Bitcoin (BTC) trading volumes in spot and derivatives markets have been surging since the digital asset rallied above the $10,000 level earlier this week. Bakkt reported record Bitcoin futures volume on July 28 and 29, which indicates that the traders who had been waiting for a trending move to start have established fresh positions.

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A similar volume increase was seen in the Chicago Mercantile Exchange (CME) and the other crypto exchanges that offer futures trading.

A breakout that is followed by an increase in activity and higher open interest is usually a positive sign as it shows that the traders expect higher prices in the next few days.

However, traders should be careful and keep a close watch on the price action because if the rally fizzles out Bitcoin might trap a number of bulls, leading to long liquidation.

Daily cryptocurrency market performance. Source: Coin360

Daily cryptocurrency market performance. Source: Coin360

Nigel Green, the CEO and founder of financial consultancy firm deVere Group, believes that Bitcoin could replace gold as the ultimate safe haven asset as “the world becomes more tech-driven.” The escalating tension between the US and China could act as one of the triggers for investors to shift from traditional markets to “decentralized, non-sovereign, secure digital currencies.”

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BTC/USD
Bitcoin (BTC) surged above the critical overhead resistance zone of $10,000–$10,500 on July 27 and hit an intraday high of $11,377.55, which shows aggressive buying by the bulls and short covering by the bears.

BTC/USD daily chart. Source: TradingView

BTC/USD daily chart. Source: TradingView

The BTC/USD pair witnessed profit booking on July 28, which dragged the price to $10,569 but the bears could not sustain the lower levels and by close (UTC time) the price had recovered to $10,910.32. This suggests strong demand at lower levels.

If the bulls can push the price above $11,377.55, the uptrend is likely to resume. There is a minor resistance close to $11,870.50 but if this level is crossed, the uptrend can extend to $14,000.

The 20-day exponential moving average ($9,840) has turned up and the relative strength index is in the overbought zone, which suggests that the bulls are in command.

This bullish view will be negated if the price turns around from the current levels and plummets back below the $10,500–$10,000 zone.

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ETH/USD
Ether (ETH) turned down from $332.931 on July 27 as short-term traders decided to book profits following the blistering rally of the past few days. However, the correction could not even reach the 38.2% Fibonacci retracement level of the latest leg of the rally, which suggests strong demand on dips.

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

ETH/USD daily chart. Source: TradingView

The bulls will now attempt to resume the uptrend by pushing the second-ranked cryptocurrency on CoinMarketCap above $332.931. If they succeed, the uptrend can reach $366 and if this level is also scaled, the next target is $480.

Contrary to this assumption, if the ETH/USD pair again turns down from close to $332.931 resistance, it can decline to $288.599–$284.261 support zone. The bulls are likely to defend this zone aggressively. If the price sustains above this zone, the possibility of the resumption of the uptrend is high.

XRP/USD
XRP rebounded off the neckline of the inverse head and shoulders pattern on July 27, which is a positive sign as it suggests that the bulls are accumulating on dips.

XRP/USD daily chart. Source: TradingView

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XRP/USD daily chart. Source: TradingView

The buyers will now try to push the fourth-ranked cryptocurrency on CoinMarketCap to $0.25. This level is likely to attract aggressive selling by the bears as they try to stall the up move. This may result in a minor correction or consolidation.

If the bulls do not give up much ground, then it will increase the possibility of a breakout above $0.25 and rally to the next target objective of $0.284. This bullish view will be invalidated if the bears sink the XRP/USD pair back below the neckline of the setup.

BCH/USD
Bitcoin Cash (BCH) broke above $280.47 on July 28 after spending about four months in a consolidation. This is a positive sign as this suggests that the bulls have finally overpowered the bears.

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

BCH/USD daily chart. Source: TradingView

If the bulls can sustain the price above $280.47 for three days, it will confirm the breakout and could result in the start of a new uptrend, with the first target objective at $360 and then $400.

However, the bears are likely to have other plans. They will try to sink the fifth-ranked cryptocurrency on CoinMarketCap back below $280.47. If that happens, it will suggest that the current breakout was a bull trap.

BSV/USD
Bitcoin SV (BSV) has reached the resistance of the $146.20–$227 range for the first time since April 30. The bears are likely to defend the $227 level aggressively.

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

BSV/USD daily chart. Source: TradingView

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If the sixth-ranked cryptocurrency on CoinMarketCap turns down from the current levels and slides below $200, it will suggest a lack of buyers at higher levels. Such a move could extend the range-bound action for a few more days.

The 20-day EMA ($189) has started to slope up and the RSI has risen into the overbought zone, which suggests that the bulls are attempting to make a comeback.

A breakout and close (UTC time) above $227 will indicate the possible start of a new uptrend that has a target objective of $308.

ADA/USD
Cardano (ADA) has been consolidating between $0.13–$0.15 range for the past three days, which shows that the bears are trying to stall the uptrend while the bulls are attempting to absorb all the selling and extend the up move.

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

ADA/USD daily chart. Source: TradingView

While the upsloping moving averages suggest an advantage to the bulls, the bearish divergence on the RSI points to weakening momentum.

A breakdown and close (UTC time) below the 20-day EMA ($0.128) will be the first sign that the bulls are losing their grip. Below this level, the seventh-ranked cryptocurrency on CoinMarketCap can drop to $0.11.

Conversely, if the bulls can propel the ADA/USD pair above the $0.15–$0.1543051 resistance, the uptrend is likely to resume with the next target at $0.173.

LTC/USD
Litecoin (LTC) soared above $51 on July 27, which indicates a change in trend from consolidation to an uptrend. The first target objective of this new uptrend is $64.

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

LTC/USD daily chart. Source: TradingView

However, the sharp move of the past few days has pushed the RSI deep into the overbought territory, which suggests that a minor correction or consolidation is possible.

On the downside, the critical support to watch out for is $51. If the eighth-ranked cryptocurrency on CoinMarketCap rebounds off this level, it will confirm that the sentiment has turned bullish and the buyers are accumulating on dips.

A successful retest of a breakout level offers an opportunity for traders to initiate long positions if they missed buying the breakout.

It is better to wait for the price to rebound before considering a purchase because sometimes the breakout turns out to be false and the price traps the aggressive bulls.