By now it is lunch time again. We take a look at the live Bitcoin (BTC) price and prices of top 25 crypto that are rising sharply. Then we analyze the market. Have we seen the bottom and what do experts think about the BTC price? Finally, we share a warning. The Bitcoin bears are not sleeping!
We begin, of course, with the live Bitcoin (BTC) price and the prices of the top 25 crypto.
Live Bitcoin (BTC) price and prices top 25 crypto rise in sharp rally
At the time of writing, the live Bitcoin (BTC) price is EUR 23,527.14 ($23,712.61). This is 8.05% higher than during our Bitcoin lunch yesterday.
The prices of the top 25 crypto are also rising rapidly. Apart from a few stable coins, we see only green numbers. The biggest gain is currently for Dogecoin (DOGE), which is up 12.15%. On the Tradeincrypto.com site you can find all live crypto prices 24 hours a day.
Experts and analysts think Bitcoin (BTC) price has seen bottom
With Bitcoin (BTC) closing the day above its 200-week moving average and 50-day moving average yesterday, momentum appears to be building for a further bull rally, according to analysts and experts.
Thus, analysts see that the bulls in the market are stronger. They see this in the ranges. Despite the fact that the top of the bandwidth proved several times to be too strong to break through, the price did not drop to the bottom of the bandwidth. They also see that there is room for further growth of the Bitcoin (BTC) price towards $27,000.
Experts concur with this opinion. We already analyzed many times that they believe the price will remain bullish in the long run, but now the first experts dare to mention that the bottom has been reached as far as they are concerned. Among them billionaire and CEO of FTX, Samuel Bankman-Fried. He foresees that the bottom has been reached and the BTC is now heading mainly cautiously upwards.
Warning: BTC bulls are not sleeping, are we seeing a long squeeze or fake-out?
With the market becoming more positive again, it is tempting to look at nice growth scenarios. Yet there are 2 signals that we should not overlook.
First, the current rally appears to be partly speculative. Indeed, analysts see confidence in a mild interest rate hike in the next Fed rate decision as a driver of prices. This means that a disappointing interest rate decision could actually have a greater impact and cause a sharp drop in prices.
In addition, large BTC whales appear to be making huge sales transactions. The largest wallet that is not linked to an exchange has already sold 46,000 BTC in various transactions. Analysts expect the whales to want to sell much more. This suggests that at the current short-term prices, they would rather cash in and buy in later at a lower price than hold on now and wait for further price increases. There are also several indicators that the short-term trend is still bearish.
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$BTC
Low timeframe trend is bullish, no doubt about it. High timeframe trend is still bearish and this is another lower high.
Ltf bearish confirmation is below 22k. Main target remains 15.8k-16.2k pic.twitter.com/QFFmsCKrw4
– il Capo Of Crypto (@CryptoCapo_) July 20, 2022
Bitcoin (BTC) price Elliott Wave analysis: these are the BTC key quotes in the short term
This raises the question of what we can expect from the Bitcoin (BTC) price in the near term and which quotes are important for the market.
As we can see in the Elliott Wave analysis below, it is important for the market to confirm a price above $23,000. If this happens there are opportunities for a price target of $25,000.00 and $27,000.00. A victory of the resistance at $27,100.- provides room to look towards $30,000.- again. In the analysis below we see a picture.
If the market cannot keep the price above $23,000.00 the eyes focus mainly on the 200-week moving average (around $22,600.00), the top of the consolidation zone of the last period (at $21,000.00) and the psychologically important limit of $20,000.00.
With that, despite the nice price increases in recent days, there still seems to be an uncertain market. Therefore, it pays to protect yourself from a price drop and go through the tips for making money in an uncertain crypto market again.
We will of course continue to report on all developments.
Want to stay up to date on the latest stock 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. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”
