Bitcoin rate is growing again. New of cryptomarket
On the evening of July 24, the bitcoin rate is growing. On the Binance crypto exchange reached $ 34.4 thousand. Over the past day, the cost of the first cryptocurrency increased by 7%. Bitcoin has updated its high since July 12. On July 20, the price of the coin fell to a local minimum of $ 29.2 thousand. Growth in 4 days exceeded 17%.
Bitcoin price rises amid positive news. For example, on July 21, SpaceX and Tesla CEO Elon Musk announced the purchase of bitcoins by SpaceX. The businessman noted that he personally owns the first cryptocurrency, Ethereum and Dogecoin. Musk also said that Tesla is preparing to resume accepting bitcoins as a means of payment.
Since July 19, JPMorgan is the first American investment bank to provide clients with access to cryptocurrency funds. The company’s financial advisors are offering investments in four Grayscale funds as well as the Osprey Bitcoin Trust.
Bitcoin rate is growing. Prerequisites
Over the past three days, Bitcoin has grown by 10%. On July 20, the value of the main cryptocurrency dropped to $ 29.2 thousand for the first time since June 22. After that, the digital coin rose to $ 32.9 thousand. This happened after the news about the investment in Bitcoin by SpaceX and the integration of the cryptocurrency into the services of the social network Twitter.
CryptoQuant analysts believe that the crypto market is still in a bullish phase. Analysts came to this conclusion after studying the charts of past growth cycles, which took place in 2017, 2013 and 2011. CryptoQuant concluded that the bear market always began no earlier than 800-900 days before the Bitcoin halving.
We are still in the bull market (MVRV 2013 Cycle)
— CryptoQuant.com (@cryptoquant_com) July 23, 2021
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The decline in bitcoin quotes to $ 29.2 thousand caused strong interest in the coin among buyers, says NewsBTC analyst Ayash Jindal. According to him, this led to the formation of a large wave of recovery, as a result of which the rate of the main cryptocurrency overcame three resistance levels at once: $ 30.5 thousand, $ 31.2 thousand and $ 32 thousand. As of July 23, bitcoin is traded on the level of $ 32.1 thousand.
Now the resistance level for bitcoin is at around $ 32.5 thousand, the analyst explained. If the value of the coin is fixed at this level, then in the near future we should expect an increase to $ 33.5 thousand, Jindal predicted.
If bitcoin fails to gain a foothold above $ 32.5 thousand, then quotations will begin to decline to the first support level, which is in the region of $ 31.5 thousand, the analyst explained. According to him, the next support level is at $ 30.5 thousand.
In the medium term, the resistance level for bitcoin is at $ 34,000, according to CoinDesk analyst Damanik Dantes. In his opinion, after overcoming this mark, one can expect a movement of quotations to $ 40 thousand. Dantes also noted that there is a slowdown in the downward momentum.
Phenosen cryptomarket
Amid the rise of the entire cryptocurrency market, enthusiasts released the C89 token, the price of which skyrocketed in a matter of hours. At the start of trading, the altcoin price rose from $ 0.075 to $ 3. To date, the value of the asset has dropped to $ 1.67, which is still 2285% higher than the initial rate. On Friday, the C98 token was added to the Binance crypto exchange. At the start of trading, altcoin quotes instantly soared by 4185%, from $ 0.075 to $ 3. As of July 24, the price of the coin is $ 1.67.
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