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After a strong rally in the second half of June 2023, the Bitcoin (BTC) price has been consolidating for a while around the $30,500 level. As we can see in the below image, BTC has been consolidating throughout July around these levels showing signs of compression. This shows that there’s a possibility of an imminent breakout going ahead.
On-chain data further support that the breakout could be in the upward direction going ahead. Crypto analytics firm Santiment points out the net realized profit loss vs price for BTC and ETH.
It notes that after three weeks of prices fluctuating, both Bitcoin and Ethereum are experiencing slight losses compared to their previous values. Average traders are moving their assets at small losses. When the Net Realized Profit/Loss (NRPL) indicator is negative in relation to the price, there is a greater chance of positive price movement in the future.
Other good signs for Bitcoin have been the growing whale accumulation over the last three weeks as BTC enters price consolidation. On the other hand, the exchange reserves have also been falling.
Just Like Bitcoin, Ethereum Shows Strength
Last week, Ethereum (ETH) experience some greater price volatility with its price taking a dive under $1,850. However, it has recovered since then and has moved closer to the $1,900 level.
It is worth noting that Ethereum has strong support in the price range of $1,800 to $1,870. Within this range, a total of 3.4 million addresses have bought 11.2 million ETH.
On the other hand, there is a significant resistance level between $2,040 and $2,100. In this range, 1 million addresses had previously purchased 27 million ETH, explains popular crypto analyst Ali Martinez.
Currently, there’s a tight battle between the ETH bulls and bears, but technical indicators show a possibility of a breakout to $2,050. Any further movements in the BTC and ETH prices could provide a major push to the broader crypto market.
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