Sunday, July 21, 2024

Market Watch Sep 6: Bitcoin continues to dwell below $20,000.

Bitcoin seems to have gotten a stronghold in the $19,000 market. There was a brief uptick on Friday before it dropped back again. However, the global crypto market has recorded a positive turn due to fluctuations.

The top two cryptocurrencies have taken a bullish approach, proving significant for the overall market. The market may see considerable gains if changes continue. As such, there is a need for a strong bullish wave that can give investors support. Despite multiple bullish waves, the market couldn’t retain the gains in the longer run. It should be noted that Bitcoin has not given up much ground over the past few days. It continues to hold onto the psychological level of $20,000.

At the time of writing this article, BTC was trading at $19,836. Bitcoin remains stuck in the tight range of $19,520 – $20,576. This shows the indecision between the bulls and the bears. The bulls are buying the dips but have failed to clear overhead resistance. The popular digital asset could dip below $18,626 if it retests the final support at $17,622. Ethereum saw a 4.30% gain in the last 24 hours and is holding at $1,644. Ether’s highs are attributed to the Merge drawing closer. Ether enthusiasts are eyeing resistance at the $1,700. A breach means bulls are back in control, and $2,030 is just a blink away.

Bill Noble, the chief technical analyst at Token Metrics, highlighted that Ether broke out of a falling wedge pattern last week. The wedge breakout shows the correction from the high of August 14 of $2,000 has ended, and that the uptrend from the June 13 low of $1,000 is likely to resume.

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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