Bitcoin is changing hands near $63,300 and continuously holding strength above the zone of the $58,000 area, which was tested in late June. This digital asset is now sitting precisely on the daily pivot level of $63,289. This is highlighting the same level at which the two-hour candle was stalling.
Dominance is going through a downtrend but the price does the opposite
Bitcoin’s share of the overall market cap has tested the level of 58.36 percent in early July and this is a figure that hadn’t been this low since September, although the asset’s price has gone up significantly from its lows over that same period. The level of 58.66 percent at the time of writing is still considerably lower if put in comparison with the 61 percent high of May. The largest cryptocurrency has followed the uptrend but dominance is doing the exact opposite.
The capital flowed back into Bitcoin, but new funds primarily flowed into the other side rather than the asset itself.
Despite one big seller, the ETF trend stands strong
At the time of writing, spot Bitcoin ETFs have experienced $265.69 million in net inflows and, in turn, pushed the total accumulated inflows to $51.34 billion in addition to $77.32 billion in total assets under management (AUM).
IBIT was the star of the day and contributed for $209.40 million, whereas the only one of the major spot Bitcoin ETFs to go through outflows was GBTC and has lost $44.45 million for the time period mentioned. Overall the spot ETF scene is still on the healthier side but the demand is originating from the selective funds only.
The current price remains at a crucial zone
Bitcoin has already tested a significant resistance area, which is ranging from $63,320 to $63,619, due to the convergence of weekly resistance and the 38.2 percent Fibonacci retracement. If this area is tested again and holds successfully, it may be cleared by a weekly close. Following this respective case, a door may be open for another trip to $65,006, and the extended level to get tested could be around $69,832.
Rejection at these levels could potentially cause Bitcoin to test the support zone to clear up the liquidity resting under $59,781 support. As volumes remain relatively light during the recovery, further upside potential will most likely be hinging on the strength of demand for these prices.
Ethereum is the strongest asset in the group
Ethereum is currently changing hands at $1,775, with the price holding steady above the 7 & 30-day MA. This scenario is depicting the strength of the short-term buying trend. The short-term momentum could possibly be viewed as too overheated, based on the 7-day RSI of 74.66. Still, the other longer-duration SMAs do seem to continue to remain on the neutral side (e.g., the 14 & 21-day RSI nearing the respective side is pointing to the uptrend being far from being bullish at this time).
The MACD histogram has been positive, although it remained behind. The important thing to note here is that the MACD line is still below 0. The pivot level of $1,785 could work as a strong level for Ethereum to breach, but overcoming the 200 MA carrying the level of $2,257 could act as the major hurdle for it.
Solana carries the strongest momentum
SOL is currently trading for $81.20 and is carrying the highest momentum in the altcoin market among the other major cryptos. All the RSI values (7-day, 14-day, and 21-day) on the crypto are standing in positive territory (which is above 50), and the MACD is on the positive side. The uptrend has more momentum here compared to what it does for BTC or ETH. If this leading layer 1 continues to stay above the price point of $81.40, it seems this move is more likely to continue than to fade away.
The bounce from BNB and XRP is lacking conviction
BNB trades at $579, still under both its seven-day average of $568 and its thirty-day average of $582. RSI readings of 62.95, 51.45, and 48.30 are depicting a weaker version of the patterns that are currently being followed by the largest cryptocurrency, Bitcoin. XRP sits at $1.12, held steady against its own short-term averages, and has RSI readings of 64.52, 52.38, and 47.80, respectively.
