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Is Bitcoin ready for ATH? $13k sounds more realistic!

Bitcoin has been climbing for around two months, but does this mean that the dark days are over? Will we see a new ATH in 2022? Check out what BTCNEXT analysts think on that matter!

Main events for July 27–31 and Aug 1–9

  • Around 8,000 Solana-based wallets were hacked. The attack affected Trust Wallet, Phantom, and Slope wallet. The total amount of stolen funds rangeed from $5 million to $8 million.
  • The SEC accused the creators of Forsage with promoting a crypto pyramid. The US Securities and Exchange Commission (SEC) accused eleven people of creating and promoting the Forsage cryptocurrency pyramid which raised more than $300 million from investors around the world.
  • Hackers attacked the Nomad cross-chain protocol. On August 2, the Nomad cross-chain protocol was hacked. As a result, the attackers withdrew crypto assets worth about $200 million.
  • Michael Saylor is stepping down as CEO of MicroStrategy. MicroStrategy announced a change in leadership with Michael Saylor stepping in as Executive Chairman and Fong Le as CEO.

Price analysis

The week closed at $23,174. Bitcoin prices held at above MA200 and continued to move in an upward direction. We managed to gain a foothold above the RSI trend line, which is in the bullish zone on the daily timeframe. Volumes continue to grow while BTC has already made 3 attempts to gain a foothold above $24,000.

Globally, the bearish trend continues and the RSI is still in the bearish zone. The delta is in the negative at -$326 million. Huge liquidity is concentrated in the support zone, which increases the chance to go down.

The priority of movement in the upward direction remains with targets of $24,000 and $26,000 as well as a test of the global resistance zone in the $29,000-$32,000 range. The Fear & Greed Index is at 42 points; not far from the neutral zone.

Altcoins show good bounces. Ethereum is ahead of Bitcoin in terms of movement dynamics and has already shown more than 50% growth. If the BTC continues its upward movement, we can expect the emergence of a long-term trend.

That’s all! If you want to continue receiving price analyses, stay tuned for more BTCNEXT updates!

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