The Bitcoin market trend has seemed tacky and indecisive for the past few days. The past few days in the crypto markets indicated that the time of fear, uncertainty, and doubts is over in the market. However, with the outlook of things, traders have been thrown into another season of FUD.
BTC Currently Moving Above $24,000 Price Zone
Analysis from crypto platforms and experts shows that the Bitcoin movement is highly unpredictable at the moment.
The giant cryptocurrency market suddenly came above the $24,000 price zone on the 28th of July. This increase was an approximate uptrend of 10% in the coin price in 24 hours.
The bullish rally affected other cryptocurrencies (Altcoins), which made the cryptocurrency markets green on the 28th of July. This rally also caused the second largest cryptocurrency, ETH, price to spike above $1,600.
ETH price recorded a 15% increase in 24 hours. However, after 24 hours, BTC, ETH, and other significant cryptocurrencies’ prices dropped a little.
The coin trend has been moving sideways, alternating between the $23,500 to $24,000 price zone. This movement is being read as a neutral trendline with no sign of steep decline or bull run.
Bitcoin traders are on alert, watching the crypto movement as it currently keeps them at an indecisive point. The chart shows a strong resistance level around the $24,000 price zone. Bitcoin price is currently pegged at $23,907, a 0.11% drop in price in the past 24 hours.
Although the coin has been moving around the $23,800 to $24,000 area, there is a solid support level around the $23,700 zone. This support level predicts a spike soon. The spike will happen once BTC can see an uptrend or move to soar above the $23,977 area.
BTC Likely to Spike Above $26,000 Price Zone
Bitcoin has been moving in a rising wedge formation, indicating a steep decline in the coin price. However, the movement seems neutral, trading above the 50-day EMA.
There is a very rigid support level placed at $23,500, which has continued to support the price for the past day. The movement might be gathering momentum to break the $24,400 resistance level.
Once this resistance is broken, the movement will collide with the upper line of the wedge being formed. This break will make the Bitcoin prices move above the $26,000 price zone.
However, there are still predictions that the rally may be a fakeout, and BTC likely may be gathering momentum for a more bearish trend. Judging from the rally in the cryptocurrency market on the 18th of July, this may be an indication of a bear.
The 18th of July rally caused all cryptocurrencies in the market to soar, increasing the total market cap to over $1 trillion. The rally gave hope for a bull run in the markets since the bearish situation since June.
However, after 24 hours, the coins price declined again, which extended for a few more days. There are speculations that the current rally may turn out like its predecessor.
Since then, Bitcoin has been showing a consolidatory/indecisive move. Investors, traders, and holders are on high alert as there may be a fakeout in the coins trend movement.