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Bitcoin has risen to the $ 23,000 level and has risen slightly in the past 24 hours. The rest of the market appears to be booming, so what are the prospects for the market?
Short-term bullish trend?
Return of Bitcoin to $ 23,000 this is good news, welcomed with enthusiasm by many traders. This is an almost 4.6% recovery in 24 hours. it could mean a return to the uptrend, at least in the short term.
By retracing this symbolic bar, BTC avoids another dip and loss of its 200-day moving average of around $ 22,800. This 200-day moving average is a key area of Bitcoin. Trader Rekt Capital talks about the latter and its fundamental role:
Historically, above this 200-day moving average, there has been buying pressure on BTC. However, if it fails to test this moving average again, it will confirm that this rebound is only a short respite before another dip.
The situation with Bitcoin remains unclear, to put it mildly, as we pointed out yesterday with respect to its rival Ethereum. Market sentiment is unclear as there does not seem to be a clear trend at the moment.
Macroeconomic situation considered
Many observers underline the more than difficult macroeconomic context of recent months. In fact, the smallest major shock in the global economy is sure to push the cryptocurrency market down a bit. So far, the various indicators available do not give cause for optimism, but rather indicate an impending recession.
The key indicator will be released on 10 August. Consumer price index, in particular, it can cause vibrations. The Consumer Price Index measures the price fluctuations for a basket of goods and services purchased by US households. This allows you to determine from one year to the next inflation rate. Therefore, it is a key indicator for the markets.
The QCP market watcher is also pointing the finger at itMonetary policy of the Fed which can have a decisive impact on the stock market and, consequently, on the cryptocurrency market. In the event of a significant rise in interest rates, the market could see another decline.
Altcoins have been on the rise in the past few days
As we mentioned in our article yesterday, Ethereum’s good status in the short term shouldn’t be forget its still fragile position. At the time of writing, Ethereum is trading at $ 1,660 with upside potential. 2.25% in the last 24 hours.
It is still unclear in Ethereum whether the merger will lead to optimism for many investors. insufficient purchasing power see how its price increases more significantly.
Among other major altcoins, BNB Binance demonstrates excellent health and outperforms the rest of the market. It’s up 6.10% on the last day and 9.25% on the last week. Despite the recent news of losses caused by the implementation of KYC, investors continue to bet happy with Binance and a sign of his home.
Solana, despite being hacked and extensively covered in the media, has also grown nearly 3.30% in the past 24 hours, but is down 6.58% over the past 7 days.
But the big winner in CoinMarketCap’s top 30 investments is To flow. After the announcement of its Meta integration on Instagram, the token is in An increase of over 55% compared to the previous day. Therefore, the blockchain created by Dapper Labs attracts investors en masse and continues to establish itself as one of the most cutting-edge solutions in the growing NFT sector.
Technically, the flow just passed above its 100-day moving average but a long-term locked downtrend line still remains. Over the next few days, we’ll be keeping an eye on the search for the Star of the Week Token.
To learn more about Solana’s recent hack and the role of white hats, check out our article here.