BTCNEXT
Published in

BTCNEXT

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!

To learn more about BTCNEXT, visit our official website or find us on Twitter, Telegram, Facebook, Medium

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store