The movement of BTC in recent times has been stuck in a narrow price range for quite some time now. Buy on a slightly positive note, the price of BTC, sometime today, made a slight move to a new high. Some expert analysis explained that this development is because the BTC bulls are not in a hest to exit; this, it says, is because they are looking forward to another batch of bull runs.
The latest market update says that the BTC market consideration has significantly shifted its market dominance from 40% to more than 50% on the 30th of June. According to analysis on Cointelegraph, this development shows that the participants have been slowly moving their attention to a very few selected altcoins like DOGE, XDC, and others, and the recent market data shows that it is starting to perform an upward trend.
The sudden recovery of the altcoins has maintained its position and will likely remain so until the BTC shows a sign of recovery. There is the likelihood of a high sell-off in altcoins in a situation where the BTC experiences a sharp fall.
The altcoin is expected to provide traders with a whole new trading opportunity using selected altcoins. Cointelegraph’s Rakesh Upadhyay has warned traders that during this time, they must apply caution and be fixed on the Bitcoin price performance.
In the latest Bitcoin price analysis, the bull has managed to maintain the BTC price above the 50-day SMA (Simple Moving Averages) at $29,377, which has remained so for the past five days (or more). According to Upadhyay, the bad omen lies in the fact that the BTC has not been able to push beyond the price above its 20-day EMA (Exponential Moving Average) at $29,670.
Price Update: Bitcoin Price Daily Market Analysis
According to data from the Cointelegraph platform, the bear will try to strengthen its position by dragging the price way below a support level, hopefully at $28,861. According to the data, if the bear succeeds, it could introduce a new price mark, likely to hold between the $24,800 and $31,000 price range.
The 20-day Exponential Moving Average (EMA) and the Relative Strength Index (RSI) still have the bears looking around. The bearish presence is expected to vitiate when the bulls push the price over a 20-day Exponential Moving Average. Only then will the BTC/USDT measure up to the overhead resistance level, which is expected to be around $32,400 and $31,000.
Upadhyay said that the bulls would have to subdue this obstacle for it to start afresh and attain a price level of $40,000. Also, the 20 Exponential Moving Average of the BTC has gone flat, and its Relative Strength Index is close to the midpoint, signifying a balance between its demand and supply. Meanwhile, the available chart pattern on the Cointelegraph platform shows that the BTC/USDT pair is stuck within a shallow price range of around $29,690 and $28,861.
Latest Market Price Analysis Of MKR, XDC, And DOGE
In the most recent market price research. MKR (Maker), XDC (XinFin Network), and DOGE (Dogecoin) have all experienced major market changes recently.
Due to its continuous adoption in the decentralized finance (DeFi) industry and greater utilization of the platform for stablecoin issuance, MKR, a decentralized governance token utilized on the MakerDAO platform, has seen a modest price boost.
The XinFin Network’s native utility token, XDC, has significantly increased value, recording a price level of over $0.057087 in the early hours of today. At the same time, the general trading volume stands at $12,644,060. This development has been attributed to its enterprise adoption improvements and interoperability solutions, which have drawn interest from various industries.
The price of DOGE has fluctuated unexpectedly to reach the $0.078210 price level in the last 24 hours, coupled with a trading volume of $458,907,927, reflecting its extreme volatility and speculative nature.
