery is being driven by the retail investors. Data from on-chain analytics firm Glassnode showed that investors holding one Bitcoin or less have been accumulating aggressively “more now than ever.”
Could retail investors continue their frantic pace of purchasing and put a floor below Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin rebounded off the 20-day exponential moving average (EMA) ($21,857) on July 23 but the bulls could not clear the hurdle at $23,363 on July 24. This suggests that bears are aggressively defending the overhead resistance.
The price has returned to the 20-day EMA, which is an important level to keep an eye on. If this level cracks, the BTC/USDT pair could drop to $20,750. Such a move will invalidate the breakout from the symmetrical triangle.
The 20-day EMA is flattening out and the relative strength index (RSI) has dropped to the midpoint, indicating a balance between supply and demand.
This advantage could tilt in favor of buyers if the price breaks above $23,363. If that happens, the pair could
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