Again this week we keep our finger on the pulse of the crypto market with our Bitcoin lunch. We look at the live Bitcoin (BTC) price and the prices of the top 25 crypto. Then we analyze the results of the past week and month. Then we analyze BTC expectations for the coming week and Bitcoin key prices that investors are following.
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 drop
At the time of writing, the live Bitcoin (BTC) price is quoting EUR 23,480.33 ($24,090.87). This is 2.61% lower than yesterday around this time, but slightly higher than during last Friday’s Bitcoin lunch (when the BTC price stood at EUR 23,108 at 12pm).
The prices of most crypto from the top 25 are also lower than yesterday, although there are also gains to be noted. The biggest gain is currently at +6.30% for Leo Token (LEO). ChainLink (LINK) records the largest loss with -6.80%.
Bitcoin and Dogecoin coins with Shiba Inu Kabosu (Image: Unsplash)
Positive week and month for Bitcoin (BTC) and crypto
Despite the negative prices, we can look back on a week and month of gains for Bitcoin (BTC) and most other crypto. Over the past 7 days, BuildnBuild (BNB, the former BinanceCoin) lost the most with -1.94%. Bitcoin (BTC) posted a positive weekly result with +3.79%, but could not stand in the shadow of the many Altcoins that often posted gains in double digits. With +29.92%, Shiba Inu (SHIB) posted the highest result in the past week.
This is of course a nice return, but is dwarfed by the return of + 173.30% that Ethereum Classic (ETC) recorded over the past 30 days. The same goes for the result of +15.79% for Bitcoin (BTC). Over this period, only BinanceUsd (BUSD) recorded a small loss of -0.01%, which is not surprising for a stable coin.
On the site of Tradeincrypto.com you can analyze all results and live crypto prices 24 hours a day.
BTC price in correction due to rejection of crucial resistance. What next?
The Bitcoin (BTC) price briefly broke through the $25,000 mark, but this resistance was immediately rejected. As a result, the price dropped nearly $1,000, and with that, influencer Capo of Crypto’s prediction seems to have come true. As we shared, he predicted that the bull rally would top between $25,000.00 and $25,500.00 before falling again. Other skeptics are following his idea as the price is forming what is known as a double top pattern.
Bitcoin (Image: Pexels / Alesia Kozik)
Yet there are also optimistic signs. For example, the fact that the currency remains above its 200-week moving average and has been moving in a bullish channel since June is good news. Indeed, based on historical analysis, this could mean a 240% increase.
Whether this will happen in the coming week is the question. According to analysts, the coming week will be the last week of the bear rally. We are seeing a quiet week on the macroeconomic front and some bullish indicators, but right now the market simply lacks the buying power to push through a bull rally.
These are the Bitcoin (BTC) price key quotes in the short term
At the moment, crypto traders are mainly looking at how far the decline after resistance at $25,000 will lead the price. The first support level at $24,500 has now been broken. After that we see support at the psychologically important level of $ 24,000 and the former resistance level of $ 23,400.
The Elliott Wave analysis indicates a possible recovery in the coming days. With that, the Bitcoin (BTC) price will thus have to break through again via the $24,500 and $25,000 levels to the next crucial resistance level at $31,000 in order to re-enter the liquidity zone between $31,000 and $41,000. The Elliott Wave Analysis is shown below.
If this fails, crypto investors will follow the bearish pattern that lies towards the support level at the 200-week moving average (around $22,900.00) and then towards the important $20,000.00. For now, however, it looks like we don’t have to peer that far into the abyss just yet.
Spreading risk through other investments? Here’s the price forecast
Many investors spread their risk by investing in other investments besides crypto, such as stocks, FOREX, gold, oil or other popular investments. Of course, even then it is important to know what to expect from the markets.
That’s why every Monday morning we publish our free price forecast for the most important investments. Of course, this morning we published another current edition that offers opportunities. You can read it for free on our sister site MANNERS.co.uk.
Profit directly from the price forecast and Bitcoin lunch? Join the paper trading competitions and win!
If you want to benefit directly from the insights from our Bitcoin lunches, crypto updates and price forecast you can of course join the free paper trading competitions from our independent colleagues at VirtualBeleggen.com.
Besides the eternal glory (which for the moment is for Liesl Renshöfer in the stock competition and for Zuwa in the cryptocurrency competition) you can win great prizes every month, also thanks to Bitvavo and Cryptohopper. Are you participating in the competition for August? You can register for free here.
The well known logo of Bitcoin (Image: Pexels / Roger Brown)
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. 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.