After failing to breach the $24,000 mark today, Bitcoin has slipped to $22,000. This has gotten investors once again worrying about inflation and rising interest rates. They acknowledged Bitcoin finishing the month of July with an impressive recovery to the $24,000 threshold and down want the popular cryptocurrency to return to the lows of April – May.
In the past few days, the bulls have failed to sustain Bitcoin above the overhead resistance at $24,276. This indicates that the bears are defending the level with all that they have got. At the time of writing this article, Bitcoin was down by 1.85% in the last 24 hours, trading at $22,898. Ethereum is down by 6.32% and changing hands at $1,583. The broader crypto market had mixed reactions. Altcoins recorded slight gains. Polkadot was the biggest loser. It’s down by nearly 12% in the last 24 hours. Solana lost 5.86%, Cardano 5.27% and XRP 2.54%.
Despite Bitcoin falling to the $22,000 mark, it had inspired with its highest weekly close since mid-June, its monthly candle produced the biggest gains before 2021’s $69,000 all-time highs. Analysts highlighted the market’s ability to remain higher for several more candles. However, Bitcoin is not out of the woods yet. It has to produce whole weekly candles without retests of those levels.
Material Indicators, an on-chain analytics resource, said to call it anything else requires confirmations of valid breakouts above the key MAs. It pointed out that the 200 Week and 50 Month are the first ones to be considered for Bitcoin. Rekt Capital, a crypto trader, says the popular digital asset would try to retest the 200 Week MA as support in the short term. Bitcoin had the MA as support last week, now it will try to hold it for a second consecutive week.