Fundamental Development:-
Is Bitcoin Heading Towards $25,000?
The unusual rebound of Bitcoin (BTC) over 30% from its June lows makes analysts think that the bear market that has hit the cryptocurrency in recent months could be ending soon.The signs of a further approach towards $25,000 is due to the fact that BTC prices have hit the so-called upper Bollinger Band, says Bloomberg. This occurs after a period in which volatility was compressed, which is often interpreted as “a precursor to a sustained directional move,” the publication states.Something similar happened in June when a period of low volatility was observed, which then caused Bitcoin to slide, just after marking the lower band. On Friday, July 22, BTC rebounded again after a decline the previous day.Resisting Tesla’s Sell-OffThe cryptocurrency’s drop on Thursday came after Tesla (NASDAQ:TSLA) announced a Bitcoin sell-off. Elon Musk’s car company sold 75% of its cryptocurrency holdings.Despite the losses, Bitcoin was able to resist and recover by passing the $23,000 barrier. However, it has yet to reach the high of $24,200 it made for the week.“BTC needs to Weekly Candle Close above $22,800 to successfully confirm a reclaim of the 200-week MA as support,” trader and analyst Rekt Capital wrote on Twitter (NYSE:TWTR) this week. Fellow crypto market analyst Jibon said it was more important to see whether the cryptocurrency will close the week at the low of $22,400, as it looks like it will..
Short Term Technical View: On daily period, BTC is trading below 200&50 simple moving averages and trading near $21700 -$21800 ranges. BTC made low 21700 and now consolidating within a range. Yesterday it made high near $22900 and then it continue to decline. Bitcoin is struggling to gain momentum above $23,000.
Alternative Scenario: If Bitcoin fails to clear the $23,000 resistance zone, it could start another decline. An immediate support on the downside is near the $21,200 level.
Is Bitcoin Heading Towards $25,000?
The unusual rebound of Bitcoin (BTC) over 30% from its June lows makes analysts think that the bear market that has hit the cryptocurrency in recent months could be ending soon.The signs of a further approach towards $25,000 is due to the fact that BTC prices have hit the so-called upper Bollinger Band, says Bloomberg. This occurs after a period in which volatility was compressed, which is often interpreted as “a precursor to a sustained directional move,” the publication states.Something similar happened in June when a period of low volatility was observed, which then caused Bitcoin to slide, just after marking the lower band. On Friday, July 22, BTC rebounded again after a decline the previous day.Resisting Tesla’s Sell-OffThe cryptocurrency’s drop on Thursday came after Tesla (NASDAQ:TSLA) announced a Bitcoin sell-off. Elon Musk’s car company sold 75% of its cryptocurrency holdings.Despite the losses, Bitcoin was able to resist and recover by passing the $23,000 barrier. However, it has yet to reach the high of $24,200 it made for the week.“BTC needs to Weekly Candle Close above $22,800 to successfully confirm a reclaim of the 200-week MA as support,” trader and analyst Rekt Capital wrote on Twitter (NYSE:TWTR) this week. Fellow crypto market analyst Jibon said it was more important to see whether the cryptocurrency will close the week at the low of $22,400, as it looks like it will..
Short Term Technical View: On daily period, BTC is trading below 200&50 simple moving averages and trading near $21700 -$21800 ranges. BTC made low 21700 and now consolidating within a range. Yesterday it made high near $22900 and then it continue to decline. Bitcoin is struggling to gain momentum above $23,000.
Alternative Scenario: If Bitcoin fails to clear the $23,000 resistance zone, it could start another decline. An immediate support on the downside is near the $21,200 level.