In recent years, Bitcoin (BTC) has covered a large amount of countries. Originally seen as an asset that was mainly used for illegal activities, it has finally received approval from the office of the inspector. This means that banks in the US will now be able to offer encryption services to customers.

The move may encourage institutional investors to enter cryptocurrency, as they are more likely to trust their banks than other depository services offered. However, it is unlikely that funds will start flowing immediately, as institutions are known to act with caution.

In the short term, this is likely to affect the performance of US investors and stock markets. As gold is supported by momentum, institutional investors are likely to remain investors.

Meanwhile, if there is a correction in the US stock markets that is expected of more stock market veterans, a higher rating on CoinMarketCap may show weakness due to the strong connection to the S&P 500.

Bitcoin (BTC) broke above the $ 9,500 level on July 22, followed by another positive close on July 23. However, the lack of speed after the $ 9,500 outbreak is moderately negative, as it suggests that bulls do not need to buy quickly at these levels because they are not sure the potential will gain strength.

However, if the bulls are able to hold BTC / USD above $ 9,500, it could increase to $ 10,000. A break over $ 10,000 would be a big boost to self-confidence and could attract more buyers. If buyers can push the price above $ 10,500, the post-rally is likely to be sharp.

Oxen have the upper hand for the time being, but if they do not seize the opportunity, it may not take the bears long to return.

A break below $ 9,500 would be a major drawback, as it indicates a shortage of buyers at higher levels. This can attract short-term gains from traders, and increase the probability of a break below the rising triangle line.

On July 22, Ether rose above the general resistance of $ 253,556, which completed the consolidation and resumed the trend. Watch purchases since then give it a positive feeling, indicating that traders looking for margin have started to jump.

The Bears may try to stop the bullish move at the $ 288,599 level, which may lead to a small correction or consolidation at this level, but the probability of a break above this level is high.

Soon (UTC) above $ 288,599, the other cryptocurrency on CoinMarketCap could climb to $ 320 and then $ 366.

This bullish bid will be invalidated if ETH / USD falls from current levels or $ 288,599 and falls below $ 253,556.

XRP broke across the line down and quickly ran up to an inverted head and shoulder line. However, the bulls are unable to push the price above this level, which indicates that the bears strongly defend this resistance.

If the fourth ranked cryptocurrency on CoinMarketCap has not given up too much, the bulls will again try to push the price over their necks. The 20-day bullish exponential moving average ($ 0.197) and the positive zone RSI indicate that the path to least resistance is up.

A break and closed (UTC time) over the call will complete the bullish setup with a target of $ 0.25. There's little resistance at $ 0.235688, but it's likely to cross. This bullish bid will be canceled if the bears drown the XRP / USD pair below $ 0.188499.

On July 23, Bitcoin Cash (BCH) fell below the resistance level of 246 dollars and fell back to the moving averages. If the bears drown during the MA, a fall to $ 217.55 is possible.

If ranking 5-cryptocurrency on CoinMarketCap bounces off the moving average, the bulls will try again to push the price above the $ 246 upper resistance.

If successful, a trip up to $ 260 and then up to $ 280.47 is possible. However, the fluctuating moving averages and RSI near the midpoint indicate that the distance-limited move is likely to continue for a few more days.

On July 21, the bulls pushed Bitcoin SV (BSV) over the downstream line, but failed to push altcoin to the first target of $ 200, indicating a lack of demand at higher levels.

Source: CoinTelegraph