Price analysis 7/14: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC – BTC Ethereum Crypto Currency Blog

Bitcoin and most major altcoins are bouncing off strong support levels, indicating possible accumulation by the bulls.

Bitcoin (BTC) has once again held the critical support area at $31,000 today, indicating accumulation at lower levels. This led some analysts to speculate that traders were selling their holdings to investors with a low history of selling in anticipation that “a supply shock” to occur when the re-accumulation process completes.

Another sign of strong hands entering the crypto market was seen when Capital International Group, a $2.3 trillion asset manager, purchased a 12.3% stake in MicroStrategy, which many believe to be a sort of Bitcoin proxy stock because it holds 105,084 Bitcoin on its books. This acquisition suggests the asset manager is taking indirect exposure to Bitcoin.

Daily cryptocurrency market performance. Source: Coin360

The United States Consumer Price Index (CPI) surged 0.9% in June 2021 over the previous month and 5.4% from a year earlier, this is the fastest pace in nearly 13 years. However, Bitcoin’s failure to respond positively to the spike in inflation has ignited a debate on Bitcoin’s billing as an inflation hedge. News outlet Fortune said this made Bitcoin a doubtful hedge against inflation.

In a bear phase, the markets usually tend to overlook the triggers in the short term. During such a period, the smart money continues to accumulate and eventually, the price action catches up with fundamentals. Therefore, writing off Bitcoin with only a few months of data may not be the right thing to do.

Let’s study the charts of the top-10 cryptocurrencies to determine the critical support and resistance levels, which may signal the start of the next trending move.