Bitcoin Reclaims $30K As Investors Stay Positive
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) have gained a positive momentum over the last 24-hours led by Bitcoins (BTC) which has managed to reclaim $30,000 mark. The largest cryptocurrency by market capitalisation defended the $29,500 support level. However, lack of a catalyst has prevented it to break out from its range.
BTC was recently trading at $29,969.86, up 0.48% over the past 24 hours. More than five weeks after spiking following multiple spot bitcoin ETF filings, bitcoin faced difficultly to escape the $30,000 to $31,000 range – for long.
Ether, the second largest crypto in market value, was recently changing hands at $1,882.77, up 0.92%.
Several analysts expect the range to break soon, but there is no consensus on the direction of the breakout. If the price breaks below the range, analysts expect a significant downside. Some are even projecting a fall closer to $20,000.
The global crypto market cap, gained 1% to $1.2 tn, over the last 24-hours. The total crypto market volume rose 3.02% to $23.32 bn. The total volume in DeFi is currently $2.25 bn and all stablecoins $20.09 bn, representing 9.65% and 86.15% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance stands unchanged at 48.60%.
IC15 index, the barometer of top fifteen tokens, added 1.21% to 39,721.
On the macroeconomic front, the Federal Reserve’s meeting son July 25 and 26 are important events to keep an eye on. The FedWatch Tool shows a 99.2% probability of a 25 basis point rate hike in the meeting. If that happens, the markets may not witness a knee-jerk reaction as the hike seems to have been priced in. However, any surprise move by the Fed could thrust the price out of the range.
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