The crypto major Bitcoin leads all cryptocurrencies even though surmounting on price!!
The crypto major Bitcoin (BTC) is surmounting its price moments that can best be explained from the below graph that shows the price moment of Bitcoin since the 1st of July where it stands $6347.86 and today it stands $8093.33 after dropping below $7900 just recently.
Source: CoinDesk
As per the most valid source of CoinDesk where it claims for the price of crypto major Bitcoin that started gaining the bullish momentum upwards $8350 based on the analytical charts. However, presently it is mined just above $8000 that clearly shows its sign of consolidation.
If we focus more on the analytical part, the price has reverted back above $8000 on Friday. Needless to say that the BTC mining traded just sideways over the last 60 hours as per the report. Bitcoin’s (BTC) price is unified in a narrow range at the time of media time, and thereafter it regained bullish moment where it reached around $8350.
On 30th July, the consolidation streamlined the bullish scenario especially when the price movement from narrow $250 trading range, and at a time of press it traded at $8170 on Bitfinex. The price movement on Friday, the BTC price observed a downward pressure, however finally it reached again at the level of $8507 on 24th July. The major moving averages are more inclined towards the bulls. The relative strengths index will not indicate BTC’s higher purchased having said that it would be in the range upwards $8500 and the 10 days moving average is also in favor the bulls rally.
As per the valid source of CoinDesk, the Bitcoin is said to be extreme fatigue situation when we analyze its price movement especially when it compared against the backdrop of the downward channel breakout. Let us not forget that the immediate bullish scenario has been quite neutral. According to CoinDesk, the break upper end of the sideways channel where the Bitcoin is mined would definitely allow a re-test (e.g. 200-day moving average). A daily close as per UTC upwards 200-day moving average confirms a long run upward trend. On the contrary, the downward pressure that broadens the channel would create a shift in risk that favors a deeper price pulling back to the 100 candles moving average that stands at $7496.
The current scenario shows the sideways pattern that has already broken as BTC slashed below $8000. But the price regained quickly to above $8000 mark as on 31st July. This is, of course, the high range today and we can expect to be over $8000 level. No re-test upwards of $8468 has been observed so far.