Price analysis 7/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

cointelegraph.com:

Bitcoin (BTC) hit a six-week high above $24,000 on July 29, extending its rally that picked up momentum after the United States Federal Reserve hiked rates by 75 basis points on July 27. If the rally sustains for the next two days, Bitcoin could be on target to close the month of July with gains of more than 20%, according to data from Coinglass.

It is not only the crypto markets that have seen a post-Federal Open Market Committee (FOMC) rally. The U.S. equities markets are on track for big monthly gains in July. The S&P 500 and the Nasdaq Composite are up about 8.8% and 12% in July, on track to their best monthly gains since November 2020.

The crypto and equities markets have risen in the expectation that the pace of rate hikes by the Fed will slow down in the future. Arthur Hayes, ex-CEO of derivatives platform BitMEX, believes that the Fed will not increase rates further and may eventually return to accommodative monetary policy and more neutral rates.

Could Bitcoin and altcoins extend their recovery over the next few days? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin closed below the 20-day exponential moving average (EMA) ($22,213) on July 25 but the bears could not sustain the lower levels. The bulls bought the dip below $21,000 and propelled the price back above the moving averages on July 27.

The moving averages have completed a bullish crossover and the relative strength index (RSI) is in the positive territory, indicating that bulls are in control. If buyers drive the price above $24,276, the BTC/USDT pair could pick up momentum and rally toward the pattern target of $28,171. If this level is crossed, the next stop could be $32,000.

Alternatively, if the price turns down from the current