Bullish crypto traders are hoping to push Bitcoin over the pivotal $31,000 mark, possibly initiating a widespread digital asset rally. With mainstream financial markets in the US showcasing promising results so far this year, risky assets like cryptocurrencies are likely to see increased demand. The Nasdaq Composite, for instance, has skyrocketed by 31.7% in the first half of this year, marking its best performance since 1983, while the S&P 500 has experienced a 15.9% surge, its most substantial semi-annual growth since 2019.

Bitcoin, valued at $31,259, has taken the lead in the cryptocurrency market’s recuperation, escalating by 20% in Q2 2023. Interestingly, the surge hasn’t resulted in an influx of Bitcoin holders rushing to liquidate their assets, which is a promising sign. According to the illiquid supply change metric by Glassnode, hodler conviction remains high.

Typically, the market’s leading asset is the first to bounce back from a bear market. If Bitcoin’s rally continues, the overall sentiment among traders could improve, and they might begin exploring other potential investment opportunities. Following Bitcoin’s growth, other altcoins have started to display promising signs. Should the trend persist, we might see a series of altcoin rallies in the coming weeks.

S&P 500 Index: A Closer Look

The S&P 500 Index demonstrated resilience as it rebounded off the 4,325 breakout level on June 26. This indicates a level shift by the bulls turning this into a support base.

U.S. Dollar Index: Scrutinizing the Trends

The U.S. Dollar Index (DXY) demonstrated strength as it was pushed above the 20-day exponential moving average (EMA) of 103 on June 28 by bullish traders.

Bitcoin: Probing the Performance

The elongated tail on Bitcoin’s July 2 candlestick suggests that intraday declines are being exploited by bulls, with the intention to uphold the price above the overhead resistance at $31,000.

Ether: Dissecting the Developments

Bearish traders aimed to pull Ether (ETH $1,966) toward the 20-day EMA ($1,866) on July 2. However, the candlestick’s extended tail implies that bulls are capitalizing on minor declines.

BNB: Decoding the Dynamics

BNB (BNB $246) surpassed the 20-day EMA ($245) on July 1, indicating a decrease in selling pressure.

XRP: Navigating the Nuances

Bulls are endeavoring to push XRP (XRP $0.49) above the 20-day EMA ($0.48), but the level is fiercely defended by the bears.

Cardano: Examining the Evolution

The bears managed to keep the $0.30 resistance intact on June 30, but couldn’t keep Cardano (ADA $0.299) below the 20-day EMA ($0.29). This suggests that any slight dip is being seized upon by buyers.

Dogecoin: Unraveling the Updates

Dogecoin (DOGE $0.07) managed to exceed the overhead resistance at $0.07 on July 1, yet the candlestick’s extended wick shows selling activities at higher levels.

Solana: Investigating the Impact

Solana (SOL $19) has been fluctuating between the 20-day EMA ($17.61) and the downtrend line over the past three days, suggesting that the bears are selling near the downtrend line while the bulls are buying the dips.

Litecoin: Scanning the Shifts

Litecoin (LTC $109.19) surpassed the overhead resistance at $106 on June 30, and the bulls have succeeded in keeping the price above this level.