The Crypto Market This Week: Bitcoin Reaches $22,000
The most popular cryptocurrency is up about 6.5% from last week’s low, and the entire crypto market is rising along with it. The bulls are taking a stance and are gaining more strength in the market despite the long days of the bear party. Is the crypto winter over?
A Dive Into BTC and the Crypto Market, What to Expect This Week
The crypto market has been struggling to make new highs since its downturn that began in mid-May. Due to the faulty protocols set up for the Terra USD stablecoin, the price crashed as it lost its peg. This caused the entire market to tumble unexpectedly. The price of bitcoin fell by over 50% in the month of June, and about $2 trillion was wiped off the market in the same month. It’s really been a rough ride for crypto, but there’s hope for traders this week as the market is seeing better percentage rises.
As at the time of writing, the Bitcoin price is up 6.62% from last week and 8.66% from a month ago. The market recorded a new high of $22,515 at 8:00 UTC today, recovering from its previous low of $18,910.94. It is currently trading within the range of $22,020 to $22,120 on the Binance exchange.
From bitcoin’s chart, the patterns being formed look more bullish. Over the period of one month, the price movement has formed a reversal pattern. It has formed a slightly falling resistance line and a more steep support line. Following these indicators, the price may not range much longer between $19,293.33 and $22,574.03 before it breaks the resistance line to form a new high.
The Relative Strength Index is currently at 54.14, which indicates stability in the market. The market is currently neither overbought nor oversold, but it looks like the bulls are standing strong.
Bitcoin also got some positive PR today on Twitter when watcherguru tweeted that ‘Someone transferred $42,333,777 in #Bitcoin and paid a fee of $4.61. That’s a transaction fee of 0.00001088%.’ This drives the community to believe in cryptocurrency even despite the recent turmoil that took place.
Someone transferred $42,333,777 in #Bitcoin and paid a fee of $4.61.
That’s a transaction fee of 0.00001088%
No government bank or third party had to verify the transaction, nor could they have STOPPED IT, if they wanted to.
— Watcher.Guru (@WatcherGuru) July 17, 2022
Also, onchain analysis reports that 38,262 BTC ($802.33 million) have been taken off exchanges in the last 30 days.
Ethereum Price Analysis
The second largest cryptocurrency by market capitalization recorded a new high today after its previous low of $880 on the 18th of June, exactly a month ago. The market is showing positive signs after bad days. The crypto reached $1510 from its last week’s low of $1005.27.
Since a month ago, Ethereum has formed a bullish chart pattern. Its highs and lows have formed rising resistance and support levels. This rising wedge pattern might be pointing to a continuation of the price downtrend. However, if the Bitcoin price performs better, it might translate into a reversal trend for ETH.
Also watch: MATIC and LDO
Aside from Ether moving green with a week’s performance of 27.10%, other cryptocurrencies like MATIC and LDO are looking good on the weekly chart.
According to data from CoinGecko, MATIC is currently trading at $0.91, up a respectable 65 percent over the previous seven days and about 19.88 percent over the previous 24 hours. The value of the coin soon soared after Disney announced that Polygon (MATIC) had been selected for its “Accelerator Program.”
The Lido DAO’s native token, LDO, outperformed over the last seven days with a remarkable increase of 167%. Its current price is $1.68, with an upward thrust of 6.1%throughout the previous 24 hours.