Bitcoin has been consolidating around the $30,500 level throughout July, indicating a possibility of an imminent breakout. On-chain data from Santiment suggests that the breakout could be in the upward direction, as the Net Realized Profit/Loss (NRPL) indicator is negative in relation to the price.

Additionally, there have been signs of growing whale accumulation and falling exchange reserves for Bitcoin. Ethereum has also shown strength, with strong support in the price range of $1,800 to $1,870 and a possibility of a breakout to $2,050. Any movements in the BTC and ETH prices could have a significant impact on the broader crypto market.