The crypto market is lighted in green as Bitcoin managed to find support near the crucial resistance level of $20,500. Many traders are optimistic that the BTC price will remain range-bound for the remaining months of 2022. However, volatility remains high.
Data from TradingView shows that Bitcoin spent much of July 6 oscillating around the $20,000 support level. It ranged from a low of $19,775 to an intraday high of $20,480. At the time of writing this article, Bitcoin was up by 1.13% and trading at $20,443. Ethereum gained 2.59% in the past 24 hours and was changing hands at $1,171. Last week, the much-loved cryptocurrency had dropped below the psychologically important barrier before a late weekend rally.
However, many analysts do not see prices rising any time soon. David Nage, portfolio manager of asset management firm Arca, believes there’s carnage out there. He highlighted Celsius, Voyager, and BlockFi as crypto firms going under. But Nage is positive about Bitcoin’s resilience. The expert said BTC has held steady around the $18,000 – $20,000 trading pattern. He sees the crypto asset as very much part of the society and world’s economic systems. Nage says there is some normalization – some healthy markets which can be attributed to recent funding for digital asset projects. He pointed out that by looking at the venture and private side, there’s really healthy activity from the private markets. In regards to the broader outlook, Nage said sentiment will probably reach its slowest peek followed by a rebound.