Bitcoin’s price has broken above a key descending trendline resistance, reaching $109,000, reflecting improved market sentiment. Ethereum has reclaimed the $2,600 level, supported by growing interest in the derivatives market. Meanwhile, XRP bulls are tightening their control, accelerating a breakout above the 50-day and 100-day Exponential Moving Averages.
The cryptocurrency market witnessed broad-based gains on Thursday, with stable sentiment across major assets. Bitcoin led the rally after breaking above the $109,000 resistance level. Other altcoins also posted modest gains, with Ethereum climbing back above $2,600. XRP demonstrated a fresh bullish structure, breaking through a previously stubborn resistance near $2.20.
Market Overview: Steady Institutional Interest and Demand
Bitcoin’s gradual climb is supported by consistent institutional demand, contributing to a notable rebound from the June dip to $98,241—a decline triggered by escalating tensions between Israel and Iran.
According to data from CryptoQuant, selling pressure from whales and institutional investors has weakened since April. The yellow box in the chart below indicates that whales have maintained stable risk-on sentiment since the tariff-induced crash in April.
Bitcoin Coinbase Premium | Source: CryptoQuant
Glassnode highlighted in a recent report that the total unrealized profit currently stands at $1.2 trillion, indicating that Bitcoin investors have created significant value. However, this could pose a risk to the upward trend if sentiment shifts and triggers selling pressure.
Bitcoin Unrealized Profit | Source: Glassnode
Data Spotlight: Bitcoin Spot ETF Inflows Resume
Bitcoin spot Exchange-Traded Funds (ETFs) recorded approximately $408 million in net inflows on Wednesday. None of the 12 US-approved ETFs experienced net outflows. According to SoSoValue, Fidelity’s FBTC saw the highest net inflows, averaging around $184 million.
The total net asset value of Bitcoin spot ETFs is nearing $137 billion, with cumulative historical net inflows reaching approximately $49 billion.
Bitcoin Spot ETF Data | Source: SoSoValue
Today’s Chart: Bitcoin Breaks Out, Eyes All-Time High
After breaking above the $109,000 resistance level, Bitcoin’s price extended toward the $110,000 psychological barrier. The daily chart below shows BTC continuing its climb above a key descending trendline resistance, which may further boost risk appetite.
The Relative Strength Index (RSI) rose from a low of 38 on June 22 to 60, indicating strengthening bullish momentum. This is further reinforced by a buy signal from the Moving Average Convergence Divergence (MACD) indicator.
The signal appears when the blue MACD line crosses above the red signal line. With the MACD above the signal line and the green histogram bars expanding, the path of least resistance remains upward.
BTC/USDT Daily Chart
Traders should anticipate potential resistance near $110,530, a zone that capped gains in June. A break above this level could set the stage for Bitcoin to reach new all-time highs.
Altcoin Update: Ethereum and XRP Resume Uptrend
Ethereum’s price edged higher, currently trading around $2,601. The largest smart contract token by market cap remains above key moving averages, including the 100-day EMA at $2,388, the 50-day EMA at $2,440, and the 200-day EMA at $2,470. This technical positioning supports a bullish structure.
The RSI climbed to 57 from a low near 37, highlighting strong bullish control. A daily close above the former support level of $2,600 would solidify the uptrend. The MACD’s buy signal also makes the token more attractive to traders. Key resistance levels to watch include $2,735 and $2,882, which were tested in May and June.
ETH/USDT Daily Chart
As for XRP, bulls are quickly approaching the descending trendline resistance visible on the daily chart. This follows a recovery in the uptrend after the price tested the $1.90 support level on June 22.
XRP price is holding above the 50-day EMA at $2.21 and the 100-day EMA at $2.22. The RSI is trending upward toward the midline, confirming the strength of the uptrend, while the MACD’s buy signal encourages traders to increase exposure to XRP.
XRP/USDT Daily Chart
Traders should remain cautious, as XRP is still trading below the descending trendline resistance. A shift in market sentiment could prompt risk reduction and increase selling pressure. The 100-day EMA at $2.20, the 50-day EMA at $2.21, and the 200-day EMA at $2.10 are all positioned to absorb any potential downward moves.
Frequently Asked Questions
How do token listings affect cryptocurrency prices?
Token listings often boost demand and adoption by increasing an asset’s visibility and accessibility. When a cryptocurrency is listed on a major exchange, it typically gains liquidity and attracts new participants to its network. This is generally considered a bullish development.
What happens during a cryptocurrency exchange hack?
A hack occurs when attackers exploit vulnerabilities in an exchange’s security systems, such as hot wallets or DeFi bridges, to steal large amounts of assets. These funds are often moved off the platform and sold or exchanged for other cryptocurrencies or stablecoins. Such events usually trigger panic selling and can lead to sharp price declines.
How do macroeconomic events like Fed rate decisions influence crypto?
Macroeconomic events primarily affect cryptocurrency prices through their impact on the US dollar. Rising interest rates typically strengthen the dollar and make risk assets like Bitcoin and altcoins less attractive, leading to potential price declines. Conversely, a weaker dollar makes leveraged trading cheaper and often supports higher crypto prices.
What is a Bitcoin halving, and why is it important?
A Bitcoin halving is an event where the block reward for miners is reduced by half. This limits the new supply of Bitcoin entering the market. If demand remains steady or increases, the reduced supply can lead to upward price pressure. Halvings are generally viewed as bullish catalysts in the long term.
Can technical indicators reliably predict cryptocurrency price movements?
While technical indicators like RSI and MACD can provide insight into market momentum and potential trend changes, they are not foolproof. Crypto markets are influenced by a wide range of factors, including news, regulation, and investor sentiment. It’s important to use technical analysis in combination with fundamental research.
What are the risks of trading based on bullish breakouts?
Breakouts can often lead to significant gains, but they also carry risks such as false breakouts, where the price briefly crosses a resistance level before reversing. Traders should use stop-loss orders and consider volume and momentum indicators to confirm breakout validity. 👉 Explore advanced trading strategies to better manage risk and opportunity.