The S&P 500 Index (SPX) plunged about 2% last week, but the weakness in the equity markets could not dampen the enthusiasm of the cryptocurrency traders. Bitcoin made a strong comeback, rising roughly 5% for the week. According to CoinShares data, digital asset investment products witnessed strong inflows of $1.35 billion last week, taking the total inflows in the past three weeks to $3.2 billion.

Bitcoin’s strength also resulted in outflows of $1.9 million from short-Bitcoin exchange-traded products. Even after the recent rally, Bitcoin remains stuck inside a sideways price action. As the price nears the resistance, the bears are likely to pose a strong challenge. However, analysts are optimistic about Bitcoin hitting a new all-time high.

Bitcoin bounced off the $66,000 level on July 21, but the recovery faltered near $68,500 on July 22, indicating that bears are selling on rallies. If the $66,000 level breaks down, the BTC/USDT pair could drop to the 50-day SMA ($63,799) support. A solid bounce off the 50-day SMA will indicate that the sentiment has turned positive and traders are buying on dips. The bulls will then make one more attempt to kick the price to the stiff overhead resistance zone between $72,000 and $73,777.

Contrary to this assumption, if the price dives below the 50-day SMA, it will signal that the bears are in the driver’s seat. The pair could then drop to the 20-day SMA ($61,126). On the contrary, if the price turns down from $64,602, it will suggest that the bears are selling on rallies. The pair could then pull back to the 20-day SMA. If the price turns up from the 20-day SMA, it will signal a change in sentiment from selling on rallies to buying on dips. That will improve the prospects of a break above $64,602.

Lastly please check out the advancement’s happening in the cryptocurrency world

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