Data from CoinDesk have revealed that Bitcoin has remained stable at around $30,298 in the past 24 hours. Ether is also experiencing sideways movement, trading at $1,927.
Cryptocurrency prices earlier surged following a favorable court ruling in the Ripple-SEC case.
However, BitBull Capital CEO Joe DiPasquale noted that the market had become overheated and warned of upcoming corrections.
DiPasquale explained that it would be unlikely for Bitcoin to remain below $27,000 for an extended period, and the "market is likely to consolidate around the current zone for now."
LBank Labs senior researcher Johnny Teng said that in the coming week, market prices are expected to be influenced by open interest levels, trader sentiment and popular trends like memes and artificial intelligence due to the lack of significant scheduled events or economic data releases.
Bitcoin's price is expected to temporarily decline. Teng also predicted that the trading volumes of Ether and other alternative cryptocurrencies would increase.
Around 592k of #Bitcoin was accumulated at $30.2k at the spot price.
— Mikybull 🐂Crypto (@MikybullCrypto) July 15, 2023
This is the second largest accumulation after $16.5k. #Bitcoin big move is coming 👀 pic.twitter.com/XmhMYowjez
Bearish resistance halts Bitcoin's upward momentum
Cointelegraph reported that after briefly closing above $31,000 on July 13, Bitcoin experienced a price decline on July 14, indicating a bull trap. The bears demonstrated strong resistance in the price range of $31,000 to $32,400.
The recent price movements have resulted in a bearish divergence on the relative strength index (RSI), signaling a decline in bullish momentum.
The bears will capitalize on this advantage by pushing the price below the 20-day exponential moving average ($30,187). If successful, the BTC/USDT pair could drop toward the 50-day simple moving average ($28,631).
Per Cointelegraph, the support level of $30,000 for Bitcoin could open up opportunities for investors to profit from arbitrage in popular decentralized finance platforms such as Uniswap (UNI), Aave (AAVE) and Maker (MKR).
During pullbacks, Cointelegraph said that UNI had found support at the 20-day exponential moving average (EMA) of $5.41. It suggested a shift in sentiment towards positivity and an inclination among traders to purchase during price declines.
The current dip presents an opportunity for the bulls to step in and push the price of the UNI/USDT pair above the immediate resistance level of $6.16. If they succeed, the pair may see an upward movement towards $6.50.
While this level could pose a strong barrier, if the bulls can hold their ground and avoid significant retracement, there is a chance for the pair to reach $6.70.
On July 15, ARB successfully breached and achieved a closing above the symmetrical triangle pattern. It signaled the prevailing strength of the bulls over the bears.
The RSI is approaching the overbought zone, with the 20-day EMA at $1.16 trending upwards. It suggests the market favors upward movement for the ARB/USDT pair.
While there is a minor resistance at $1.36, surpassing this level could lead to a surge toward $1.50. However, the rally could potentially extend to $1.70 if the bulls overcome it.
Aave experienced a significant breakthrough on July 3, breaking out and closing above the descending channel pattern. The bulls successfully defended the subsequent retests of the breakout level on July 6 and July 10.
The ascending 20-day EMA at $72 and the positive RSI suggest that the bulls control the AAVE/USDT pair. If the price reverses its direction from the current level or rebounds from the 20-day EMA, it will strengthen the likelihood of a rally above $84.50. In such a scenario, the pair can surge towards $95.
On July 2, MKR surpassed the downtrend line and achieved a breakout. On July 14, it was successfully retested at the same level, indicating significant demand at lower price levels for MKR.
The ascending 20-day EMA at $878 and the positive RSI indicate that the bulls dominate the MKR/USDT pair. Buyers are trying to continue the upward trajectory but might encounter strong resistance around the $1,100 level. However, if the bulls manage to overcome this hurdle, there is a potential for the pair to surge towards $1,200.