With few movements in the cryptocurrency marketthe bitcoin (BTC) is practically ironing” this Monday, August 14 and is located in $29,535.35well below the $30,000Meanwhile he ethereum (ETH) also does not wake up and stays below the range of the $1,850.
Craig Erlama senior market analyst at OANDA, points out that largest crypto by market capitalization “It’s been very shaky in the last two months,” though, “He hasn’t really gone anywhere in that time.“. “From quoting mainly between u$s30,000 and u$s31,000 between the end of June and the beginning of July, to do it mainly between u$s29,000 and u$s30,000 since then, it hasn’t been the most exciting period,” says the expert.
According to the OANDA strategist, although BTC has sought to recover $ 30,000 after a strong rally last Tuesday, it seems that he has not had the “impulse needed” to escape the range in which it has been trading in recent weeks. And it doesn’t look like he’s going to get it any time soon.
At the momentBitcoin is in the #1 place of popularity in the digital market. It is worth mentioning that the historical maximum that this digital currency has reached is US$68,789.63 per unit.
Bitcoin: Between Crypto Winter and Resistance
In the first weeks of May 2022, the bitcoin was immersed in thecryptowinter”, which also sank the values of other cryptocurrencies such as Ethereum or LUNA de Terra.
It is called “crypto winter” when prices drop surprisingly and no improvement is seen or forecast in the next six months after it starts. This latest episode was driven by several elements: inflation in the world and the proposal to ban the use and extraction of these assets in Russia, currently in conflict with Ukraine.
This disturbing term also alludes not only to the sharp drop in virtual currencies, but also to the decrease in the volume of operations and months of market stagnation, a phenomenon that is not new either, since a similar event was experienced only in 2018.
This latest crisis led Bitcoin to fall a 77% of its value; while others like Ethereum lost 30.88% of its value. The domino effect also affected Terra’s stablecoin, LUNA, which fell more than 100% when it went from US$118 to US$0.09, a blow from which it still cannot be recovered.
Bitcoin Price Prediction
Bitcoin it is currently hovering around $29,380, with a slight bullish bias. However, there are obstacles that prevent you from breaking threshold At $30,200, this resistance is accentuated by technical patterns that indicate a higher bearish sentiment.
Significant indicators such as the RSI and MACD are approaching the zone of overbought, which implies a possible weakening of the current bullish momentum. The value of Bitcoin recently reached the 23.6% retracement level of fibonaccicurrently at $29,800.
If the trend continues, the next target will be the 38.2% marker, located at $29,600. In case that Bitcoin falls below this level, it could result in a decline towards $29,250.
However, if Bitcoin manages to overcome the resistance level from $30,200, it could potentially move up into the $30,600 to $31,000 range.
It is important to watch the critical zones of $29,800 and $30,200, since any change below them could indicate a bearish trajectory for Bitcoin.
Source: Ambito
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