After failing to sustain above the resistance of its narrow range, Bitcoin fell near a key support level on July 18. The consolidation of the past few days seems to be an accumulation phase, according to Glassnode’s Bitcoin Accumulation Trend Score. A similar score was seen during the accumulation phases between November and December and again from March to April.

According to CoinShares data, institutional investors continue to plow funds into digital asset investment products, which rose to $742 million in the past four weeks. Bitcoin (BTC) continues to attract the lion’s share of the funds, with last week alone accounting for $140 million in inflows.

Morgan Creek Capital chief investment officer and founder Mark Yusko said in an interview with Cointelegraph that Bitcoin’s fair value is $55,000 and the markets are likely to “drift upwards toward that level.” Once this level is crossed, Yusko expects speculators to step in, resulting in a blow-off top sometime in 2024.

What are the important support levels that need to hold in Bitcoin and altcoins to prevent a deeper decline? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin slid below the 20-day exponential moving average (EMA) of $30,124 on July

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Author: Rakesh Upadhyay

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