Cryptocurrency Market Watch: Are Bulls Finally Back?

The Rising Tide of Crypto

On July 18, Bitcoin (BTC) hopped above the $22,000 mark while Ether (ETH) climbed over $1,500. This surge has brought total crypto market capitalization back to over $1 trillion, stirring optimism that the bears may have finally taken a vacation.

Bitcoin’s Market Resilience

According to Glassnode, over 80% of the Bitcoin supply has been dormant for at least three months. Such a phenomenon has historically hinted at the end of bearish seasons. However, Grayscale Investments threw cold water on the party, warning that this bear market could continue for 250 more days. Will the bulls keep their newfound momentum, or will the bears crash the festivities?

Bitcoin (BTC) Chart Breakdown

After dancing around the 20-day exponential moving average (EMA) of $20,986, Bitcoin made a significant leap on July 18, breaking through the symmetrical triangle’s resistance line. If this trend continues, BTC could aim for the elusive $28,171 mark!

Potential Scenarios:

• **Bullish:** Sustaining above $23,363 could trigger a rally.
• **Bearish:** Dropping below the triangle points to continued bear dominance.

Ether (ETH): A New Uptrend?

Having successfully broken through the $1,280 resistance, Ether’s price soared over $1,500. If Ether can hold this new level and defy the bears’ attempts at resistance, we might witness thrilling heights of around $1,700. However, any slip beneath the 20-day EMA could signal a retreat.

Top Crypto Performers

Here’s how some of the heavyweights are faring:

BNB

BNB cleared hurdles and showed signs of strength on July 18, possibly aiming for $300 if momentum continues. Any dips below the 20-day EMA will be keenly watched by traders.

XRP

XRP invalidated its previous bearish trend by pushing past the 50-day SMA, and could be on track for $0.45 if bullish momentum prevails.

Cardano (ADA)

Finally breaking past the 20-day EMA, Cardano aims for $0.60. But the 50-day SMA could serve as the ultimate test for the bulls.

Just Another Day in Crypto?

Despite the evident action on the charts, we can never forget how unpredictable this market can be. Bulls and bears alike continue to tussle, and while the bulls are making strides, it only takes one significant dip for them to reconsider their stances. Always keep an eye on those EMA levels!