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After entering the previous week at levels close to its annual lows, Bitcoin decided to make some positive moves in July. After falling to $ 5800 on the last Friday, he experienced a kind of reversal, going through two small races that led the price up to $ 6,600. Since this weekly summit was reached on June 2nd nd BTC has been on the sidelines before going down a little bit today. Currently, BTC / USD is trading at $ 6,570.37, a decrease of 0.25% over the past 24 hours. BTC's market capitalization remains at $ 112,553,637,870; This allows it to retain the top spot on coinmarketcap's most valuable cryptocurrency list since it currently holds more than 41% of the total market value.
Analysts continue to show a bearish feeling the current support area around $ 6,300 is not very strong. However, there are signs that bears are wearing out and buyers are gaining momentum. Major resistance is detected at $ 6,700 and a breakout here could bring additional gains that could drive us up to $ 7,000.
The market still seems rather weak. If we look at the volume of the last two pumps, while he was riding just before / during the movements, he would fall quickly a few hours later. This suggests that there is not much substance behind these bull races. Even so, the Fibonacci retracement of 0.618 from the bottom – when it is crossed with the current trend line – suggests that we could consider a potential breakout at $ 7371 by mid-July.
For now, we stick to our previous slightly bearish predictions. It is very likely that the current breakout will be a temporary rebound that will be followed by a bearish action. It is also likely that we are almost at the bottom of this race to bear and that a reversal is occurring soon. The aforementioned $ 7371 goal will be watched closely by the big-cap players, which means that a sale could take place before / just after we've reached it. Traders have also noticed a coin forming with these two recent price pumps; if the price falls from current levels, we could see a decline in ranges of $ 5,500.
If there was a strong break, the volume will be the most important element to watch. At the moment, this volume is not there; it remains to be seen when and if it will flow into the market.
The authors of CaptainAltcoin and the authors of guest posts may or may not have a direct interest in any of the projects and companies mentioned. The content of CaptainAltcoin does not constitute investment advice and does not replace the advice of a certified financial planner.
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