Bitcoin price advance to $68k set a big path for SOL, ICP, GRT and BONK.

Bitcoin (BTC) is gradually rising to the $70,000 mark, which shows that the sentiment is positive. Funds traded on the US-based spot Bitcoin exchange saw $383 million in revenue as of July 19, according to data from Farside Investors. This brings the total net inflows into ETFs since their inception to more than $17 billion.

While Bitcoin prices remain above $65,000, Bitcoin whales seem to have slowed down their selling. In a post on X, CryptoQuant's head of research, Julio Moreno, said that selling by large Bitcoin investors has weakened and “price indicators suggest positive momentum.”

Bitcoin's strength has led to a rebound in several altcoins. Cryptocurrency markets may get a further boost from the launch of Ethereum ETFs, which is expected to begin trading on July 23.

Can Bitcoin extend its recovery in the near term, boosting buying in altcoins? If so, what are the top 5 currencies that look strong on the charts?

Bitcoin price analysis

Bitcoin broke below the 50-day simple moving average ($63,792) on July 19 and rose above the $66,128 resistance, indicating that the recovery remains intact.

The 20-day SMA ($60,827) has improved, and the relative strength index (RSI) has risen to positive territory, indicating that the bulls are in command. If the price stays above $66,128, the BTC/USD pair may reach $70,000. The bears are expected to mount a strong resistance in the $70,000 to $73,777 zone.

Crucial support to watch on the downside is the 50-day SMA. If this support gives way, the pair may descend towards the 20-day SMA.

The moving averages are trending higher on the 4-hour chart, indicating a bullish advantage, but the RSI is forming a negative divergence, indicating that momentum may be weakening. If the price falls below $66,128, the pair may drop to the 50-SMA and later to $62,350.

On the contrary, if the price recovers from $66,128, it increases the possibility of continuation of the upward movement. The couple can then walk away with about $70,000.

Solana price analysis

Solana (SOL) rose and closed above the downtrend line on July 20, rejecting the developing bearish descending triangle pattern. A failure of a depression pattern is a bullish sign.

The rising 20-day SMA ($148) and the RSI in positive territory suggest that the bulls are taking advantage. If the price stays above the lower line, the SOL/USDT pair may add resistance to the upside at $189 and then $210.

Conversely, if the price declines and re-enters the triangle, it suggests that the break may be a bull trap. That could sink the SOL/USDT pair to the 20-day SMA, which could act as strong support.

Both moving averages are trending higher on the 4-hour chart, but the RSI is showing a negative divergence. This indicates that the trend continues, but the positive speed is decreasing. The 20-SMA is critical support to watch on the downside. If the price recovers from the 20-SMA, it indicates a possible upside towards $189.

Bears need to quickly decline below the 20-SMA if they want to prevent an upward move. If they do that, the sale can be lifted, and the pair can go down to $155. A break below this level will tilt the advantage to the bears.

Internet computer cost analysis

The Internet Computer (ICP) broke above the downtrend line on July 15, indicating that the bears are losing their grip.

The moving averages are at a bullish intersection, and the RSI is in the positive zone, indicating that the bulls are back. The Bears were They tried to pull the price below the $9.36 breakout level on July 19, but the bulls held their ground. If the price rises and continues above $10.50, the ICP/USDT pair may rise to $13 and later to $14.

Meanwhile, the bears may have other plans. They will try to lower the price below $9.36. If it manages to do that, the pair could dive into the 20-day SMA. This is the important step to protect the bulls because if it breaks, the next stop can be $6.

The 4-hour chart shows that the bears are trying to stop the recovery at $10.50, but the bulls are not allowing the price to drop below $9.36. This suggests that the pair may consolidate between $10.50 and $9.36 for some time.

If the bulls push the price above $10.50, this will signal the resumption of the upward movement. The pair could rise to $11.25 and then to $13. Alternatively, if the price falls below $9.36, the pair could fall to $8.50 and then to $7.

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Graph value analysis

Graph (GRT) has been trading in a narrow range between $0.22 and the 20-day SMA ($0.19) over the past few days.

Strict trade cannot continue for long. If buyers push the price above $0.22, the GRT/USDT pair may reach the lower line. The bears will try to stop the rally at this level, but if the bulls win, the pair may rise to $0.27 and then to $0.32.

Contrary to this assumption, if the price declines from the current level and falls below the 20-day SMA, the bulls are discouraged. That could pull the price to the next support at $0.15.

The 4-hour chart shows that the bears are strongly defending the $0.22 resistance. An important level to watch on the downside is the 50-SMA. If the price changes significantly from the 50-SMA, it will improve the rally above $0.22. If that happens, the pair can reach the bottom line.

On the contrary, if the price decreases and is below the 50-SMA, it indicates that the bulls are rushing to the exit. The pair may drop to $0.20 and later to $0.18.

Bonk price analysis

BONK has been swinging in a balanced triangle pattern for several days, indicating indecision between bulls and bears.

The 20-day SMA ($0.000025) has started to rise gradually, and the RSI is in the positive territory, which indicates the benefit of buyers. The bulls will try to push the price to $0.000036 and then to the triangle resistance line. This level may attract strong selling by bears.

The 20-day SMA is the necessary support to watch on the downside. A break and close below it could pull the BONK/USDT pair towards its support line. Buyers are required to buy dips to the support line.

The 4-hour chart shows that the bears are trying to stop the move above $0.000032, but the buyers have not given much ground to the sellers. The first support on the downside is the 20-SMA and then the 50-SMA. If the price recovers from the moving averages, it will likely rally to $0.000036 and later to $0.000042.

If the price breaks below the 50-SMA, this bullish outlook is worthless in the near term. That could attract more selling, which would pull the price down to $0.000022 and then to $0.000020.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.