Bitcoin (BTC) Claws Back To $20,000, First Time In 5 Days
05 Julho 2022 - 07:10AM
NEWSBTC
Bitcoin (BTC) inched up 5% to reclaim the $20,000 territory as the
4th of July hype provided surprise gains. Tuesday saw a comeback on
the cryptocurrency market, with the majority of tokens trading in
the green. Bitcoin’s Tuesday rally was the first for the coin in
five days, with the 4th of July daily candle about to close, and
providing some dose of optimism in the dreary bear market. Bitcoin
and other cryptocurrencies remained virtually unchanged on Monday,
with crypto assets trading at downcast prices after a
huge selloff in recent months. The worldwide cryptocurrency market
capitalization was trading at $909 billion, an increase of
more than 6 percent in the last 24 hours. However, the
total trading volume of cryptocurrencies increased by nearly 37
percent to $55 billion. Suggested Reading | Bitcoin Slides
Under $20K – Another Collapse In The Offing? Bitcoin Retakes
$20,000 Territory TradingView data indicated that the BTC/USD pair
rose to $20,085 on Tuesday, its strongest gain since June 30. The
pair spent the majority of the weekend near $19,000 as
the bulls attempted to push BTC’s price to $20K. After a
turbulent second quarter, Bitcoin’s price has entered the third
quarter with sluggish movement as it continues to consolidate
around the $20,000 mark. Since the start of 2022, increased
geopolitical concerns and a change in sentiment (induced by rate
increases, the conflict in Ukraine, and a dismal economic
prospects) have inflicted a blow to crypto assets, causing Bitcoin
to return to levels last seen in December 2020. BTC continues
to trade at less than a third of its all-time high of $69,000,
attained in November last year, but has maintained its
position above $18,000, the bottom it touched during mid-June
liquidations. BTC total market cap at $376 billion on the daily
chart | Source: TradingView.com BTC Needed To Break Past $19K
Despite the negative trends, Bitcoin managed to recover and surpass
the $19,000 threshold. According to popular analyst Matthew Hyland,
Bitcoin has successfully “created Bullish divergence on the daily
time frame for the first time since breaking below $20,000.”
On-chain analytics resource Whalemap verified that whales
purchasing tokens at the price of $19,200 had given a
sigh of comfort and market support. Suggested Reading
| Ethereum (ETH) Hammered Down To $950 As Crypto Selloff
Deepens According to Santiment statistics, a large number of
Bitcoin long positions were opened on cryptocurrency exchanges on
July 4th, boosting trader optimism. US traders, one of the largest
markets, are now placing substantial bets on Bitcoin’s continued
ascent. Meanwhile, some crypto investors who are still
long-term Bitcoin bulls expect that the leading cryptocurrency will
require a one- or two-year buildup cycle until the next
BTC halving before the leading crypto can truly rebound
and register new highs. Featured image from 123RF, chart from
TradingView.com
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