Price Analysis 7/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin price reached resistance at the $24,000 level, causing some altcoins to pull back slightly. Is the gathering over?

Price analysis

Bitcoin (BTC) hit a six-week high above $24,000 on July 29, extending its rally that accelerated after the US Federal Reserve raised rates by 75 basis points on July 27 July. If the rally continues for the next two days, Bitcoin could be on course to end July with gains of over 20%, according to data from Coinglass.

It's not just the crypto markets that have seen a post-FOMC (Federal Open Market Committee) rally. US stock markets are on track for big monthly gains in July. The S&P 500 and Nasdaq Composite are up around 8.8% and 12% in July, on track to hit their best monthly gains since November 2020.

Daily performance of the cryptocurrency market. Source: Coin360

Crypto and equity markets rose on expectation of a slower pace of Fed rate hikes ahead 'coming. Arthur Hayes, ex-CEO of derivatives platform BitMEX, believes the Fed will not raise rates further and may eventually return to accommodative monetary policy and more neutral rates.

Could Bitcoin and altcoins extend their recovery over the next few days? Let's study the charts of the top 10 cryptocurrencies to find...