Bitcoin’s (BTC) recovery from $29,482.61 on July 21 has continued to surpass one resistance after another. Today, Bitcoin has risen above the 200-day simple moving average, an indicator watched by institutional investors to determine whether the asset is bullish or bearish.

A positive sign about today’s rally has been that Bitcoin was not affected by the flash crash in gold, which momentarily dipped to a four-month low. This suggests that traders are focusing on the fundamentals of the sector and are not affected by the performance of other asset classes.

Daily cryptocurrency market performance. Source: Coin360

Glassnode noted that investors holding Bitcoin for more than a year have not dumped their positions after the recent rally to $45,000. This is in contrast to the 2018 bear market “where old hands took exit liquidity on most relief rallies.”

Will Bitcoin enter a bull phase and pull the sector higher? Let’s study the charts of the top-10 cryptocurrencies to find out.