Current Situation of Cryptocurrencies: Bitcoin and Altcoins - COINTURK NEWS
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Current Situation of Cryptocurrencies: Bitcoin and Altcoins

4:43 am (66 days ago)
July 31, 2023

Bitcoin price has been striving to draw a perfect straight line for a long time, and it can be considered largely successful. Volatility has decreased significantly, and volumes have weakened. However, there has been a development that could rekindle investors’ hopes. What do we expect from Bitcoin and altcoins in the coming days? What does the current outlook tell us?

Bitcoin (BTC) Analysis

Despite a series of macroeconomic developments, the price of Bitcoin remains quiet. Although it may have priced in the Fed’s decision, we have not seen a significant reaction to the recent statements. Daan Crypto Trades stated that this could be a precursor to a major move. Determining the direction for Bitcoin is difficult, but it would not be surprising to see volatility increase again.

“Price action has not been this squeezed since the beginning of 2023. The longer this situation lasts, the bigger the subsequent move will be.”

Bitcoin’s Bollinger Bands currently reflect the conditions at the beginning of the year, just before BTC price gained 70% in the first quarter. This indicates that we might see a significant price breakout in either direction.

Will Cryptocurrencies Rise?

The fate of most altcoins depends on Bitcoin’s rebound to $32,000. Prices that have surpassed tough resistances have started testing support levels again after the recent correction. Material Indicators, which tracks trader movements on the Binance BTC/USD order book, noted that the buying pressure from whales combined with the increasing resistance near $30,000. Some accompanying comments stated, “We expect the protection walls to remain above until the weekly and monthly candle closes on July 29.”

A more exciting development emerged in the form of a potential bullish trend on Bitcoin’s Moving Average Convergence Divergence (MACD) indicator. On monthly timeframes, various market observers indicated that such a bullish flag was just a few centimeters away from being confirmed and that it should result in an upward movement if historical patterns repeat.

Stockmoney Lizards chose to remain cautious. According to them, this development supporting the bullish outlook may not necessarily mean that BTC will break free from its summer correction.

The above chart shows a monthly MACD crossover before the end of 2015. After this movement, the price of Bitcoin reached its all-time high at $20,000 two years later. While MACD crossovers on lower timeframes can be false alarms, the weekly crossover in August 2021 had previously heralded Bitcoin’s current all-time highs in November of that year.

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research when making transactions.

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