Bitcoin update price BTC flat crypto mix problem and Christmas

Bitcoin update: price BTC and crypto rises. Bottom, bulls and expectation

Meanwhile, it’s time again for our Bitcoin update. We look at the live Bitcoin price and the prices of the top 25 crypto. Then we analyze how the bottom is in sight. We also see bullish analysis and share the near-term outlook.

We start of course with the live Bitcoin price and the prices of the top 25 crypto.

Live Bitcoin price and prices top 25 crypto rise

At the time of writing, the live Bitcoin price is quoting EUR 20,080.96 ($20,447.97). This is 1.75% higher than yesterday around this time but slightly lower than during our crypto update last night.

The prices of the top 25 crypto are also rising. Apart from the stable coins, we only see Tron (TRX) losing 0.72%. The biggest gain is currently for Avalanche (AVAX), which is up 5.30%. On the site of you can analyze all live crypto prices 24 hours a day.

Is the Bitcoin bottom in sight?

Based on the moving averages, analysts conclude that the Bitcoin bottom is in sight. When we combine these moving averages with historical analysis, we see that the Bitcoin bottom can be expected around July 15.

Twitter won’t load because you didn’t give permission.

Negative 3d MA100 will cross positive 3d MA200 by mid July, that would confirm that bottom is in.

– Wolf 🐺 (@IamCryptoWolf) July 7, 2022

However, there are 2 factors that keep us from being too blind to historical analysis. On the one hand, there is currently high inflation and fear of recession. This was not an issue in the earlier periods. In addition, institutional investors play a much larger role.

Sentiment among institutional investors is still negative. We see this, for example, through the massive investment in an investment product that goes short on Bitcoin and thus speculates on price decline.

Bloomberg analyst expects BTC bull

On the other side is Mike McGlone, senior analyst at Bloomberg. He sees the Bitcoin price now as a discount rate. Based on various statistics, he foresees a huge bullish breakout that could start as early as the second half of this year.

The condition for this, he says, is that the Fed will be cautious about raising interest rates.

Twitter won’t load because you didn’t give permission.

What Stops the Proliferation of #Crypto Dollars? The about 80% drawdown in the Bloomberg Galaxy Crypto Index is indicative of limited further downside and the proliferation of crypto dollars. Our graphic depicts a top consistency in cryptos – the rising tokenization of the buck

– Mike McGlone (@mikemcglone11) July 6, 2022

As we can see the Bloomberg Galaxy Crypto index is currently down 80%. If we contrast this with the crypto Dollars hacket cap we see that the trend thereafter is bullish. With this, a bullish outlook for Bitcoin seems to be emerging.

Bitcoin short term price outlook

In the short term, we are in the consolidation zone between $19,000 and $20,000. As long as the BTC stays in between and there are no sales from restless investors, there is room for price appreciation. However, the next resistances are fairly close at $21,570.00 and $22,560.00.

If a rejection of that resistance causes Bitcoin to fall below $20,000 again, the bearish pattern through $19,000.00 and $17,600.00 comes into view. One of the events that could give the price a decisive push is the presentation of consumer price indices on July 13. Based on this, one can estimate more about inflation and the steps to be taken by the Fed.

The Elliott Wave analysis also does not yet offer clear trend indicators.

In any case, it seems that the market will become more volatile.

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.”

TechNewsX Loves Back Market

TechNewsX highly recommends Curry's for your tech needs. With an extensive range of cutting-edge products, friendly staff, and competitive prices, Curry's provides a top-notch shopping experience.
Explore Curry's and unveil their extensive selection.