Crypto News
Bitcoin (BTC) Price Analysis for July 24
Is the current rise of Bitcoin (BTC) a reason for a return to $40,000?
The weekend has begun with the continued growth of the cryptocurrency market as all of the top 10 coins are in the green zone again.
BTC/USD
Bitcoin (BTC) is the biggest gainer today, rising by 4.10% over the past 24 hours.
On the 4H chart, the rise of the main crypto is going on against the declining trading volume. It means that a slight correction may occur near the closest resistance around $34,000. Despite this, the mid-term scenario remains bullish.
On the bigger time frame, the trading volume is also going down, which means that traders have not accumulated enough power yet for a sharp move. However, bulls have broken the falling channel, which might be a prerequisite for an ongoing price rise to the vital mark of $40,000.
According to the weekly chart, the overall picture is rather bullish than bearish as buyers have managed to show an impulse rise after a retest of the $30,000 mark.
In this regard, if buyers fix above $37,000, the next important resistance at $43,700 may be attained within a few weeks.
Bitcoin is trading at $33,719 at press time.
