Of course, today we also look at the live Bitcoin (BTC) price and the prices of the top 25 crypto. These are falling and that makes investors nervous. We analyze the bullish and bearish scenario and look at which indicators for the Bitcoin (BTC) price are key.
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 drop
At the time of writing, the live Bitcoin (BTC) price is quoting EUR 23,163.23 ($23,760.83). This is 1.29% lower than during our Bitcoin lunch yesterday.
This drop is not strong in percentage terms, but as we will see, the drop is significant.
The prices of most of the crypto in the top 25 are also falling. The biggest drop is currently at -5.88% for Dogecoin (DOGE). However, there are also some crypto coins that are making gains. The biggest gain in the top 25 is currently at +2.37% for Leo Token (LEO). On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.
Bitcoin (Image: Pexels / Karolina Grabowska)
Bitcoin (BTC) price resistance proves too strong: analysts are bearish
Although the drop in the Bitcoin (BTC) price is small in percentage terms, it is significant. After we already saw yesterday that the resistance at $ 25,000 could not be broken, now also the resistance at $ 24,500 proved to be too strong.
The BTC price rose to those heights last night and this morning, but investors took their profits and prevented the price from breaking through. Looking at today’s order books, we see that there are still many sell orders keeping Bitcoin from hunting for bullish potential.
Due to the breakdown in resistances and the poor trend in tech stocks, more and more traders are pessimistic. They are taking into account that the Bitcoin (BTC) price could fall to this year’s low (between $17,500.00 and $18,000.00).
BTC statistics are bullish, but this price is key
The fear of price declines seems to be mostly driven by sentiment. Indeed, the (technical) analyses for the Bitcoin price are bullish. For example, we see that the margining trading market is still giving bullish signals.
Various other ratios such as the RHODL Ratio and the SOPR indicator also show that the bottom of the bear rally is behind us and that the BTC is currently ‘oversold’ and therefore actually priced too cheaply.
To cash in on that bullish potential, it is crucial that the resistance at $25,000 is broken and the market does not seem to be ready for that yet. This creates an unclear situation. Here’s how investors analyze it.
Bitcoin (BTC) price key price and trading strategy
Crypto investors are now mainly looking at the key prices that should indicate whether a bearish correction is coming or not.
First they focus on the 20-day moving average (around $23,512) and the price is still above that. According to analysts, investors can trade bullish as long as the price correction stays above the 20-day moving average. You can see this in the video below.
In addition, investors focus on the 50-day moving average (currently at $23,400). A drop below this point is an indicator that a new bear rally for the Bitcoin (BTC) price is underway.
However, it remains to be seen whether this bear rally will be as severe as the one in the 2nd quarter. Indeed, based on the Fibonacci analysis, we can expect a bear rally to push the price to a level between $20,500.00 and $21,400.00. After the currency finds liquidity here, there is then room for another and perhaps stronger bull-rally.
Indeed, in order to cash in on the bull potential, it remains necessary for the Bitcoin (BTC) price to stay above $24,000.00 and then settle with the resistances at $24,500.00 and $25,000.00.
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.