If Bitcoin can break through the resistance at $24,668, we will see the rally of altcoins such as THETA, FLOW, and MKR. The rally in crypto markets may have more room if there is a close correlation between stock market and crypto markets. Material Indicators, an on-chain monitoring resource, stated in a Twitter update Aug 5 that Bitcoin (BTC), if it breaks above $25,000 there will not be any major resistance until the $26,000 to $28,000 range. The volume has increased by 31% and prices have risen by around 4%. BTC currently holds around 40% of the market.
BTC traded at $23,350 as of the writing of this article.
Chart for Bitcoin (BTC).
BITCOIN trades sideways in a narrow range of $22,500 to $23,500, with low volumes. It is currently hovering near its 20-Day Moving Average for the past few days. The asset faces stiff resistance at $24,500 on a daily basis. If the resistance is broken and the daily closing exceeds it, the price can rise to $28,000. A neutral stance on the asset is indicated by declining volumes, a flattened moving average, and RSI of around 50. Bitcoin is supported at $17,500 and $20,500.
Support 2Support 1AssetResistance 1Resistance 2$17,500$20,500BTC$24,500$28,500
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08th August 2022 ZebPay.