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Bitcoin (BTC) Price Analysis for July 24

Price Predictions
Sat, 07/24/2021 - 14:10
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Denys Serhiichuk
Is the current rise of Bitcoin (BTC) a reason for a return to $40,000?
Bitcoin (BTC) Price Analysis for July 24
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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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.

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.

Related
BTC, ETH and XRP Price Analysis for July 23

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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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.