In our Bitcoin lunch, we see that the new week is starting favorably as we look at the live Bitcoin (BTC) price and the prices of the top 25 crypto. This of course has an effect on the crypto results of the past week and last month. Then we analyze the market. Are we seeing a BTC short squeeze and Bitcoin capitulation? Finally, with the Elliott Wave analysis, we already look at whether the bear trend has indeed broken.
We start 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 in summer rally
At the time of writing, the live Bitcoin price is quoting EUR 22,045.74 ($22,223.94). This is 4.07% higher than yesterday and 5.37% higher than during our Bitcoin lunch last Friday.
The prices of most of the top 25 crypto are also rising rapidly. Apart from the stable coins, only the Leo Token (LEO) is posting a loss at -1.87%. The biggest gain is currently for Polygon (MATIC) at +20.03%. However, there are more crypto that record their results in double digits. This obviously affects the weekly and monthly results.
Bitcoin (BTC) price and crypto prices offer positive returns
After all the price declines in recent weeks, we are finally seeing green results galore.
Thus, the weekly result is still negative only for the stable coins and a few other crypto. Leo Token (LEO) had the worst week at -7.12%. The best crypto return this week was at +56.98% for Polygon (MATIC). However, there are many double-digit returns to be seen. Bitcoin (BTC) is not among them. At + 6.95%, the BTC return is modest.
Also in an analysis of the monthly profit of the Bitcoin (BTC) we see a nice plus with 8.97%, which however is not among the top. Also over 30 days many crypto write the return in double green figures. Polygon (MATIC) even needs 3 digits before the comma over 30 days to record the return of + 123.72%. Next to the stable coins, Cardano (ADA) is the only crypto that gives its investors a loss. Over 30 days, the result was -2.81%.
On the site of Tradeincrypto.com you can analyze all the results and live crypto prices 24 hours a day.
Nice numbers make Bitcoin (BTC) analysts positive. Trend break coming?
The nice results are causing BTC investors to be positive. This leads to signals that a trend break is imminent. For example, we see that interest is picking up. An influx of $150 billion brings the market capitalization back above $1 trillion.
The rapid rise in prices is also causing a wave of liquidation of short positions. More than $250 million has already evaporated.
In the process, we see that the RSI indicator is running back from the “oversold” area. Based on historical analysis, this is an indication that the bottom of Bitcoin (BTC) is in sight.
Even the fact that miners sold off en masse this weekend is now being positively interpreted as meaning that the wave of selling is putting a floor in the price. The question is whether this is true. We saw last week that the BTC mining costs (which can indeed serve as a BTC bottom) actually continued to fall to well below $20,000.
Finally, we also see that futures trading is already gearing up for a hefty rally. We see that the premium on advanced exchanges like Huobi is at its highest level in a month. Still, caution is advised…
Bitcoin price key quotes: Elliott Wave does not confirm trend reversal (yet)
If we analyze the short-term price movement, we see that the Bitcoin price (BTC) is above the resistance of $21,700 in the short term. After that there is another resistance around the 200-week moving average (around $22,600). If this is broken, there is another resistance at $ 25,300, but after that the way seems clear for a rally to $ 29,370.
However, there is no confirmation of a trend break yet, so based on the BTC Elliott Wave analysis we must also take a bear scenario into account. We will then see the now familiar bear path again via $ 20,000.00 and $ 18,930.00 to the zone between $ 14,000.00 and $ 15,000.00.
Are you curious about the price forecast for other investments?
So we see that there is an exciting week with a lot of volatility in the crypto market. In addition to crypto, there are of course many other investments, such as stocks, government bonds, gold, oil and FOREX. How the price forecast is there we shared this morning in our analysis ‘the price forecast’ on MANNERS.co.uk.
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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. 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.”