Volatility remains strong and the BTC price continues with upper and lower wicks. Traders in a narrow range have been happy for a while. However, such shallow movements need to reverse at some point because it has always been this way. As of the time of writing, BTC is above $58,000, and the end of BTC sales in Germany did not trigger a rally as big as expected.
Will Cryptocurrencies Rise?
Everyone is eagerly waiting for the days when the BTC price will finally recover. July 12 was the day BTC bounced from $56,500, and demand is relatively lively. According to CryptoQuant, institutional investors collected 100,000 BTC in a week amid fear and panic. This highly positive detail for bulls shows that professionals see the current levels as the right entry time.
The German government’s Bitcoin sales are completely over. The speed of MTGOX returns is uncertain, but the returns expected to start at the beginning of July are extremely slow. This boosts morale. Investors waiting for returns with 100-200 times gains being patient for new peaks may cause the general market rise to start earlier than anticipated.
Buyers are emerging at support levels in altcoins, which is positive for the sentiment of a general market recovery.
Bitcoin Price Prediction
The thing that will determine the direction is the BTC price performance. As of the time of writing, Bitcoin is lingering at $58,000. Soon, the listing of the ETH ETF is expected to be good news. On the other hand, the ongoing demand in the ETF channel is encouraging. On July 11, BTC price rose above EMA20 at $59,650 but could not maintain it.
Sales continuing at higher levels show the role of those chasing short-term gains in the total volume, but the 100,000 BTC bought by institutions and whales confirms that the process is not going as badly as feared.
Bulls are maintaining the level between $56,552 and $53,485. Losing this level will be a big sell signal. However, if maintained, the potential for a new attempt at the SMA50 level of $64,532 will increase.
What will happen if BTC makes a new dip attempt while everyone is convinced of the rise? Closures below $53,485 could bring new dips in the range of $50,000 and $48,000.
