Price analysis : BTC, ETH, ADA, BNB, XRP, LTC, DOGE, DOT, UNI, BCH...
Bitcoin's defense of the $38,000 mark, as well as fresh institutional interest, could signal a resumption of the bull trend.
Most major altcoins, including Bitcoin (BTC), are seeking to break over their respective overhead resistance levels, signaling the return of the bulls.
According to Bybt data, the Grayscale premium has been rising, reaching -5.88 percent on July 27, the lowest level since May 25.
This suggests that institutional investors have returned to the Grayscale Bitcoin Trust to re-build their positions.
Canada's Purpose Bitcoin ETF, whose assets under management surged to 1.1 billion Canadian dollars on July 27, the highest level since May 13, is another institutional investment product signaling a likely return of buyers.
In its half-year financial report, Swiss private bank Vontobel stated that its Bitcoin tracker certificate investment product had sparked great interest among clients.
According to Bloomberg, Vontobel CEO Zeno Staub stated that some of his wealthy clients had devoted a portion of their fortune to cryptocurrency.
According to the Financial Times, Horizon Kinetics co-founder Peter Doyle believes the world economy is at a crossroads due to the pandemic and increasing debt.
This "means either default or debasement of the currency."
As a result, Doyle believes that people should be exposed to cryptocurrencies.
Could the rally continue now that institutional interest has returned to Bitcoin, or will bears block the rebound around overhead resistance levels?
To find out, look at the charts of the top ten cryptocurrencies.