• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain

Bitcoin Rally As Altcoins Turn Green, Pushes Market Above $1 Trillion Threshold

Anifowoshe Ibrahim by Anifowoshe Ibrahim
8 months ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

Following strong weekly double-digit gains from Bitcoin and a number of big-cap altcoins, the cryptocurrency market capitalization surpassed $1 trillion.

$1 Trillion Market Crossed Again

For the first time since June 13, a significant gain on Monday in both bitcoin and ether helped lift the market worth of cryptocurrencies back beyond the $1 trillion level.

The largest cryptocurrency has reached its highest prices since a selloff in mid-June brought the price of bitcoin down from $30,000 to as low as $18,000, rising 5% in the last 24 hours to $22,300.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

During the late 2017 bull market surge for bitcoin, that same level served as a strong region of resistance, and in technical analysis, old resistance typically turns into new support (and vice versa).

bitcoin

Crypto market cap above $1 trillion threshold. Source: TradingView

For cryptocurrency investors, Monday’s profits should come as a relief after the preceding nine months have seen them endure a terrible bear market. As a result of the prolonged bear market in cryptocurrencies, $2 trillion in market value has been lost, and several crypto companies, including Celsius, Voyager Digital, and Three Arrows Capital, have gone bankrupt.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Despite analyst predictions that the Federal Reserve would increase interest rates by at least 75 basis points at the Federal Open Market Committee meeting on July 27, the traditional markets are mildly higher on the day that cryptocurrencies are generally in the black.

While traders may like the uptick in price on July 18, several analysts warn that it is merely a bear market pump.

Related Reading | Bitcoin Bearish Signal: Exchange Netflows Spike Up

Bitcoin Poised For Rebound

According to TradingView data, Bitcoin has made considerable gains over the past week. At the time of writing, BTC had risen by 16 percent from its most recent low of $18,907.

The most valuable cryptocurrency is currently bumping up into resistance at the 200-week moving average, which also happens to be the top of the trading range that BTC has been stuck in since the middle of June.

Over the past five weeks, attempts to break above this level have been repeatedly rejected, proving it to be a difficult nut to crack. It is yet unclear whether Bitcoin will be able to overcome this barrier and climb higher or if it will continue to fluctuate between $19,000 and $22,000.

$BTC battling that 200 Week MA again. Rejected 3 times in the last 5 weeks here.

Decision time imo.

We either have a fat breakout or fat breakdown. $ETH has been leading the market so far, along with many other altcoins. Breakouts occurring everywhere.

Can $BTC follow suit? pic.twitter.com/6Cz49po8CH

— Taner ⚡️ (@Taner_Crypto) July 18, 2022

The major distinction between the present bear market and previous cycles, according to Glassnode’s most recent newsletter, is “duration” and many on-chain measures are now comparable to these historical drawdowns.

Realized price, which is calculated as the value of all Bitcoin divided by the quantity of BTC in circulation, has shown to be a good indicator of bear market bottoms.

Number of days Bitcoin price traded below the realized price. Source: Glassnode

With the exception of the flash crash in March 2020, which is depicted on the above chart, Bitcoin has consistently traded below its realized price for a protracted period of time throughout bear markets.

Glassnode explained:

“The average time spent below the Realized Price is 197-days, compared to the current market with just 35-days on the clock.”

Related Reading | Bitcoin Breaks Above Realized Price Again, Bottom Finally In?

Featured image from Getty Images, charts from TradingView.com
Tags: altcoinbitcoinBitcoin BottombtcbtcusdMarket Cap
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Anifowoshe Ibrahim

Anifowoshe Ibrahim

Related Posts

Bitcoin $1 million

Bitcoin To $1 Million? Why Hyperinflation Is Unlikely In The US

2 hours ago
Bitcoin Proof of work

$1 Million For 1 Bitcoin Possible Says This Report, Here’s Why

15 hours ago
Bitcoin

$28.7K Could Be Next Level To Break For Bitcoin, Here’s Why

16 hours ago
FOMC Decision Will Push Bitcoin Up Or Down? The $30,000 Question

FOMC Decision Will Push Bitcoin Up Or Down? The $30,000 Question

18 hours ago
Bitcoin

Here’s What John Lennon’s Son Thinks About Bitcoin

21 hours ago
Bitcoin FOMC

Bitcoin Price Stalls Ahead Of FOMC Meeting, How To Trade It

1 day ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Altcoin News Roundup: Orbeon Protocol (ORBN), VeChain (VET), and Litecoin (LTC) Make Headlines

March 22, 2023

TMS Network (TMSN) Continues to Grow, Polygon (MATIC) Partners with Salesforce as Polkadot (DOT) Partners with Stellar

March 22, 2023

Why Investors and Traders Are Accumulating Shiba Inu (SHIB), Fetch.ai (FET), and TMS Network (TMSN)

March 22, 2023

The Most Exciting Cryptocurrencies Not To Miss in March, 2023: TMS Network (TMSN), Terra Classic (LUNC) and Algorand (ALGO)

March 22, 2023

Toncoin (TON), Polygon (MATIC) and Orbeon Protocol (ORBN) – Three Tokens Fighting Back Against The Bear Market In 2023

March 22, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.