Currently, the price of Bitcoin is above US $ 10,500 although on the week of July 17th it closed at US $ 9,700. The bullish trend seems not to have changed despite the correction of the last days.
The price of Bitcoin (BTC) has experienced difficult days, falling from US $ 10,000 and returning to the original price just 24 hours later, to settle above US $ 10,500 on July 18th. It should be noted that the same thing has happened to other cryptocurrencies. However, it is necessary to know what has happened in the market.
To achieve a better understanding of these days of constant changes in the cryptocurrency market, it is relevant to know what market analysts think of this situation. It has been explained that, although there is a structural trend that seems to be bullish, circumstances like those experienced in recent days will be repeated; making special reference to the profit-taking events of which many investors could be protagonits. It has also been stated that many of those who entered the market from the minimum of US $ 3,000 could have left their BTC positions to parity currencies or directly to fiduciary money in order to take profits.
It is said that the results of the hearing of the representative of Libra, David Marcus, before the United States Congress on July 16th, 2019, could have influenced the fall of BTC. Although the majority of critics focused on Facebook and Libra, it is believed that the event could also have intimidated some investors who were positioned in BTC or other cryptocurrencies.
However, despite the drop in BTC prices of the previous day, it has been noted that US $ 10,000 is a key price and it has been assured that it is an important support. Trump’s criticisms on cryptocurrencies and Facebook’s Libra via Twitter could have also affected the price of BTC. Although the ecosystem thinks it is a victory, there are some investors who may think differently.
It is thought that the market could maintain a bullish trend, but corrections are necessary and logical, and there could be one that allows the price to continue climbing to reach new bullish levels. The bullish momentum is almost six months old, so it may be time to take this change seriously, since it has also been accompanied by significant growth in terms of trading volume.
On July 17th Bitcoin reached a price of US $ 10,549 per unit, with an exchange volume of US $ 25,378,319,289, being its main exchange markets CoinBene, Bit-Z and Binance, mainly against tether (USDT).
This price represents an increase of more than 7% between July 17th and 18th and the recovery of the price above US $ 10,000 per bitcoin. On July 17th alone, the price of Bitcoin had fallen below that figure for the second time during the month, after having exceeded this price gap in June.
The market in general is also going through a positive momentum with NEO (17%), LTC (10%) and BSV (10%) as the main winners among the first 20 cryptocurrencies by market capitalization.
By Willmen Blanco