The dull week did not prevent the restoration of BTC

The dull week did not prevent the restoration of BTC

Last weekend, BTC retained above the level of $ 23,000, as prices recovered after a Friday report on employment in the United States. According to the latest report, in July, in the United States, twice as many jobs were created than predicted. This increased fears about the influence of higher interest rates on the demand for risky assets.

In recent months, cryptocurrency markets have developed in tandem with global risky assets, with a particularly strong correlation with NASDAQ 100. Since the beginning of the year with cryptocurrencies, everything was difficult due to the expectation of raising bets by the central bank against the background of stably high inflation. However, over the past few weeks, the situation has improved.

According to TradingView, BTC demonstrated minor losses of 0.5% per week, and its market capitalization did not reach the mark of $ 450 billion a little. The BTC price has reached a maximum of $ 24,250 on July 30, but since then it has decreased since investors have recorded profit and transferred their capital to the altcoin sector.

As of the morning of Monday, BTC dropped even lower, and the BYBIT unlimited market for BYBIT operates at a level of $ 23,324, which is 2.5% more than on the previous day.

Last week, the BTC indicators were insignificant, despite the BlackRock announcement about the access to Bitcoin to its institutional clients. Investors seem to neglect the leading cryptocurrency due to hype and attention associated with ETH and its upcoming update. It can also explain the slow and slight change in BTC prices over the past few days.

Despite the recent slowdown, the BTC seems to be on the way to the restoration of the trend, which, perhaps, will lead to repeated testing of a 200-day exponential sliding medium. At the time of writing, it is predicted that it will be at $ 31,645. To achieve this goal, BTC must maintain its strong upward impulse in the coming weeks or months.

Consider two main factors to measure and track this impulse: price action and speculative positioning.

Firstly, the BTC should firmly gain a firmly above 20-day sliding average support, which is $ 22,780 at the time of writing. A 20-day sliding medium (MA) is considered a key indicator of many traders and market analysts to determine the general short-term market trend.

Ideally, the BTC should form a continuation pattern above a 20-day sliding medium in the form of a triangle, flag or pennant. A breakthrough above such a pattern can lead to re -testing levels of 26,000 or $ 28,000.

BTC financing rates tend to grow with minimums on June 21. It is noteworthy that BTC financing rates remain at a favorable level for five weeks in a row. This indicates a change in the mood of the traders: their tendency to risk increases.

Check out the latest prices, graphs and data BTCUSDT!

The past week was starry for altcoins, and some coins showed large growth. Flow, Native Flowing Token, has become one of the most effective cryptocurrencies: it grew by more than 54% over the past week.

This rally began after the announcement of Meta Platforms (META) on expanding its NFT function on Instagram. Instagram now supports NFT in 100 countries, and the Flow network provides internal infrastructure. The news quickly spread, and as a result of the Flow blockchain received more and more recognition.

Despite the recent surge, Flow is still 93% lower than its record maximum of $ 46.16, recorded in April 2021, according to Coinmarketcap. The latest development of the Flow can give a long -term advantageous opportunity for hunters for profitable transactions.

However, the daytime index of relative force (RSI) began to enter the overwhelming zone. This means that early buyers should think about fixing profit. Investors can expect the volatility of prices in the coming days, since traders will record profit after a week of huge growth. A favorable rollback to a 20-day sliding average, that is, to $ 2.16 at the time of writing the article, can provide investors with a good opportunity to open long-term positions.

Check out the latest prices, graphs and data Flowusdt!

Leave a Reply

Your email address will not be published. Required fields are marked *