Bitcoin carves out a bottom, opening the door for KAS, MKR, AR and NOT to rally
Bitcoin price climbs back above $60,000, opening the door for KAS, MKR, AR and NOT to move higher.
Bitcoin (BTC) has been in a sideways price action for months. The bears pulled the price below the range, but their failure to sustain the breakdown on July 8 shows that selling dries up at lower levels. That attracted buying from the aggressive bulls who aim to keep the price inside the range for some more time.
Farside Investors data shows inflows of $310 million into United States-based spot Bitcoin exchange-traded funds on July 12, the highest inflows since June 5. The inflows suggest that the market participants are building positions as they believe a short-term bottom is in place.
Bitcoin’s recovery is expected to improve sentiment and lift the cryptocurrency markets higher. Select altcoins that are close to or have crossed their overhead resistance levels are likely to lead the rally.
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Author: Rakesh Upadhyay
