• Bitcoin (BTC) continues to face some selling pressure and has been trading under $30,000 levels as of press time.
• The rising dollar and the tumbling tech sector kept the movements in the crypto space rangebound.
• Anthony Georgiades remains cautiously optimistic about the crypto market.
Bitcoin Price Struggles Below $30,000
The world’s largest cryptocurrency Bitcoin (BTC) continues to face some selling pressure and has been trading under $30,000 levels as of press time. On Thursday, July 20, the rising dollar and the tumbling tech sector kept the movements in the crypto space rangebound. As of press time, Bitcoin is trading 1.14% down at a price of $29,817 and a market cap of $579 billion. For over five weeks now, Bitcoin has remained trapped within the $30,000 to $31,000 range, with occasional spikes caused by multiple spot Bitcoin ETF filings. However, it has struggled to break free from this price range for a significant period.
Weakness on Technical Chart
Also, on the technical chart, Bitcoin continues to show weakness. Thus its chances of heading towards $25,000 are much more likely than $35,000. Despite this bearish outlook for BTC’s price action in short-term there still seems to be an underlying sentiment that is cautiously optimistic about bitcoin’s prospects going forward according to Anthony Georgiades co-founder of NFT and Web3 blockchain Pastel Network who emailed CoinDesk saying: “The underlying sentiment hasn’t changed much since yesterday or the preceding days.“ He further mentioned that monetary conditions are likely to loosen here soon which will help serve as a catalyst for risk-on assets such as cryptocurrencies including bitcoin
Altcoins Perform Mixed
Most altcoins head lower but Chainlink (LINK) proves to be an exception with 20% gains on Thursday amid strong accumulation over last week XRP had grabbed some limelight due to court rulings however it was not able make any significant gains compared to other altcoins such as SOL or CELR which saw double digit gains yesterday
Fear & Greed Index Turns Neutral
Amidst all these developments Fear & Greed Index turned neutral reflecting investors‘ collective apprehensions regarding bitcoin’s price action going forward while expectations remain high for BTC reaching above 25k or 35k in near future
The current market situation calls for caution when investing in cryptocurrencies even though analysts remain cautiously optimistic about cryptos long term prospects investors should always do their own research before making any investment decisions