Why $28K Bitcoin Price Rally Might Be In Sight?

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CoinGape
17w ago2022-08-03

Bitcoin, the world’s largest cryptocurrency price has been struggling to keep up since the beginning of the year. The last 30 days have proved to be good for BTC as its price managed to recover by over 20%. However, expert suggests that this upward trend might be continued in the coming days.

How Bitcoin can jump towards $28K?

Bitcoin hovered around the $24k price level over the past two weeks. After testing this price zone, BTC jumped to a new local high of $24,666. However, it quickly dropped to the $23K price level.

Bitcoin prices have jumped by around 3% over the past 24 hours. BTC is trading at an average price of $23,416, at the press time. Its 24 hour trading volume has jumped by more than 4.75% to stand at $28.6 billion.

The expert suggests that $20,700 is now the vital price level to watch. If somehow Bitcoin falls below this key price level it will flag a lower low bearish signal.

Meanwhile, BTC is now holding an interesting $23k price level as the resistance. This can turn out to be massive support for this week. If Bitcoin can hold the current price level then this will push it towards the $24k level again. This move can possibly break out towards the $27K-$28K level.

July, best month for BTC so far in 2022

According to a report by Arcane, Bitcoin got relieved from the heavy selling pressure last month. BTC price registered a monthly return of around 16.6% in July. It mentioned that this has been the highest return since October 2021.

Other than July, February and March have been the two months that registered positive growth for Bitcoin of 12% and 5% respectively since October 2021. Meanwhile, June proved to be the worst month in the history of BTC.

The report suggests that this sudden shift in the momentum of Bitcoin is a direct result of the stock market’s slight recovery. Bitcoin went on to touch the bottom price level on June 18th. This event took place just after the stock market plunged and started climbing again.

However, Ethereum recorded a huge surge of more than 57% over the anticipation of its migration to proof-of-stake.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.