Price analysis 7/22: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

cointelegraph.com:

In a downtrend, when markets do not respond negatively to bearish news, it is a sign that the selling may have reached exhaustion. Reports of electric vehicle maker Tesla dumping 75% of its Bitcoin (BTC) holdings in the second quarter only caused a minor blip as lower levels attracted strong buying from the bulls.

Tesla was not the only institution that sold its Bitcoin. Arcane Research analyst Vetle Lunde highlighted in a Twitter thread that large institutions have sold 236,237 BTC since May 10.

It is encouraging to note that even after huge selling by institutions and the unfavorable macro environment, Bitcoin has held up quite well.

The current bear market allows an opportunity for new traders to enter at lower levels. A report published by Boston Consulting Group, Bitget, and Foresight Ventures shows that only 0.3% of individual wealth is parked in crypto compared to 25% in equities. This shows that crypto is still in early stages of adoption compared to legacy markets.

Could Bitcoin and major altcoins extend their recovery over the short term? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin slipped below the 50-day simple moving average ($22,683) on July 21 but the bulls aggressively bought the dip as seen from the long tail on the day’s candlestick. The buyers are currently attempting to sustain the price above the overhead resistance at $23,363.

The upsloping 20-day exponential moving average ($21,729) and the relative strength index (RSI) in positive territory indicate the path of least resistance is to the upside.

If bulls thrust the price above the $23,363 to $24,276 resistance zone, bullish momentum may pick up and the BTC/USDT pair could rally to $28,171 and then to $30,000.

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