As traders predict that it will break through $45,000 in a few weeks, the price of Bitcoin seeks higher lows

Bitcoin (Bitcoin) After a surge above $40,000 leading to higher levels of widespread holdings, trading stabilized on July 27.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Everyone is paying attention to the higher lows of Bitcoin

Data from Cointelegraph Markets Pro and Transaction view It shows that BTC/USD is hovering around 37,000 US dollars, which is about 8.8% lower than the peak of Monday’s gains.

its More than $40,000 for the first trip Cointelegraph writer Michaël van de Poppe stated that in six weeks, Bitcoin price movements are now trying to consolidate and form support at higher lows.

“Bitcoin refused at a high level, which is not surprising,” he explained in a statement. Twitter update Tuesday.

“The market has created a new high and is looking for a higher low. The level I am looking at is the area around $34,500-35,800 and $32,500.

have a look Buy and sell levels The major exchange Binance confirmed the importance of these price points, and buyer support was significantly less than $36,000. On the other hand, sellers are still gathering at 40,000 USD and above.

BTC/USD trading level (Binance) as of July 27. Source: Material Indicators/ Twitter

The area immediately after $40,000 is still a decisive obstacle that Bitcoin bulls need to overcome. Analysts believe that this will release the continuation of the bull market and keep many people waiting.

“Do people really expect to have 45-48k someday?” Popular trader Pentoshi rational.

“You broke the downtrend with high volume, you returned to the range and created an HH in the daily line. You transmit to the resistance level, it may take 2 to 3 times to break it, but this will It will happen in the next few weeks. The drop is a buy.”

This situation will make BTC/USD expected to reach 47,000 US dollars in August, which is the lowest level-if controversial — The monthly closing price predicted by PlanB, the creator of the inventory-to-flow model.

Trader: “Most” altcoins have bottomed

Bitcoin’s retreat from local highs also caused problems for altcoins.

related: 7/26 Price analysis: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC

Ethereum’s Ether (Ethereum) Is the altcoin with the largest market capitalization. The price of the altcoin on Bitstamp fell by 11% after rising to $2,432.

ETH/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Many major altcoins have similar performance, and at the time of writing, it is not uncommon to lose 10% or more in 24 hours.

“The most important thing is that altcoins are emulating Bitcoin and are likely to run to the other side of its range,” Van de Poppe said. Add to In the hopeful forecast, repeat Previous conviction Regarding alternative markets.

“This means 80-150% are running from lows. I think most of them have bottomed out.”