Crypto Price Analysis 7-23 BTC, ETH, SOL, PEPE, TIA, HNT, XRP, AKT

Bitcoin (BTC) briefly surpassed $68,000, buoyed by optimistic traders who anticipate a more crypto-friendly government following recent elections. Digital assets have been experiencing steady buying interest, but BTC may require a significant trigger to reach $70,000.

BTC's recent rally has stalled around $68,200, indicating that bears are actively selling on upswings. Bears aim to drive BTC below $66,000, which could trigger a significant decline.

Bitcoin (BTC) Hits Roadblock at $68,000

Bitcoin (BTC) has declined in recent sessions due to seller pressure. Despite the dip, BTC has made a strong recovery over the past week. Data from CoinShares shows digital asset investment products attracted significant inflows of $1.35 billion over the past week, with a total of $3.2 billion recorded over the past three weeks.

As BTC approaches a crucial resistance level, bears are expected to pose a considerable challenge, potentially keeping the price range-bound. However, analysts remain optimistic that BTC will overcome selling pressure and establish a new all-time high. On Monday, BTC briefly pushed above $68,000, reaching a day high of $68,295. Traders are currently bullish, largely due to favorable US election results that also saw other major altcoins like ETH and SOL rise. Meme tokens like DOGE experienced a notable jump of 8%.

BTC, already on an upward trajectory, gained further on Sunday after President Joe Biden announced his withdrawal from the upcoming US elections. Some speculate that Biden's withdrawal could result in a more supportive stance towards crypto, regardless of who occupies the White House.

"Biden's withdrawal opens up the possibility where, regardless of who sits in the White House, the US government embraces a more constructive stance towards the digital asset industry after November. Whether Harris or any other contenders will pursue such a path remains to be seen, but the optionality that hardly existed before is now there."

Republican presidential candidate Donald Trump has attracted strong support from the crypto industry due to his positive views on cryptocurrencies.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) rebounded from the 50-day SMA on Friday after experiencing a marginal decline on Thursday and significant volatility. Buyers managed to overcome bearish sentiment, leading to a 4.10% increase, pushing BTC above the crucial $65,000 mark to settle at $66,652. Buyers attempted to make a push towards $68,000 but were met with resistance at higher levels due to selling pressure. The weekend saw BTC experience a marginal increase on Saturday before rising by 0.84% on Sunday to end the weekend at $67,654. However, BTC also faced significant selling pressure on Sunday, with sellers pushing the price down to a day low of $65,730. With sellers holding firm at the $68,000 resistance, BTC will encounter challenges in breaking above this level.

The week started with buyers attempting to push above $68,000 once more, but sellers countered, forcing the price down. BTC reached a low of $66,610 before recovering to settle at $67,597. The current session sees BTC down by 1.22% as sellers attempt to push it below $66,000.

BTC has established a strong support level at $66,000, where sellers have been unable to push the price lower due to strong buying demand. However, they have managed to maintain the resistance level so far. Buyers aim to keep BTC above $66,000. However, if this support breaks, the price could drop to the 50-day SMA ($63,772). A rebound from this level would indicate that traders are buying on dips, potentially leading to another attempt by bulls to push above $68,000. A break above $68,000 could see BTC climb towards $70,000 or $72,000. However, if BTC falls below the 50-day SMA, it would signify that sellers are in control.

Ethereum (ETH) Price Analysis

The Securities and Exchange Commission's approval of spot Ethereum ETFs could lead to the funds' early trading this week. The approval is expected to positively impact ETH's price, with some predicting a surge above $4,000, a level unseen since March. Currently, ETH targets a move above $3,500, which has proven to be a strong resistance level. After a 2.35% increase on Friday, ETH surpassed the 50-day SMA, pushing the price to $3,507. With sellers defending this level, ETH only saw a marginal increase on Saturday.

ETH continued to experience a slight increase on Sunday but faced significant selling pressure. As a result, ETH fell to a low of $3,413 before demand at lower levels allowed buyers to push the price back above $3,500 to $3,537. However, ETH dropped back into the red on Monday, with sellers driving the price down by 2.67% to $3,443. The current session shows a slight decline in ETH due to sellers repelling another push towards $3,500.

ETH's push towards $3,500 fizzled out primarily due to a lack of demand at higher levels. Sellers are now attempting to force ETH below the 50-day SMA. Should they succeed, ETH could fall to the 20-day SMA. Bullish traders must defend this level at all costs, as a break below it could lead to a decline towards $3,000. Buyers must ensure ETH remains above the 50-day SMA and push above $3,500. If buyers are successful, ETH could move towards $3,700 and possibly $4,000.

Solana (SOL) Price Analysis

Solana's (SOL) remarkable rally has paused over the past couple of sessions, with bears strongly defending the $185 resistance level, as anticipated. SOL has experienced a significant surge since dropping to $134 on July 13, overcoming several crucial resistance levels. After a slight pullback during the previous week, SOL surged by 6.30% on Friday, reaching $169.29. The Ethereum killer continued its bullish momentum over the weekend, rising by 2.62% on Saturday and 6.20% on Sunday to end the weekend just shy of the resistance at $185.

However, bearish sentiment prevailed on Monday as sellers pushed back, causing SOL to drop by 2.96% to $179. The current trading session sees SOL in the red, currently valued at $174.95, a decline of over 2%. If selling pressure continues, SOL could potentially fall to $170, where the price might stabilize. A rebound from this level could lead to another test of the resistance at $185. A break above this level could open the doors to a move above $200.

PEPE Price Analysis

PEPE experienced a substantial jump at the beginning of the previous week, surging by 23% on Monday and almost 9% on Tuesday. Consequently, it bypassed the 20 and 50-day SMAs and settled at $0.0000124. However, since then, the popular meme coin has encountered mixed performance due to sellers attempting to push the price below the 50-day SMA. On Wednesday, PEPE faced significant selling pressure, leading to a decline of over 7%. Thursday also witnessed a marginal drop, followed by a sharp increase on Friday of over 10%, resulting in a settlement price of $0.0000127.

However, PEPE turned bearish over the weekend, dropping by 4.32% on Saturday before recording an increase of almost 3% on Sunday to conclude the week at $0.0000125. The current week commenced with bearish sentiment returning, resulting in a nearly 6% decline for PEPE on Monday. The current session sees the meme coin down by 1.53%, with sellers firmly in control. If selling pressure persists, PEPE could fall below the 50-day SMA, potentially leading to a further decline towards the 20-day SMA.

Celestia (TIA) Price Analysis

Celestia (TIA) emerged as one of the most significant gainers over the weekend, with analysts anticipating a potential breakout above $7.20. TIA had dropped to $6.18 on Thursday but rebounded from the 20-day SMA, rising by nearly 4% to settle at $6.41. Buyers attempted to drive TIA past $7 on Saturday, with the price reaching a high of $6.80. However, selling pressure at this level forced the price back down, ultimately resulting in a 1.93% gain to settle at $6.54. TIA experienced an impressive surge of 11.39% on Sunday, pushing the price above $7 and settling at $7.20.

Nevertheless, the bulls were unable to sustain the momentum, and TIA fell back into the red on Monday, recording a decline of 0.81%. The current trading session shows TIA down by almost 4% and trading below $