Thursday, July 25, 2024

Market Watch July 29: Bitcoin rebounds to $24,000, positive vibes reverberates.

Positive vibes are reverberating through the crypto market as Bitcoin rebounded to the $24,000 after nearly a week. The popular cryptocurrency is basking in the green zone as the Feds raised the interest rates by 75 basis points.

Bitcoin is up by 3.98% in the last 24 hours and trading at $24,126. Ethereum is changing hands at $1,727. It gained 4.85%. Altcoins in the broader market have also recorded significant gains. Solana is the biggest gainer. It’s up by 9.63%. Polygon MATIC gained 8.91%, XRP 5.19%, and Cardano is up by 4.09%. The meme coins Dogecoin and Shiba Inu gained 5.40%, respectively.

Edward Moya, senior market analyst for Oanda, said the risk appetite is roaring back after a second consecutive contraction for the US economy. It raises the chances that the Fed could be looking to tighten at a softer pace at the September meeting. Moya highlighted that gains in equity markets that rose for a third consecutive day with Nasdaq, S&P 500 and Dow Jones Industrial Average all rising over a percentage point. The analyst cautioned traders not to be surprised if stock fade.

It should be noted that Bitcoin has rebounded about five times since November 2021, securing 23% – 40% gains on each recovery. But it has continued its correction every time after forming a local price top around its exponential moving averages, then falling to new yearly lows. In June, BTC faced a bullish rejection and recovered nearly 17% a month later. The popular cryptocurrency faces interim resistance in the 50-day EMA around $23,150, with a breakout clearing toward $27,000. However, the price at $27,000 would still form a lower high compared to the previous local tops.

So, another bearish move is likely.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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