Daily Analysis Cryptocurrency - 14 July 2023

While the crypto market is experiencing positive effects from the recently announced outcome of the Ripple-SEC case, resulting in a surge in the Ripple-affiliated XRP token, the leading cryptocurrency Bitcoin has also reached a new price high that has not been witnessed since last year. Bitcoin's price suddenly increased by 4.45%, reaching the $31,636 level, which had not been seen since June 1 of the previous year.

This significant surge in price was triggered not only by Ripple's partial victory over the SEC in court but also by the resumption of XRP trading on major exchanges, including Kraken, Bitstamp, Coinbase, and Crypto.com, one after another.

Currently, BTC reached a new level at 31800. Traders are closely monitoring the weekly chart, particularly looking for a breakout above the 100-day moving average (100MA). In the case of a breakout, it could potentially push the price toward the initial resistance level of 36,000.