Bitcoin price seeks higher lows as traders predict it will break through $45,000 in a few weeks


The price of Bitcoin (Bitcoin) Stable trading on July 27, The rebound above $40,000 caused it to maintain a higher level.

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

All eyes are on the lows of Bitcoin

Data from Cointelegraph Markets Pro Yes Transaction view show BTC/USD is hovering around 37,000 USD, which is about 8.8% lower than Monday’s peak increase.

This is his More than $40,000 on the first trip Six weeks later, Bitcoin price movements are now trying to consolidate and form support at higher lowsCointelegraph writer Michaël van de Poppe said.

“Bitcoin’s price at the top of the rejection range is not surprising”In an explanation Twitter update Tuesday.

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

have a look Buy and sell levels Binance, a large exchange, confirmed the importance of these price points because Buyer support is significantly less than $36,000On the other hand, sellers are still gathering above $40,000.

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

The area immediately after $40,000 is still a decisive obstacle for Bitcoin bulls to overcome., Analysts believe that doing so will trigger the continuation of the bull market that many people are still waiting for.

“Do people really expect Bitcoin to reach $45,000-48,000 in one day?”, rational Popular trader Pentoshi.

“You broke the downtrend with high volume, re-entered the range, and made an HH on the log. You have reached the resistance level and it may take 2 to 3 times to overcome it, but this will be in the next few weeks I think it’s happening inside. Buy if it falls.”

This situation will bring the BTC/USD currency pair to 47,000 USD in August., Minimum-despite controversial-The monthly closing forecast of the creator of the Inventory-to-Flow PlanB model.

Trader: The “majority” of altcoins has bottomed out

At the same time, Bitcoin slipped from local highs, causing problems for altcoins.

Ether (Ethereum) Ethereum, The altcoin with the largest market value, Tumbled 11% after imitators rose to a high of $2,432 And bit stamp.

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

The same thing happened to many major altcoins, losing 10% or more in 24 hours. This is not uncommon at the time of writing.

“the most important is Altcoins, following Bitcoin, are likely to also run to the other end of the range“, Add to Van der Pope repeated in hopeful predictions Previous conviction About the altcoin market.

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

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