Bitcoin Has Stalled Under $31K

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Bitcoin has been trading for $30,669 over the last few days- but this hasn’t taken away the sheen of the cryptocurrency having an 84% rally in 2023.

The strong recovery in the price of the cryptocurrency has boosted the purchase of the altcoins, which have risen sharply from their yearly lows. With the second half of the year about to begin, investors have been asking a single question- will this rally continue? The data from CoinGlass has shown that for July, there have been just three negative monthly closes since 2013 and the biggest decline has been 9.69% in 2014. This suggests that the bulls have somewhat of a slight edge. 

Bitcoin and Altcoin Could See A Major Uptrend If Bulls Can Propel

A major part of the last leg of the Bitcoin and altcoin rally was fuelled by hopes that the SEC would be approving one or more applications needed for a spot Bitcoin exchange-traded fund. Any adverse news regarding this could effectively turn the sentiment bearish- resulting further in a sharp sell-off. However, for now, Bitcoin and a few other altcoins have been showing some strength. Bitcoin, on its part, has continued to trade at the top of the stiff overhead resistance at $31,000. This does suggest that the bulls don’t seem to be in any hurry to book the profits, as they now anticipate another leg higher. 

If bulls can propel and further sustain the Bitcoin Price above $31,000, the pair is quite likely to start the next leg of the uptrend. The bullish momentum could easily catapult the price above the immediate resistance at a price above $32,400. If that does happen, the pair could continue its northward approach toward $40,000.