On the last Bitcoin lunch of this week, we naturally look at the live Bitcoin (BTC) price and the prices of the top 25 crypto. Then we analyze the price rise over the past few days. Was it a bull trap? Furthermore, we share a warning that crypto investors should be alert to. Finally, we analyze the weekly forecast for the Bitcoin (BTC) price and share key quotes.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin (BTC) price and prices top 25 crypto rise
At the time of writing, the live Bitcoin (BTC) price is quoting EUR 22,823.80 ($23,217.79). This is 1.59% higher than during our Bitcoin lunch yesterday.
The prices of most crypto from the top 25 are also rising again. Apart from the stable coins, only Leo Token (LEO) records a small loss of 0.60%. The biggest gain at the moment is for BuildnBuild (, the former BinaceCoin BNB) with +6,83%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day and thus also throughout the weekend.
On-chain metrics: Bitcoin (BTC) price rise was a bull trap
Research from on-chain metrics specialist Glassnode shows that the recent Bitcoin (BTC) price rise was a classic bull trap. Indeed, data from this on-chain metrics analyst shows that hardly any new buyers entered the market. Prices were mainly driven up by existing (distant) buyers who made transactions based on major macroeconomic events.
This is also reflected in the network fees. Normally these rise as more users are added and fall when users disappear. However, now we saw no significant change in the network fee. So this means that the prices were bullish but the market sentiment was not. At such a time, a bearish correction can never be long out. You can read the entire report of Glassnode here.
Warning: BTC price may become volatile due to China-Taiwan tensions
The ongoing tensions between China and Taiwan as a result of Nancy Pelosi’s visit may have an impact on the development of the BTC price. This is because Bitcoin, like other crypto currencies, is seen as a risky investment. When tensions arise, investors often opt for less risky investments.
We saw this immediately when naval vessels from America and China began operating in the area on Wednesday. The Bitcoin (BTC) price then fell sharply. When the threat eased, the crypto market also recovered sharply.
Analysts are therefore warning crypto traders of price pressure on Bitcoin (BTC) and other crypto if tensions between China and Taiwan increase. This price pressure could be further increased if other countries or alliances, such as NATO or the EU, get further involved in the conflict.
This is the Bitcoin (BTC) price forecast with key quotes
So at the time of writing, the Bitcoin (BTC) is quoting a profit and the Bitcoin (BTC) price is above $23,000.00 which is a bullish sign. The question is whether this will remain the case as the weekend approaches. Later today, the jobs report for July will be presented in America. The better this report is, the more room it gives the Fed to raise interest rates to curb inflation. After the last 6 reports we saw a decline in prices in the half hour after the announcement.
As first key prices, after the psychological $23,000, we look at the 200-week simple moving average (at $22,794) and the 30-day exponential moving average (at $22,499).
So with that we are looking down and that is correct, because the Bitcoin (BTC) price forecast for the coming week is bearish.
With that, a “double top formation” is coming into view where the top will be at $23,666. If this formation is indeed followed we can expect a price drop to $21,115. We can also see this in the video analysis below.
We can only expect a real bullish reversal if the Bitcoin (BTC) price breaks the resistance at $24,565 and converts it into a support level. In that case, a rise towards $28,000.00 and $29,000.00 is possible.
Of course, we will continue to follow the developments and report on them again in our Crypto Update tonight.
This weekend we bring you a special in which we show you 5 ways to earn crypto for free. This way you keep the price risk very limited.
Want to stay up to date with the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. So it could be an exciting afternoon.
Note: We never give financial advice, so you can’t interpret our contributions that way either. Always do your own research and decide rationally if, when, what and how much you want to invest in.
