Bitcoin (BTC) Is Up 6% Even As Sellers Eye $7,500

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin (BTC) resurgence, up 6 percent
Altcoins dominance fall

Superior, Bitcoin is generally in an uptrend despite early July losses. Presently, resistance lies at $14,000, and if buyers overcome this level, then BTC could soar to $18,000 by close of the year.

Bitcoin Price Analysis

Fundamentals

The altcoin world is turbulent. Even if the general notion is that Bitcoin and altcoin prices are in sync, correlating directly with the former acting as a base in most exchanges, thus far, there is a divergence in performance.

Contributing to this difference is the liquidity of Bitcoin, the trust it has thanks in part to the controversy around its use, and the high reliability. However, what sets them apart is what investors want to draw from each asset. Driven by varying objectives, Bitcoin remains to be that store of value, a reliable, low throughput network whose security is like no other.

On the other hand, investors and even traders relishing for action and ten-fold gains within short time frames flock in droves to altcoins. At the moment, the expectation is that altcoins like Bitcoin Cash or Bitcoin SV will rise from the ashes.

With the negative publicity of the latter, these Bitcoin hard forks have low market capitalization with Bitcoin SV in particular in danger of being illiquid following the delisting from Binance. While at it, there is a race in Iran. Feeling the squeeze from US sanctions, citizens are all in, mining Bitcoin even in Mosques despite authorities crack the whip on cryptocurrencies.

Candlestick Arrangement

At the time of press, BTC buyers are back. Following yesterday’s recovery and thrust past $10,000, prices are back in consolidation. Typically, these sort of wild price movements is common.

Even so, distinct from signaling candlesticks, yesterday’s bar was with low participation. Then again, notice that there is a whole bull candlestick closing below the lower Bollinger Band (BB). That’s a bullish signal, revealing a state of BTC under-valuation, justifying yesterday’s expansion.

Unless otherwise there is a surge past June 2019 high of $14,000 in line with previous BTC/USD trade plan, the path of least resistance is southwards. Because of that, every high is technically a selling opportunity with targets at $9,500 and later $7,500.

Technical Indicators

Anchoring and leading this trade plan is July 16 candlestick. The bar has decent trading volumes of 43k confirming the bear breakout of July 14. Therefore, as above, any surge above $11,200 or June 27 low-previous support now resistance, ought to be with high participation exceeding 43k. If that prints this weekend, BTC could rise to $14,000. Conversely, liquidation will cement this trade plan’s overview.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.