Markets are on a rollercoaster ride today, with Bitcoin breaking out of its recent consolidation range and pushing towards a fresh weekend resistance level at $3400. On the same day, a trader who’s bullish on the altcoin market has predicted that bitcoin prices will reach $3500 during the next 24 hours.
The weekend is a tough time for all traders, but the market is especially so. The weekend opening bell is the time when the market is least likely to see any significant price movement, as traders tend to take the day off and traders at large tend to be net sellers.
You’ve probably heard of Bitcoin. If you haven’t, I suggest you read it up on the internet—you’ll find it’s not all it’s cracked up to be. You may have heard of the latest bitcoin price rally, and it’s easy to see why. The cryptocurrency has been on a tear lately. I’d venture to say that Bitcoin has now surpassed its all-time high. If it can hold the current price, it’ll be the first time in history a cryptocurrency has done so.. Read more about bitcoin price analysis and let us know what you think.
On July 24, Bitcoin (BTC) reached $34,000 as the market’s recent resistance flip held, propelling the market higher.
1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.
Bitcoin is now trading at $34,000.
BTC/USD briefly reached $34,000 on Bitstamp on Saturday, according to data from Cointelegraph Markets Pro and TradingView, before settling about $200 lower.
Traders have profited in the last 24 hours, as Bitcoin rose from $32,000 to $33,800 at the time of writing, a gain of 4%.
It was critical, according to Cointelegraph writer Michal van de Poppe, for the strength to continue and $32,500 to hold in the case of a regression.
“At $32.5-$32.7K, Bitcoin smashes over that barrier. Holding that for support implies a probable move towards $36K “In a Twitter post, he predicted.
“Overall, the next resistance level of $34.5K may be achieved this weekend.”
Given the broad trading range in which BTC/USD is presently trading, such behavior is unsurprising – $42,000, the point of all-time highs from February, remains the range ceiling and line in the sand for a definite bull market continuance.
Meanwhile, Rekt Capital, a fellow trader and analyst, pointed to continuing shifts in the 50-week exponential moving average (EMA) as a hint of longer-term bullishness returning.
Last week, #BTC broke down from the triangular market structure that was formed by the 21-week EMA resistance & the 50-week EMA support
$BTC is now hovering slightly above the 50 EMA, attempting to recover it as support.
#Crypto #Bitcoin pic.twitter.com/fsDm4hrK4C Weekly Close over the 50 EMA will confirm the reclaim#Crypto #Bitcoin pic.twitter.com/fsDm4hrK4C
July 24, 2021 — Rekt Capital (@rektcapital)
On the more conservative side, as reported by Cointelegraph, $24,000 forecasts persist if Bitcoin reverses, with one trader seeing a nearby CME futures gap as potential support.
“Should there be a breakdown below the present support level, we see support between the $22k and 24k level,” trading platform Decentrader said in a new market report on Friday.
Breakout “confirmed” by Ethereum
In the meanwhile, altcoins halted their advances but maintained an outstanding performance throughout the week.
Just HODL! is related. Bitcoin and Ethereum beat crypto index funds with a reduced risk profile.
With several of the top fifty cryptocurrencies by market capitalization experiencing weekly gains of 10% or more, the market was regaining confidence.
The biggest cryptocurrency, Ether (ETH), surged back over $2,000, reaching ten-day highs.
1-day candle chart of ETH/USD (Bitstamp). TradingView is the source of this information.
Rekt Capital commented on the ETH/USD performance, saying, “So far, so good towards confirming a breakthrough here.”
This article broadly covered the following related topics:
- bitcoin price analysis
- when was bitcoin at its lowest
- what was bitcoin worth in 2013
- why did bitcoin spike
- is litecoin the future?