Bitcoin has been testing the waters on the warmer side and was met with resistance taking it back to the $23,000 mark. Support above $24,000 is elusive and there are frequent pullbacks. It will need support from micro and fundamental factors to keep the uptrend movement.
At the time of writing this article, Bitcoin was trading at $23,977. It’s down by 1.58% in the last 24 hours. Ethereum gained 0.71% and is changing hands at $1,897. In the last seven days, Ethereum has gained 14.59%, while BTC only gained 3.60%. Bitcoin is watching the market closely and is following a slow and steady approach. It should be noted that BTC and other cryptocurrencies have traded lower so far this year, and seem to have a strong correlation with growth stocks than they do with inflation.
Raoul Pal, a crypto investor, said it appears to be one of the most hated rallies he has seen in quite a few years in equities. He argued that there was a very decent chance that equities had seen their lows in June. Il Capo, a popular trader, and analyst of Crypto, says $25,500 is the maximum likely target before a new downtrend. Another investor feels that hodlers would be in for a treat if the range high managed to hold.
The popular cryptocurrency is struggling with the $24,250 to $24,500 zone, as well as the 10-week moving average. The bulls need to breakout over this level. And investors, at the end of the day, are looking for Bitcoin to get back to its bullish ways. The rally, so far, has not been up to the mark, in fact, it has been slow. Analysts say that if Bitcoin breaks over the $24,500 level, a rally is on the cards. But the 10-day and 21-day moving averages need to be watched, otherwise, the 50-day would come back into play.