Bullish Crypto-Market as Bitcoin Edges Towards $20,000

Briefs

Bitcoin price hovers at $19,755.50, up by 1.92 per cent
Ethereum trades at $1,130.90, up by 10.56 per cent
Other cryptocurrencies rise 5%

BITCOIN PRICE

Despite showing some resistance by gaining only 1.92 per cent, the Bitcoin price still started the week weakly, trading at $19,755.50.

The worry for investors is whether Bitcoin will achieve the support level after the independence holiday break from trading.

Bitcoin wasn’t the only large cryptocurrency by market capitalization that had suffered the price fall as all others were performing below average.

Ethereum, the number two in the world, was also underperforming, dropping by 0.51 per cent to $1,054.50 before the long weekend.

Co-Founder and CEO of Mudrex, Edul Patel made the following remarks;

“With the crypto cryptocurrency market consolidating for the past few days, the support and resistance levels for bitcoin and Ether would be crucial levels to watch out. Technical analysis reveals that bitcoin could go to as low as $15,600 mark if the support levels fail,”

In summary, the cryptocurrency market remained depressed as investors shy away from taking risks amidst the high inflation and geopolitical crisis that may give birth to a recession.

The good news this week is the revamping of Bitcoin where it temporarily traded slightly above $20,000 as whales aggressively made purchases early Tuesday before falling lower but maintaining resistance to fall further.

And as Patel had predicted, Bitcoin has always recovered, giving relief once more to investors.

Patel further noted.

“Bitcoin has been trading below the 200-week moving average. In instances where bitcoin has traded below the 200-week moving average, it marked the end of the bear phase and bitcoin has traditionally recovered from that point. It would be interesting to see how the price action plays out over the coming few days,”

The bullish performance of other cryptocurrencies is also encouraging today, as each traded higher by over 4 per cent.

Here is how the market was for some popular cryptocurrencies by the time of writing this report;

Solana fell by 9.97 per cent
Dogecoin was up by 4.64 per cent
Polkadot was up 4.28 per cent
Cardano up 4 per cent
Shiba Inu is slightly up by 7 per cent

Disclaimer:

All information has been prepared by TraderFactor or partners. The information does not contain a record of TraderFactor or partner’s prices or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. Any material provided does not have regard to the specific investment objective and financial situation of any person who may read it. Past performance is not a reliable indicator of future performance.

Author

Zahari Rangelov

Zahari Rangelov is an experienced professional Forex trader and trading mentor with knowledge in technical and fundamental analysis, medium-term trading strategies, risk management and diversification. He has been involved in the foreign exchange markets since 2005, when he opened his first live account in 2007. Currently, Zahari is the Head of Sales & Business Development at TraderFactor's London branch. He provides lectures during webinars and seminars for traders on topics such as; Psychology of market participants’ moods, Investments & speculation with different financial instruments and Automated Expert Advisors & signal providers. Zahari’s success lies in his application of research-backed techniques and practices that have helped him become a successful forex trader, a mentor to many traders, and a respected authority figure within the trading community.
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