Bitcoin, which dropped to a low of 19,309 dollars on July 5th as bears & bulls fought for market control, has since recovered to recapture support around $20,400.
Despite mounting recession fears in the United States, the crypto market and Nasdaq experienced some good price activity on July 5th.
According to Markets Pro data, bears pushed Bitcoin to a low of 19,309 dollars early in the day before bulls stepped in and pushed the price over $20,400 by the afternoon.
Analysts Reveal What Is Next For Bitcoin
Here are the forecasts of numerous experts for the leading cryptocurrency, as well as the levels of resistance & support to watch.
Michael van de Poppe took an optimistic view of the current Bitcoin price movement by tweeting the following chart in response to a Tweet that stated Bitcoin needs to break over the resistance zone around $19,700 to go higher.
According to the analyst:
This one broke over the barrier and is now on its way to another, somewhat higher one, at about $20.3K. Breaking the upcoming resistance is a signal for continuing towards 23,000 dollars and a summer aid rally, but I anticipate #Bitcoin to stabilise for a while here.
il Capo of Crypto offered a more pessimistic view of recent price activity by posting the following chart, which he said showed many “false pumps” that led to lower highs.
Lower highs, all the time. Pumps are quiet and have a rehabilitative appearance. Still aiming for the $15,800-16,200 range.