Bitcoin experienced a slight decrease in price this week, but various indicators suggest that $30,000 will likely serve as a support level in the future. Over the course of 15 days leading up to July 7, Bitcoin remained within a narrow range of 4.3%. Despite this, the unsuccessful attempt to break above $31,400 on July
Analysis
Bitcoin (BTC) struggled to break through the $31,000 mark as it traded below this level at the July 3 Wall Street open. The cryptocurrency remained in a tight range following the weekly close, with bulls eagerly waiting for a catalyst to drive the price higher. Despite modest attempts to breach the resistance levels, Bitcoin’s price
There has long been a belief that when the U.S. dollar weakens against other major global currencies, it has a positive impact on Bitcoin. Conversely, when the dollar strengthens, Bitcoin tends to decline in value. This theory is often supported by looking at the Dollar Strength Index (DXY) and Bitcoin price movements. For example, when
Litecoin’s (LTC) price has experienced a significant increase, outperforming the broader cryptocurrency market. Traders have remained optimistic about the upcoming block reward halving event in August. On July 2, the price of LTC surged by approximately 8.3% to reach $116, its highest level since April 2022. The week-to-date returns for Litecoin have climbed over 30%,
The introduction of a spot-based Bitcoin (BTC) exchange-traded fund (ETF) has the potential to make the asset more accessible to individual investors and mutual funds. Unlike a futures-based Bitcoin ETF, a spot-based ETF involves the actual purchase of BTC. However, the approval of the first Bitcoin ETF may not necessarily be a bullish event. Regulatory
Bitcoin (BTC) had an impressive 12% gain in June, closing the month on a positive note. Despite a last-minute dip due to a macro news event, Bitcoin managed to maintain a solid position. The data from Cointelegraph Markets Pro, TradingView, and CoinGlass confirms that the monthly close for Bitcoin was $30,465 on Bitstamp. This makes
The influence of United States Government bonds, also known as Treasurys, is far-reaching beyond the financial markets. The cost of capital attributed to U.S. dollars affects every loan, mortgage, and even cryptocurrency derivatives. But what happens if the U.S. government defaults on its debt, and there is no interest debt payment? This scenario could trigger
Bitcoin (BTC) reached the $31,000 mark for the third time this year on June 25 as the weekly close promised volatility. The BTC price movements were focused on yearly highs. Despite the cool-off in volatility against the U.S. dollar, Bitcoin did manage to set new records in three countries this week. The countries where BTC
Ethereum has been the leader in the smart contract and decentralized application (DApp) network since its inception. The analysis of Ether’s price (ETH) and market capitalization provides indisputable evidence that the blockchain has been gaining market share. Over the past couple of years, Ether’s dominance in market capitalization terms has grown from an average of
Bitcoin’s price action has often been compared to that of other assets, particularly gold and tech stocks. The narrative of “Bitcoin trades in tandem with tech stocks” was prevalent in 2022 and early 2023 when a correlation existed between the two. However, since that correlation has broken down, there hasn’t been much news coverage. Now,