Welcome to this comprehensive update on the dynamic world of cryptocurrency, where Bitcoin and major altcoins like Ethereum, Solana, XRP, and Chainlink are showing intriguing movements. I'm Josh from Crypto World, and today, we dive deep into the latest Bitcoin price action, key technical patterns, and what recent developments in Bitcoin ETFs mean for traders and investors alike. We’ll also explore the current price patterns forming in Ethereum, Solana, XRP, and Chainlink, highlighting what to watch for in the coming days and weeks.
Whether you’re a seasoned crypto trader or a curious investor, this detailed breakdown will help you understand the critical levels, momentum shifts, and potential opportunities shaping the market right now. Let’s get started.
Bitcoin Update: Technical Breakthroughs and Key Resistance Levels
Bitcoin has just confirmed a significant daily candle close above a crucial line of resistance, marking an important milestone in its price action. However, the journey upward is not without challenges. The price recently encountered a key resistance zone, leading to a short-term rejection. But now, Bitcoin is retesting this previous resistance area, aiming to flip it into new support. This retest is crucial as more liquidity is building just above Bitcoin's current price, which could fuel the next move.
Bitcoin ETF Inflows Signal Growing Institutional Interest
Before diving further into the charts, it’s essential to highlight a significant development on the institutional front. On Thursday, Bitcoin ETFs saw a net inflow exceeding $600 million, making it the best inflow day of the week. Over just two days—Wednesday and Thursday—more than a billion dollars flowed into Bitcoin ETFs, offsetting outflows seen earlier in the week.
This bullish ETF activity underlines growing institutional confidence in Bitcoin, potentially laying a foundation for sustained price gains. However, Friday saw no inflows or outflows due to the U.S. stock market closure for the Fourth of July holiday, so we’ll be watching next week for fresh ETF activity.
Weekly and Multi-Day Bitcoin Chart Analysis
Looking at the weekly Bitcoin chart, the super trend indicator remains green, signaling a larger bull market is still intact. However, the weekly MACD shows a subdued bullish momentum, with no bearish crossover confirmed yet. This suggests the market is slightly more bullish than bearish but lacking strong upward momentum on the weekly timeframe.
Additionally, the weekly RSI is showing lower highs, hinting at a possible bearish divergence. This is a cautionary sign that, despite the bullish trend, momentum might be waning.
The three-day timeframe mirrors this picture. The Bitcoin MACD is edging closer to a bullish crossover, though it hasn’t confirmed yet, and momentum remains weak. This suggests Bitcoin could continue drifting higher but may not see a massive explosive rally like previous runs.
One of the most exciting technical possibilities on the three-day chart is the potential formation of a massive cup and handle pattern—a classic bullish formation. This pattern, however, only confirms if Bitcoin breaks out above roughly $110,000, near its all-time high, with a three-day candle close. If this breakout happens within the next one to two weeks, it could activate a powerful bullish price target. Conversely, failure to break out soon could nullify this pattern altogether.
Daily Chart: Falling Wedge Breakout and Price Targets
On the daily Bitcoin chart, the recent candle close above a descending resistance line at just under $109,000 marks a confirmed breakout from a bullish falling wedge pattern. This breakout activates the first key price target at the top of the wedge, approximately $112,000.
However, between the current price and this target lie important resistance levels where Bitcoin could struggle or face rejection. The previous resistance line near $108,500 is now expected to act as new support. Holding above this level is crucial for bulls to maintain upward momentum. If Bitcoin were to close below this support, it would invalidate the breakout and might lead to a pullback.
Should Bitcoin dip, strong support zones exist around $103,000 and $98,000. On the upside, resistance is expected between $110,000 and $112,000, with the all-time high near $112,000 acting as a critical barrier.
Volatility Spike and Short-Term Price Action
Zooming into shorter timeframes, Bitcoin’s historical volatility indicator is spiking, signaling the start of a significant new move—so far pointing bullishly. On the six-hour chart, we recently broke through resistance between $108,500 and $109,000, retested that zone as support, and pushed toward the next resistance area around $110,000 to $110,500.
Bitcoin experienced a short-term rejection around this resistance, exactly as anticipated, demonstrating that these levels are critical battlegrounds. Currently, Bitcoin is retesting the $108,500 to $109,000 support zone again. Holding this support and bouncing higher would be a bullish sign, potentially leading to another test of the $110,000 resistance.
If Bitcoin fails to hold $108,500, a deeper pullback to the $105,500 to $106,500 support zone could be expected. This area has historically provided strong buying interest.
Liquidity Heatmap Insights
According to the Bitcoin liquidation heatmap, substantial liquidity is building just above Bitcoin’s current price, specifically near $110,900 to $111,000. This liquidity cluster is a magnet for price action and represents a key price target. Traders should watch how Bitcoin interacts with this zone, as a breakthrough could trigger a powerful move upward, while rejection could prompt consolidation or pullback.
Getting Ready to Trade Bitcoin and Other Cryptos
For those looking to capitalize on these movements, it’s essential to be prepared with the right trading platforms. Personally, I use BTNEXT extensively for crypto trades. It’s a no-KYC exchange, accessible globally, and offers generous bonuses for new sign-ups and deposits. For example, depositing $1,000 can earn you a $200 bonus, but only if you sign up through the special link provided.
If BTNEXT isn’t your preferred choice, TwoBit is another excellent no-KYC option. It provides up to $50,000 in trading bonuses, a $30 sign-up bonus, and a 20% deposit rebate up to 200 USDT. Both platforms offer robust trading environments to take advantage of Bitcoin’s price action and altcoin opportunities.
Ethereum: Sideways Range and Short-Term Bearish Divergence
Moving on to Ethereum, the second-largest cryptocurrency is currently trading within a broad sideways range. Over recent days, Ethereum retested critical support between approximately $2,380 and $2,400. This zone continues to provide significant buying interest.
Having recently broken above a previous resistance level near $2,500, Ethereum is now expected to find support around this price if a short-term pullback occurs. Resistance lies between $2,700 and $2,800, where selling pressure may increase.
On the shorter two-hour chart, Ethereum has just confirmed a fresh short-term bearish divergence. This pattern mirrors a similar divergence seen only days ago, where the price made higher highs, but the RSI formed lower highs. Such divergence suggests a likely short-term pullback or sideways choppy price action over the next day or two.
However, this bearish divergence is confined to a short timeframe and is unlikely to affect Ethereum’s mid-to-long-term trend significantly. Overall, Ethereum remains neutral to slightly bullish while bouncing within its established range. As always, Ethereum’s price is closely tied to Bitcoin’s performance, so any significant moves in Bitcoin will ripple through to Ethereum and other altcoins.
Solana: Potential Inverse Head and Shoulders Pattern Emerges
Solana is currently trading sideways between roughly $143 and $167. Support is strong between $143 and $146, a zone that recently held as the price bounced higher. Resistance levels are noted at $155, $158, and the major resistance at $167.
In the near term, Solana shows a slightly bullish bias but remains hampered by a lack of momentum. This suggests potential for gradual upward relief rather than a sharp breakout.
On the eight-hour chart, Solana may be forming an inverse head and shoulders pattern—a classic bullish reversal formation. The left shoulder is established, and the right shoulder is possibly forming now. To confirm this pattern and set a bullish price target, Solana needs to break above the neckline at approximately $157 to $158 with candle closes above this level.
If confirmed, the measured price target for this pattern would be around $194 to $195, representing a potential 22-23% gain from the breakout point. For traders using leverage, such as 10x longs, this could translate to significant returns. However, this remains a potential setup contingent on confirmation, and momentum is still weak, so don’t expect a straight rally to this level without resistance along the way.
XRP: Rising Wedge Formation in a Larger Sideways Range
XRP is back trading within the upper half of a larger sideways range, roughly between $2.05 and $2.35. Key support lies between $2.05 and $2.10, while major resistance is found between $2.31 and $2.35.
Recently, XRP rejected precisely at the $2.31-$2.32 resistance zone, exactly where I had been warning about potential resistance. This emphasizes the importance of watching these key levels, as they often dictate short-term price action.
Zooming into the eight-hour chart, XRP appears to be forming a rising wedge pattern. This is generally a bearish pattern, opposite to the bullish falling wedge seen in Bitcoin. Statistically, rising wedges break to the downside about two-thirds of the time, although an upside breakout remains possible.
The wedge support line sits near $2.21, with resistance around $2.29. A confirmed breakdown with candle closes below the support line, especially if followed by a retest turning support into resistance, would target a drop to the wedge’s bottom near $2.00.
On the way down, XRP may find support around $2.17, $2.08, and the stronger zone between $2.05 and $2.10. As always, support levels can sometimes halt or slow declines, so price could bounce at these points before reaching the lower target.
Chainlink: Slight Bullish Bias Amidst Bearish Divergence
Chainlink has been quietly moving sideways with a slight bullish tilt over the past few days. The price has formed minor higher highs but still lacks strong bullish momentum.
Support zones lie between $12.60 and $12.80, while resistance zones include $13.60 to $13.80, $14.20 to $14.40, and major resistance between $15.30 and $15.50.
One reason for Chainlink’s recent short-term pullback could be a newly confirmed bearish divergence on the four-hour chart. This divergence occurs when the price makes higher highs, but the RSI forms lower highs, signaling weakening momentum.
This bearish divergence is likely to cause a pullback or choppy sideways action, typically playing out over several days to about a week. If the price breaks below the previous resistance turned support near $13.40, Chainlink could retrace toward the $12.80 lows, where substantial support exists.
As always, Chainlink’s price is heavily influenced by Bitcoin’s performance. A break below critical Bitcoin support levels could accelerate downside pressure across altcoins, including Chainlink.
How to Position Yourself for These Trading Opportunities
Given the current market context, it’s important to be ready to act on trading opportunities as they arise. Whether you’re trading Bitcoin, Ethereum, or altcoins like Solana, XRP, and Chainlink, having access to reliable crypto exchanges is key.
Platforms like BTNEXT and TwoBit offer no-KYC trading, global accessibility, and substantial trading bonuses to new users. These can provide an edge by letting you start trading with extra capital and flexibility. Always ensure you understand your local regulations before trading.
Also, consider learning how to profit regardless of market conditions. Whether the market is bullish, bearish, or sideways, there are strategies to capitalize on price movements. For example, you can use long positions during uptrends, shorts during downtrends, and range trading tactics during sideways markets.
Exploring educational resources and tutorials on these strategies can help you navigate the volatile crypto landscape with greater confidence.
Final Thoughts: Stay Alert and Strategic
The cryptocurrency market is showing signs of cautious optimism, with Bitcoin breaking key resistance levels while still facing significant hurdles ahead. Altcoins like Ethereum, Solana, XRP, and Chainlink are carving out important price patterns that could lead to exciting moves if confirmed.
Remember, momentum remains somewhat muted across the board, so patience and discipline are vital. Watch the critical support and resistance levels closely, and be prepared for both pullbacks and breakouts. Institutional flows into Bitcoin ETFs suggest a bullish undertone, but technical signals urge caution and focus on price action.
By staying informed, using robust trading platforms, and applying strategic approaches tailored to current market conditions, you can better position yourself to seize opportunities while managing risks effectively.
Keep an eye on Bitcoin, Crypto, BTC, Blockchain, and CryptoNews as these elements will continue to shape the investment landscape in the coming weeks.
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