Analysis of the day: Bitcoin on the rise?

The cryptocurrency market is still quite volatile in general and of course with a bear market, this is even more so. Bitcoin like approximately $23,500 to stabilize which shows an upward trend compared to a few weeks ago. On the other hand, if the majority of experts thought that the main crypto would make a bullish recovery when the $20,000 level was passed, opinions are much more mixed at the beginning of August.

Therefore, the value of Bitcoin has been fighting strongly since it came in at $23,500. At the same time, most of the major altcoins like Ethereum are on course for another upside in terms of price. For example ETH finally broke above $1700. According to analysts, the price could accelerate positively if the signal he manages to reach $1790. In terms of performance, the best altcoins are still BNB and SOL which are among the top 10 cryptocurrencies today.

Bitcoin is struggling to find its feet

Although the forecasts were quite favorable for the evolution of Bitcoin, it is clear that the market leader still struggling to regain strength. The trend of its value shows that the latter is in complete stagnation. This is quite clear when considering its figures in a daily or monthly unit of time on the market.

Therefore, while the price of Bitcoin remained above the $22,500 support zone, it hasn’t really evolved since. When this zone was crossed, the BTC started an upward movement and in addition ended up crossing the $23,000 bar.

During this uptrend, the cryptocurrency broke through the $23,200 level and seemed to be in great shape. However, when it got close to the $23,500 level, the signal was there a strong face of resistance.

The milestone of $24,000

It is precisely at this level Bitcoin he still has difficulties. However, for the experts, the cryptocurrency will also cross this milestone after a while. However, it will hit a new resistance zone near the $23,800 level. Only after crossing this zone will Bitcoin be able to benefit from a stronger and more consistent increase in value.

On the other hand, if the value of the cryptocurrency starts to fall, it is always possible receive immediate support once at $23,000. If it continues to decline, it will have a chance to tap into another major support near the $22,500 area. However, below this limit, its value may fall further.

Bitcoin at the time these lines are for value of $24,023. Therefore it has crossed the resistance of $23,800, but it will still be necessary to confirm within the next few hours whether this trend will be temporary or a favorable indicator of an increase in the price in the coming weeks. This is still a positive aspect that points to a much larger potential increase to come.

The value of Ethereum is gradually changing

After a few weeks of decline, the price of Ethereum has finally seen some movement. In fact, just today, it is 4% more in value. So its price is over $1700 again ($1780 to be exact right now). However, the cryptocurrency still has many obstacles to overcome if it wants to progress.

For many analysts, it will encounter relatively high resistance when it reaches the $1740 level. Another level of resistance will emerge at the $1790 level. Above this zone, the price of ETH could effectively continue its rising uptrend up to $1880.

On the downside, the cryptocurrency could take advantage of support if it goes down to the $1650 level. It will find major new support when it is around $1620. Its price and value will continue to decrease in this area.

So whether the promotion will continue in the coming hours (and days) remains to be seen. Especially with The Merge which will be available soon. For some experts, it is the current price of Ethereum well below potential that he represents him in the years to come.

Value of other altcoins

Apart from Bitcoin and Ethereum, several other cryptocurrencies are increasing in terms of value. This is especially true with the famous token Binance (BNB) which had a very satisfactory week with an increase of almost 5% in the last 24 hours and 15% in one week. BNB is currently found above the $320 level (more precisely, it is trading at $325 as of this writing). Its value could continue to increase in the coming days.

A situation that also affects the cryptocurrency Solana (SOL), which has experienced a rise of 5% in the last 24 hours. Currently, SOL is trading above $42, but may encounter immediate resistance near $43. However, when the cryptocurrency finds itself above $43, its value could increase to $45.

As for Dogecoin, it has not seen any rise in the last few days. Indeed, the famous DOGE coin meme there is some resistance which keeps it from entering above $0.0700. However, if the signal manages to climb above this level, its value could rise to $0.0720.

The coming days will allow set the trend for the following weeks. In fact, the market is starting to recover a little, but Bitcoin is still the element that can have a greater impact on the price of cryptos, both positive and negative. Although some industry experts like the creator of Dogecoin like to have fun with the current situation.