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Bitcoin (BTC) Price Analysis for July 24

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Sat, 24/07/2021 - 14:10
Bitcoin (BTC) Price Analysis for July 24
Cover image via www.tradingview.com

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The weekend has begun with the continued growth of the cryptocurrency market as all of the top 10 coins are in the green zone again.

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Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is the biggest gainer today, rising by 4.10% over the past 24 hours.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the 4H chart, the rise of the main crypto is going on against the declining trading volume. It means that a slight correction may occur near the closest resistance around $34,000. Despite this, the mid-term scenario remains bullish.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the bigger time frame, the trading volume is also going down, which means that traders have not accumulated enough power yet for a sharp move. However, bulls have broken the falling channel, which might be a prerequisite for an ongoing price rise to the vital mark of $40,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

According to the weekly chart, the overall picture is rather bullish than bearish as buyers have managed to show an impulse rise after a retest of the $30,000 mark.

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In this regard, if buyers fix above $37,000, the next important resistance at $43,700 may be attained within a few weeks.

Bitcoin is trading at $33,719 at press time.

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