Bitcoin bulls are doing everything possible to maintain their position above $30000. Prior to that, the largest Cryptocurrency recently reached a 12 month high, slightly above $31000
Bitcoin bulls are doing everything possible to maintain their position above $30000. Prior to that, the largest Cryptocurrency recently reached a 12 month high, slightly above $31000.
Over the past 24 hours, the cumulative revenue has been 0.3%, and the price of Bitcoin on Wednesday was $30380. Meanwhile, market reports show that both retail and institutional investors are preparing for the "seasonal rise" in Bitcoin prices.
Bitcoin's performance over the past decade has shown an impressive average increase of over 11% in July each year, with seven out of the past ten months achieving positive returns.
Research further shows that significant returns were achieved in July in the first three years, with growth rates of approximately 27%, 20%, and 24%, respectively.
Although the summer is often a consolidation period for Bitcoin, a strong July often leads to mediocre selling in August and September, "said research director Markus Thielen in a report
Bitcoin prices may rebound to $35000 before retracing
The report from Matrixport predicts that Bitcoin prices will immediately rise to $35000. However, the password service provider has warned that it may fall back to $30000 after the next breakthrough of $40000.
By the end of 2023, the estimated price of Bitcoin is $45000.
Recent developments in the crypto market, including Blackstone's decision to apply to the U.S. Securities and Exchange Commission (SEC) for a spot bitcoin ETF, and the introduction of the EdX market supported by Fidelity, may continue to provide BTC with the necessary impetus, rising to $35000 in the short term.
Market participants, including Bloomberg analyst Eric Balchunas, believe that Blackstone may obtain SEC approval to operate BTCETF. In addition, according to Elliot Stein of Bloomberg Intelligence, GrayScale, the world's largest digital asset management company, has a 70% chance of winning the lawsuit.
Bitcoin prices are consolidating
Since the beginning of this week, the price of Bitcoin has been hovering above $30000. The moving average convergence divergence (MACD) located in the positive region indicates that buyers have the upper hand.
However, the Relative strength index (RSI) retreated down from the overbought area to the middle line, indicating that the current negative market forces are not conducive to the rebound.
Therefore, $30000 in support remains crucial for restoring the upward trend. If the decline exceeds this critical area, the convergence support of $27690 formed by the 100 day moving average index (EMA) and 38.2% Fibonacci backtracking level will come in handy.
Traders who may want to take long positions in Bitcoin prices may hope to wait until the trend reversal is confirmed to be above $30000, especially when the 12 month high is slightly above $31000. From now on, investors may adapt to the trend of Bitcoin prices rising to $35000.
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