On July 19, after months of downward price activity, the market displayed its first big relief rally and cryptocurrency fans delighted at the sight of green. Today’s spike in cryptocurrency prices lifted Bitcoin out of a one-month-old trading range and sparked significant increases in altcoin prices. The market cap for all digital tokens has reclaimed the $1 trillion threshold.
According to Mark Newton, head of technical strategy for Fundstrat Global Advisors globally, Bitcoin’s price bottomed out at $17,600. In the foreseeable future, the momentum seems to be “positively sloped.” The expert thinks that restoring bullish sentiment would occur near the $25,320 level.
In fact, Newton says that “before any backing and filling,” the cryptocurrency may potentially recapture the $28,000 level.
Bitcoin Price Analysis:
The $22,750 area has so far been held by the bears, but the market’s overall mood appears to be changing in favor of a more positive stance. This recent price movement comes after a minor slide back to the support line, which the bulls promptly reclaimed.
The price of bitcoin may continue to rise if it stays over $21,550, reaching as high as $23,000. The first significant barrier is located close to the $25,750 mark, over which the price may start aiming for the psychological region of $30,000.
As investors still grieve their losses following a slump initiated by tightening monetary policy and by the fall of Celsius and the TerraUSD stablecoin in May, Bitcoin has struggled to break out of a $19,000 to $22,000 range. From a record high of about $69,000 in November, it has decreased. Some supporters predict that once the Fed’s tightening cycle is over, Bitcoin will make up this year’s losses.