Bitcoin’s price has been showing signs of strength, and there is optimism that other Altcoins, including SOL, AVAX, FIL, and EOS, may experience a surge in their values if Bitcoin can break through the $31,000 resistance level. The crypto market has been volatile in recent months, with prices fluctuating dramatically in response to a range of factors, including regulatory developments, global economic conditions, and investor sentiment.
Market observers remain cautious due to recent cooling labor market figures, but the US Federal Reserve’s expected rate hike is still on track. The FedWatch Tool indicates that the market expects a 25 basis point rate hike at the next meeting. This expectation has kept US equities markets under pressure, with all three major indices falling for the week. The S&P 500 was down 1.16%, and the Nasdaq was lower by 0.92%.
In addition to these factors, a recent report from JPMorgan managing director Nikolaos Panigirtzoglou suggested that a spot Bitcoin ETF may not have a significant impact on the crypto space. The report cited lackluster interest in spot Bitcoin ETFs in Canada and Europe as the reason for a possible low impact, even in the US.
Despite these challenges, several altcoins are showing signs of upward movement, and technical analysis indicates potential bullish trends for SOL, AVAX, FIL, and EOS. SOL has been trading in a large range between $15.28 and $27.12 for several months, but recent price movements suggest that the bulls are attempting a comeback. AVAX successfully scaled the 50-day SMA ($12.99) on July 8, indicating that bulls have an edge. FIL is trying to form an inverse head and shoulders pattern, complete on a break, and close above the neckline near $5. EOS has been forming a higher high and higher low pattern, suggesting a potential trend change in the near term.
Overall, the crypto market remains unpredictable, and investors should exercise caution when investing in cryptocurrencies. However, the recent price movements of Bitcoin and several altcoins suggest that there may be opportunities for investors who are willing to take on the risks associated with this volatile market.
Source: Cointelegraph
