Bitcoin is showing huge possibilities of breaking out from the bullish pattern despite facing major resistance at the $24,000 mark. It’s predicted to cross the $25,000 threshold soon. The popular cryptocurrency is also expected to visit the buying zone by tanking down below the crucial $19,000 level in the coming days.
Bitcoin is currently trading at $23,333. It’s down by 1.79% in the last 24 hours. It had finished a second consecutive week positively, up 13% from its Monday low and at one point even topped $24,500. For the month of July, Bitcoin surged by over 23%. Ethereum lost 0.57% and is changing hands at $1,687. The altcoins are splashed in red. Polygon MATIC is the biggest loser. It’s down by 3.54% in the last 24 hours. Solana is down by 2.45% and Cardano lost 1.97%. Polkadot is the biggest winner, it gained 6.27% in the last 24 hours.
Joe DiPasquale, CEO of BitBull Capital, believes Bitcoin has been showing positive signs in terms of price stability and bidding action below $20,000, resulting in a rally of sorts. Bitcoin in exchange wallets, as per data from Glassnode, dropped to 2.4 million Bitcoin in July from the March 2020 levels of 3.15 million Bitcoin. Mike McGlone, Bloomberg Intelligence senior commodity strategist, says the US Federal Reserve’s rate hikes on a meeting-by-meeting basis may lay the groundwork for Bitcoin to outperform most assets. He highlighted Bitcoin’s risk vs. reward tilted favourably for one of the greatest bull markets in history.
Caesar, a renowned crypto analyst, tweeted that he would consider purchasing Bitcoin when the digital asset slips down to $19,000. He said that Bitcoin is presently trading within a clear diamond pattern. This indicates a bullish or bearish reversal or continuation of an existing pattern.