The crypto community is waiting for the price of Bitcoin, considering $ 28 thousand an important level!
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Answer The crypto community is waiting for the price of Bitcoin, considering $ 28 thousand an important level!
Bitcoin, the world’s largest cryptocurrency, is struggling to get back above the $25,000 level.
The past 30 days proved to be good for Bitcoin as its price managed to recover more than 20%.
However, experts point out that this bullish trend may continue in the coming days.
Bitcoin and the level of 28 thousand dollars:
Bitcoin has been hovering around the $24,000 price level for the past two weeks.
After testing this price zone, Bitcoin price jumped to a new high of $24,666.
But since then the price of Bitcoin has fallen to the level of 23 thousand dollars.
Read:The founder of Binance praises the performance of the digital currency BNB and its reaching a new level
Bitcoin prices have jumped about 3% in the past 24 hours.
At the time of writing, Bitcoin is trading at an average price of $23,350.
The 24-hour trading volume jumped more than 4.75% to $28.6 billion.
Some analysts are suggesting that $20,700 is now a vital price level to watch.
If Bitcoin somehow drops below this key price level, it will signal a bearish signal.
Meanwhile, Bitcoin is now holding an interesting $23,000 price level as resistance.
This could turn into a massive support during this week.
If Bitcoin can hold the current price level, it will push it towards the $24,000 level again.
This move could break out towards the $27,000 to $28,000 level.
July is the best month for bitcoin so far in 2022:
According to a report by Arcane, Bitcoin was relieved of heavy selling pressure last month.
Bitcoin price recorded a monthly return of around 16.6% in July.
This is the highest return since October 2021.
Read:Report: Ripple Sold $890 Million in Ripple (XRP)
Other than July, February and March are the two months that have recorded positive growth for Bitcoin of 12% and 5% respectively since October 2021.
Meanwhile, June proved to be the worst month in Bitcoin history.
The report notes that this sudden shift in bitcoin’s momentum is a direct result of the stock market’s slight recovery.
The coming days will be busy days for bitcoin and cryptocurrencies in general.
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Bitcoin’s recent rally was a bull trap, according to data analytics platform Glassnode.
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