Bitcoin (BTC) has covered a considerable amount of ground over the past few years. Initially considered as an asset mostly used for unlawful activities, it has finally received the approval of the Office of the Comptroller of the Currency. This means banks in the U.S. will now be able to provide crypto custody services to their clients.

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This move could further encourage institutional investors to enter the crypto space because they are likely to trust their banks more than the other custody services on offer. However, funds are unlikely to start flowing immediately as institutions are known to tread cautiously.

In the short-term, investor sentiment is likely to be swayed by the performance of gold and the U.S. equity markets. As gold is backed by momentum, the institutional investors are likely to remain invested in it.

At the same time, if the U.S. equity markets enter a correction as anticipated by a few stock market veterans, then the top-ranked asset on CoinMarketCap might show weakness due to its strong correlation with the S&P 500.

BTC/USD
Bitcoin (BTC) broke above the $9,500 level on July 22 and followed it up with another positive close on July 23. However, the lack of momentum following the breakout of $9,500 is a mild negative as it suggests that the bulls are in no urgency to buy at these levels because they are not confident that the rally will pick up steam.

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Still, if the bulls can keep the BTC/USD pair above $9,500, a rally to $10,000 is possible. A break above $10,000 will be a huge sentiment booster and could attract further buying. If the buyers can drive the price above $10,500, the subsequent pace of the rally is likely to be sharp.

Currently, the advantage is with the bulls but if they do not make use of this opportunity, then it might not take long for the bears to make a comeback.

A break below $9,500 will be a huge negative as it will indicate a lack of buyers at higher levels. This could attract profit booking by short-term traders, increasing the possibility of a break below the trendline of the ascending triangle.

ETH/USD
Ether (ETH) soared above the overhead resistance of $253.556 on July 22, which ended its consolidation and resumed the uptrend. The follow up buying seen since then adds to the positive sentiment suggesting that traders who were waiting on the sidelines have started to jump in.

ETH/USD daily chart. Source: TradingView​​​​​​​

ETH/USD daily chart. Source: TradingView

The bears might attempt to stall the up move at $288.599, which might result in a minor correction or consolidation at that level but the possibility of a break above this level is high.

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On a close (UTC time) above $288.599, the second-ranked cryptocurrency on CoinMarketCap could rally to $320 and then to $366.

This bullish view will be invalidated if the ETH/USD pair turns down from the current levels or $288.599 and plummets below $253.556.

XRP/USD
XRP broke above the downtrend line and quickly rallied to the neckline of the inverse head and shoulders pattern. However, the bulls could not push the price above this level, which suggests that the bears are aggressively defending this resistance.

XRP/USD daily chart. Source: TradingView​​​​​​​

XRP/USD daily chart. Source: TradingView

If the fourth-ranked cryptocurrency on CoinMarketCap does not give up much ground, the bulls will again attempt to propel the price above the neckline. The rising 20-day exponential moving average ($0.197) and the relative strength index in the positive territory suggest that the path of least resistance is to the upside.

A breakout and close (UTC time) above the neckline will complete the bullish setup that has a target objective of $0.25. There is a minor resistance at $0.235688 but it is likely to be crossed. This bullish view will be negated if the bears sink the XRP/USD pair below $0.188499.

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BCH/USD
Bitcoin Cash (BCH) turned down from just below the $246 resistance on July 23 and has again dipped to the moving averages. If the bears sink the price below the moving averages, a drop to $217.55 is possible.

BCH/USD daily chart. Source: TradingView​​​​​​​

BCH/USD daily chart. Source: TradingView

If the fifth-ranked cryptocurrency on CoinMarketCap rebounds off the moving averages, the bulls will make another attempt to drive the price above the overhead resistance of $246.

If they succeed, a rally to $260 and then to $280.47 is possible. However, the flattish moving averages and the RSI close to the midpoint suggests that the range-bound action is likely to extend for a few more days.

BSV/USD
The bulls propelled Bitcoin SV (BSV) above the downtrend line on July 21 but they could not carry the altcoin to the first target of $200, which suggests a lack of demand at higher levels. The price has again dipped to the moving averages.

BSV/USD daily chart. Source: TradingView​​​​​​​

BSV/USD daily chart. Source: TradingView

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If the bears can sink the sixth-ranked cryptocurrency on CoinMarketCap below the moving averages, a drop to $170 is likely. A break below this support could result in a decline to the critical support of $146.20.

However, if the BSV/USD pair rebounds off the moving averages, the bulls will again attempt to push the price to $200. If they succeed, the pair could rise to $227.

ADA/USD
The rebound of the 20-day EMA ($0.118) has not picked up momentum, which suggests that buying has dried up at higher levels. This could keep Cardano (ADA) inside the pennant formation for a few more days.

ADA/USD daily chart. Source: TradingView​​​​​​​

ADA/USD daily chart. Source: TradingView

As the price is trading above the upsloping moving averages and the RSI is in the positive territory, the advantage remains with the bulls.

The seventh-ranked cryptocurrency on CoinMarketCap is likely to resume the uptrend if the bulls can propel the price above the pennant and the $0.1380977 resistance.

On the other hand, if the bears sink the ADA/USD pair below the pennant, a deeper correction is possible. A break below the $0.11–$0.10 support will signal that the uptrend has possibly ended.

LTC/USD
Litecoin (LTC) turned down from the overhead resistance of $46 on July 23, which suggests that the bears are aggressively defending this level. However, the bears have not been able to sink the price below the moving averages, indicating buying on dips buy the bulls.