Bitcoin 

BTC

$21,249

 price is still range-bound and traders are searching for signs that may provide insight about the next directional move. Philip Swift, the creator of analytics resource LookIntoBitcoin, pointed out on July 9 that the Puell Multiple rebounded “out of the green zone of this week” only for the fifth time in history. Swift said if the indicator continues to move up, Bitcoin’s price may follow it higher.

Another positive outlook for Bitcoin came from Lex Moskovski, chief investment officer at Moskovski Capital, who highlighted that Bitcoin’s price was trading about 59% below the target price projected by the stock-to-flow model, which is the largest negative deflection in history. Moskovski said this could be a “great buying opportunity” for traders who believe in the model.

In other news, Capital International, a financial services company, has purchased 953,242 shares of MicroStrategy stock in the second quarter of 2021, according to the business intelligence firm’s filings to the U.S. Securities and Exchange Commission.

Due to its huge Bitcoin holding, MicroStrategy’s stock price largely follows Bitcoin’s trajectory. Therefore, the purchase by Capital International indicates that institutional investors may have started positioning for a bullish move in Bitcoin.

However, not everyone is so bullish. Guggenheim executive Scott Minerd has an extremely bearish view on Bitcoin because he anticipates a drop to $10,000.

Let’s study the charts of the top-5 cryptocurrencies and spot the critical levels that may signal the start of a strong relief rally.