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July 26, 2022

Market Update on Bitcoin (BTC) 07/26

In the preceding week, Bitcoin price rose from $20k to as much as $22,000, thanks to an almost flawless start. Bitcoin’s upward trend continued through the second day of the week until it hit a correction at $23,800.

During Wednesday’s trading, Bitcoin $24,000 level of resistance was broken. Market panic sparked a halt to the upward trend after a negative announcement. A Tesla bounced it.

According to the automaker, the majority of their bitcoins were sold in the second quarter. Customers and other shops who had taken pleasure in the company’s position on the digital currency were surprised by this development.

Since the market is fearful, BTC’s price has fallen and is unable to shake off the current pessimistic atmosphere. Despite this, the coin’s value dropped below $21k just a few minutes before publication.

There are numerous signs that the cryptocurrency will continue to decline in the near future. The Moving Average Convergence Divergence (MACD) is an example of one. A closer look at the indicators suggests that it may have a bearish divergence in a few days.

If, for example, the 12-day EMA dips below the 26-day EMA in the next 48 hours, it will meet. There is a chance that bitcoin will go below $20k if this scenario occurs. An additional danger is looming at the $19k level of support.

Even so, a shift in market mood is possible, changing the aforementioned prognosis. Coins such as Bitcoin are likely to resume their upward trend and reach $22k support. After that, we may expect to see more price hikes.

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At the moment, the price of bitcoin has fallen below the pivot point. Since the asset has no obvious future, it’s classified as negative.