Bitcoin just hit $24k on Thursday night after dropping to a low of $22,651. At 4.29 AM, Bitcoin made a rapid gain, rising from $22,741 to $23,354 at 4.54 AM, gaining $613 in 25 minutes. At 2.34 PM, Bitcoin price dropped to $22,722 after, its lowest from the previous high, but quickly bounced to $23,074.
The biggest gain of the day commenced at 4.14 PM, when the coin had a market value of $22,846. From then, it made a steep gain, hitting $24,038 mark at 7.44 PM, on July 28. The bears brought the price down to $23,738 at 9.59 PM, just 2 hours, 15 minutes later, before the price of the asset broke the $24,038 resistance at 10.44 PM.
Bitcoin market capitalization is $458 billion. up by 5.55% while its volume is up by 27.6% to $40.3 billion.
When we started monitoring the BTC market, it was trading at $23,036, 8% up from its price in the last 24 hours and just 1% up from its price in the last 7 days. The vacillating price of the asset is a clear demonstration of the uncertainty in the market.
At that price, BTC was still performing better than its last big bear market when the price of the coin dropped to $5,165 in March, 2020. Recent price is 4.4 times more than that of 2020.
A Tough Crypto Winter
What makes the current Bitcoin winter a difficult one is that half of the cryptocurrency lending firms are insolvent amid global economic downturn.
The last time that BTC traded at this range was in December 2020. While some market analysts believe that the bottom is in, others are of the opinion that the price of Bitcoin could drop below $20k in the near term.
BTC has been trading within the $18-24k range in the past 6 weeks and there is no certainty when the price of the asset would break either upwards or downwards for a complete reversal of the bearish trend or its sustenance.
Up Towards $28k Or Down To $17.5k
According to a market analyst, Babenski, the possible scenarios that the coin market would encounter in the coming weeks are:
“Breakout and close above last local high and weekly candle is also closing above 200W EMA”
This invariably will make the market bullish, pushing the price towards the next major resistance ($28k-30k)
A rejection the higher high and higher low, pushing the price lower to
the $17,590 support.