Bitcoin’s price rally to $70K may interest buyers into XRP, KAS, STX and JASMY.

Bitcoin (BTC) has rebounded sharply from intra-week lows, reflecting positive sentiment that dips are being bought. According to market analysis firm Sentiment, the ratio of positive opinions to negative opinions on Bitcoin has reached its highest level since March 2023.

While short-term traders are targeting new highs for Bitcoin, long-term investors are setting uber-bullish targets for Bitcoin. Skybridge Capital founder Anthony Scaramucci said during the Bitcoin 2024 conference in Nashville, Tennessee that Bitcoin's market capitalization will likely surpass the total capitalization of gold. Bitcoin's market capitalization is approximately $1.3 trillion, while gold is between $15 trillion and $16 trillion.

Bitcoin's bullishness against Ether (ETH), which is up more than 7% this week, has not gone away. The negative sentiment in Ether was largely due to a net outflow of about $342 million from Ether exchange-traded funds, according to data obtained by SoSo Value.

Could Bitcoin rise to $70,000, spurring buying in altcoins? If so, what are the top 5 currencies that look strong on the charts?

Bitcoin price analysis

The bulls tried to push Bitcoin to $70,000 on July 27th, but the long wick on the candlestick shows oversold.

The upward trend of the 20-day EMA ($64,945) and the Relative Strength Index (RSI) in positive territory suggest that the path of least resistance is up. If the price breaks above the current level or bounces back from the 20-day EMA, the bulls will again try to clear the barrier at $70,000. If they succeed, the BTC/USD pair can reach the protection zone from $72,000 to $73,777.

If the price declines and breaks below the 50-day simple moving average ($63,422), this positive outlook will become invalid in the near term. That could take the price to $60,000 for psychological support.

The 4-hour chart shows that the bulls have difficulty keeping the price above $68,500. Price has returned to moving averages, which may act as strong support. If the price changes from the moving averages, the bulls will make another attempt to drive the pair to $70,000.

Alternatively, if the price slips below the moving averages, it suggests that the bulls are losing their grip. The pair may drop to $63,250 and later to $62,300.

XRP price analysis

XRP (XRP) has been consolidating between $0.57 and $0.64 for the past few days, indicating uncertainty about the next directional move.

An uptrending 20-day EMA ($0.57) and an RSI in positive territory indicate the upside for buyers. The bulls need to push and hold the price above $0.64 to initiate the next move higher towards $0.74. This level may attract aggressive selling by bears.

If the price declines and breaks below the 20-day EMA, this bullish outlook is worthless in the near term. That suggests trading in a larger range between $0.41 and $0.64 for some time.

Both moving averages are stretched, and the RSI is close to the midpoint, indicating a balance between supply and demand. If the price stays above $0.61, the bulls will try to push the pair towards $0.64.

Conversely, if the price falls below the moving averages, the bears will try to pull the pair to a strong support at $0.57. The next trending move could start on a break above $0.64 or below $0.57.

Caspa cost analysis

The bulls tried to push Kasapa (KAS) above resistance at $0.19 on July 27, but the bears failed in their attempt.

Moving averages are an important support to watch on the downside. A strong breakout from the moving averages indicates that the sentiment remains positive and traders are buying on the dips. That would improve the break above $0.19, and the KAS/USDT pair could rise to $0.24.

Instead, if the price declines and breaks below the moving average, the bulls are discouraged. The pair may fall to strong support at $0.14.

The 4-hour chart shows that the pair has formed an ascending triangle pattern, which will complete with a break and close above $0.20. This bullish setup has a target of $0.24.

On the downside, the first important support is the 20-EMA and then an upward trending line. If the price changes in a higher line, it suggests that the pair will spend more time in the triangle.

If the bears want to pull back, the price must distort below the high line. If you do this, the bully setup will fail. That accelerates the selloff and pulls the pair to $0.16 and then to $0.14.

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Stack price analysis

Stack (STX) broke above the downtrend line on July 15, indicating that the downtrend may be over.

The moving averages have completed a bullish crossover, and the RSI has jumped into positive territory, indicating that the bulls have a slight edge. Buyers should press and hold the price above the neckline to complete the inverse head and shoulders pattern. If you do that, you can start targeting the STX/USDT pair towards the $2.50 and then the $2.65 pattern.

Bears need to pull the price below the fast moving average if they want to prevent an upward move. On a break below $1.65, the sell-off could strengthen further.

The 4-hour chart shows that the bulls pushed the price above $2 but could not maintain the high levels. This shows that the bears will strongly defend the $2 level. If the price pulls back from the moving averages, the bulls will again try to drive the pair above $2. If they can do that, the pair could start a rally towards $2.50.

Conversely, a break and close below the moving averages could sink the pair to $1.72 and then to $1.65. This level can attract strong buying by bulls.

JasmyCoin price analysis

JasmyCoin (JASMY) fell below $0.027 on July 25, but the bulls bought the dip and pushed the price above the level.

The 20-day EMA ($0.028) has started to gradually rise, and the RSI is in positive territory, indicating gains for buyers. If the bulls overcome the barrier at $0.033, the JASMY/USDT pair could increase momentum and jump to $0.039.

Conversely, if the price falls below $0.033, it indicates that the bears are very active. That will keep the pair in the $0.027 to $0.033 range for a few days. If the price falls below $0.027, the bears will return to order.

The 4-hour chart shows that the bears are trying to stop the upward movement at $0.033, but a positive sign is that the buyers have not given much ground to the sellers. The upward 20-EMA and RSI indicate the possibility of an inverted breakout in the positive territory. If that happens, the pair could start a rally towards $0.039.

If the price breaks below the 20-EMA, this optimism will be canceled in the near term. The pair could receive support around $0.027.

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.