{"id":55083,"date":"2023-07-24T04:35:08","date_gmt":"2023-07-24T08:35:08","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=55083"},"modified":"2023-07-24T04:35:11","modified_gmt":"2023-07-24T08:35:11","slug":"today-on-bitcoin-btc-price-analysis","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/today-on-bitcoin-btc-price-analysis\/","title":{"rendered":"Today on Bitcoin (BTC) Price Analysis"},"content":{"rendered":"\n

Nearly 1.72 million<\/a> Bitcoin were transferred between $29,500 and $30,200 in the last 24 hours, which could serve as a formidable resistance.<\/p>\n\n\n\n

\"Today
Today on Bitcoin (BTC) Price Analysis<\/figcaption><\/figure>\n\n\n\n

The largest cryptocurrency in the world has remained rangebound for over a week, with the BTC price<\/a> currently dabbling with $30,000 levels. However, investors remain uncertain about where the BTC price will head next.<\/p>\n\n\n\n

Currently, Bitcoin is experiencing some selling pressure and is struggling to maintain a price above $30,000. Citing on-chain data from Glassnode, \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>prominent crypto analyst Ali Martinez reported that approximately 1.72 million BTC were transferred between $29,500 and $30,200 within the last 24 hours. This range is regarded as a substantial area of resistance.<\/p>\n\n\n\n

This range may become a support level, so keep closely watching it. If this occurs, we can anticipate positive and thrilling price movements!<\/p>\n\n\n\n

#Bitcoin<\/use><\/svg><\/span><\/a> | On-chain data shows that 1.72 million $BTC<\/use><\/svg><\/span><\/a> last moved within the $29,500 – $30,200 price bucket, representing a significant area of resisitance.

Wait until it becomes support and expect fireworks when it does! pic.twitter.com\/vhlKVh3wsg<\/use><\/svg><\/span><\/a><\/p>— Ali (@ali_charts) July 23, 2023<\/use><\/svg><\/span><\/a><\/blockquote> \n\n\n\n

The analyst also reported that the daily BTC chart displays a buy signal according to the TD Sequential indicator. If the everyday closing price surpasses $30,000, the bullish pattern can be confirmed, leading to a rise from $30,400 to $30,600.<\/p>\n\n\n\n

However, it is essential to exercise caution around $29,500. If there are any signs of weakness or a decline in support at this level, the buy signal could be invalidated.<\/p>\n\n\n\n

#Bitcoin<\/use><\/svg><\/span><\/a> | The TD Sequential shows a buy signal on $BTC<\/use><\/svg><\/span><\/a> daily chart. A daily close above $30K could validate the bullish formation leading to an upswing to $30.4K – $30.6K.

Watch out for the $29.5K level, as any signs of weakness at this support could invalidate the buy signal. pic.twitter.com\/eOBiiYxPoJ<\/use><\/svg><\/span><\/a><\/p>— Ali (@ali_charts) July 23, 2023<\/use><\/svg><\/span><\/a><\/blockquote> \n\n\n\n

Bitcoin Sharks Amass: While Whale Wallets Pause<\/h2>\n\n\n\n

On-chain data also indicates that Bitcoin sharks have continued to amass during this consolidation period. However, sharks have stopped for the time being. On-chain data provider Santiment writes:<\/p>\n\n\n\n

\u201cBitcoin\u00a0has rebounded back above $30k this weekend, and it\u2019s recommended to keep an eye on the number of large addresses as summer progresses. If the 100+\u00a0$BTC\u00a0wallet line begins rising again, another breakout greatly increases in probability\u201d.<\/p>\n\n\n\n

\"\"
Courtesy: Santiment<\/figcaption><\/figure>\n\n\n\n

Despite this, some market analysts remain bullish on Bitcoin despite the impending halving event within the following year. Geoff Kendrick, an analyst at Standard Chartered,<\/use><\/svg><\/span><\/a> believes that Bitcoin miners are generating a positive cycle that could drive the token's price even higher than the optimistic forecasts<\/p>\n\n\n\n

Positive trend: when Bitcoin prices increase, producers tend to sell fewer tokens. Earlier this month, he predicted that Bitcoin's price could reach $120,000 next year, a significant increase of 300 percent from its current value.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nearly 1.72 million Bitcoin were transferred between $29,500 and $30,200 in the last 24 hours, which could serve as a formidable resistance. The largest cryptocurrency in the world has remained rangebound for over a week, with the BTC price currently dabbling with $30,000 levels. However, investors remain uncertain about where the BTC price will head […]<\/p>\n","protected":false},"author":53,"featured_media":54340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,83],"tags":[5371,15048,5561],"class_list":["post-55083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-bitcoin-news","tag-bitcoin-2","tag-bitcoin-price-analysis","tag-btc-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/btc.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/55083","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=55083"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/55083\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/54340"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=55083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=55083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=55083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}