At the time of writing this article, the price of BTC is $29,160. Unfortunately, the negativity in the markets continues. After the recent Fed decision, BTC has failed to sustainably surpass $29,500 and is now facing a higher risk of loss. Moreover, it is likely that volatility will increase in a negative direction with the upcoming data this week.
Will Bitcoin (BTC) Rise?
We have not seen any major changes over the weekend and the previous week. The price of Bitcoin has not been able to surpass $29,500 permanently, indicating a higher risk of further decline. In one section of Material Indicators’ latest analysis, they stated the following:
“BTC surpassed $29,500 yesterday, but bulls have not been able to gather enough momentum to continue advancing. All eyes are on the monthly closing, which could lead to some fluctuations.”
According to Mikybull Crypto, volumes have been at their lowest level for over two years, indicating that buying is risky due to the possibility of further decline in the market.
Will Cryptocurrencies Fall?
Material Indicators, sharing a snapshot of the order book on Binance, warned that $29,500 is becoming an increasingly popular trigger for sellers and bulls will need to overcome this in the next stage.
Material Indicators also wrote the following:
“For months, I have been saying that for us to consider a bull market breakout, the market needs to close above the 100 Weekly MA candles. We have not even tested this yet, but bulls have managed to maintain the range for a long time. Today marks the 8th consecutive day testing support at the 50 Daily MA, and even though it has held for 8 days, resistance at $29,500 is strengthening. If bulls cannot clear this, the last line of defense could be tested at $28,300. The real question for me is whether the price will bounce from here. If it fails, it could drop to $25,000.”
Rekt Capital’s Bitcoin Analysis
Popular crypto commentator Rekt Capital stated that on a weekly timeframe, Bitcoin has been channeling its behavior from early 2021 before reaching all-time highs. In additional analysis, it was stated that “BTC is still at ~$29,250 and is acting as support towards the July Monthly Close.”
“Last month, BTC broke above $29,250 after months of this level acting as resistance. And this month, BTC is in the process of retesting this level as a new support.”
