Bitcoin is attempting to move higher against a massive cluster of resistance level

by | Jul 25, 2022 | Alt Coin, Market, Market News, News | 0 comments

The price of Bitcoin has been falling randomly for the last couple of months. According to Coin Market Cap, as of the time of writing this post, its price has already fallen by $23,018.40. As such, the price of the largest cryptocurrency has fallen by 0.57% in the last 24 hours.  

Ethereum is considered the second largest cryptocurrency after Bitcoin. The current price of Ethereum is 1,578.27. Which has increased by 0.16%.

Though, after a massive fall down, the Bitcoin price is attempting to move higher. It is moving forward in its resistance level.


Overview Of The Crypto Crash And Market Fall :

Since the beginning of 2022, no bullishness can be observed in cryptocurrencies. The ongoing Russian military operation in Ukraine has accelerated the decline in the crypto market.

It was reported that Ukraine is expressing fears that Russia may try to circumvent the blockade through cryptocurrency. In that case, the price of the cryptocurrency may rise again.

Meanwhile, Elon Musk-backed Dogecoin’s price is also falling. However, after Elon Musk bought Twitter, the price of Dogecoin rose slightly. But like other coins, Dogecoin is losing its price again. Its current price is $0.069 which is decreased by 2.01%.

Solana’s price is $41.56 which has decreased by 5.27%.

Experts’ Anticipation :

Experts say that due to the war in Ukraine, people are losing interest in digital assets like NFTs, and cryptos and increasing interest in tangible assets like houses, and gold. Earlier, the CEO of crypto firm Nexo, Anthony Krenchev, predicted that the price of Bitcoin would touch $100,000 within a year.

Earlier in January 2020, Krenchev predicted that the price of Bitcoin would exceed $50,000 by the end of the year. Although he did not predict at that time. At the end of 2020, the highest price of Bitcoin stands at $29,000.

Two months after that in February 2021 Bitcoin’s price exceeded $50,000.

It was assumed that the dollar may fall below and rise by the end of the year, maybe $50,000.

Bitcoin’s Support And Resistance Level :

Currently, the support and resistance levels are anticipated by experts. It was expected that Bitcoin would stay above $22,500 and get its support level. Then it will move higher. Approximately, at the level of $23,000, it already found support.

The base was formed by this level. The price has moved towards $23,500. It is assumed that the immediate resistance level will be $23,500. Then the next bull run will appear above $24,000. Noteworthy, the initial support level was $22,800 and the next will be at $22,500.

Since April 5 this year, Bitcoin has been facing a descending resistance line. Though this top crypto succeeded to retain its existence in the crash market. Cryptocurrency has fallen below $20,000 several times this year. Yet, Bitcoin survived. It continues to trade in the range of 20,000-22,000.

Multi-Strategic Buying And Selling Pressure :

The crypto market is now in a bearish moment. The buyers there are in the support level to throw the market in higher. But the initial selling pressure indicates an upcoming bull run. Maximum crypto investors chose to hold their assets till the bull run. But in Asian countries, the investors are going forward with selling.

According to some experts, this uneven selling pressure could be the reason for a short bull run. For unexpected selling, the support level becomes weak. The price is not increasing in its expected value.

Though the increase in Bitcoin price is quite optimistic for investors. Some traders focus on buying in bearish conditions. But as it is forecasting a bull run, sellers implement their bullish sentiment. Though in some cases, it is sold to buy at the next estimated lower price. Then the holdings will be sold in the bull run.

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