It was a good run until it lasted. The cryptocurrency market experienced a blistering rise last week until it plummeted 3.06% to $1.01 trillion on Monday July 25th. Bitcoin, along with Solana, Ether and Polkadot, were flipped earlier in the week.
Bitcoin veered off course and cut gains made over the past few days, allowing it to reach its glorious monthly high of $23,000 until it dropped below $22,000 on Monday.
At the time of this writing, Bitcoin is trading at $21,850, down nearly 5 percent from the last 24 hours, according to data from Coingecko.
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BTC price may retest $25k in coming days
Bitcoin has been stable and held at $23,000 with the very minimal price drop seen in the past few days, especially with the seller dominance of the cryptocurrency market.
The cryptocurrency was able to successfully break through the rising pattern and is now retesting the pattern’s resistance levels. BTC is now anticipating the next key resistance level at $31,300. The price could still hit the $24,000 level in the next couple of days, if not weeks.
BTC recently fell into a downward correction. A breakout of a key bullish trend has been seen near the $22,700 level for the BTC/USD pair. The pair is forecast to fall heavily once it dips below $21,450.
If BTC fails to stay afloat or exceeds $21,800, it could continue to fall. Support is close to the $21,500 level. A close that occurs lower could send the price down or around $20,000.
BTC total market cap at $418 billion on the daily chart | Source: TradingView.com
Bitcoin Downtrend Due to Elon Musk’s BTC Announcement?
Bitcoin’s downtrend occurred last week when Tesla CEO Elon Musk announced that he had sold roughly 75% of all his BTC holdings.
Bitcoin surged above $24,000 but the bears caught up to it in the $23,800 zone. The latest high was at $23,744 before it pulled back. After a rapid rise, bitcoin plummeted to $22,000 just after it topped $23,000 last week. Despite declining selling pressure, BTC was able to maintain its 6% gain compared to the previous week.
Well, BTC could potentially rise to the $24,000 level soon after a surge in selling power. However, there is also a small chance that BTC could fall into the $20,000 zone, especially if it drops below its current level.
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Credit : www.newsbtc.com