After coming close to declining below its support level, Bitcoin has successfully gone through a balanced recovery for yet another bullish rally signal.
The crypto market went through a balanced recovery in the last 24 hours, up from its selling pressures of the previous day. BTC was especially at risk of losing its support. Fortunately, bulls were active at $30000 for Bitcoin, and helped it rebound from that mark. ETH has also moved past the $1850 mark currently.
BTC’s recovery was steep, pushing it above $30500. Most experts believe it could attempt the $31000 again. Its eventual target could be moving beyond $32400 in July, for a consolidated rally there on.
There was also a strong pushback by bears for ETH. While its 20-day EMA is at $1871, bears have been trying to dip it below $1800. It has experienced strong volatility in the last week. The crypto market’s recovery had a positive effect on tokens like Solana, Litecoin, BNB and Polygon. The crypto market cap also rose by 1.45% to around $1.19 trillion.
Bitcoin’s capitalization has moved past $590 billion yet again. Analysts have called for bullish signs in the upcoming month for BTC. Its immediate resistance at $30500 is a roadblock, but the $30000 support has been the breather for traders.
BTC/USD 1D price chart
Bitcoin is currently trading at around $30400 on July 11, 2023, with BTC/USD up by around 0.8% in the previous 24 hours. BTC/USD is trading above its 20-day EMA (29,440.39) as BTC’s 24-hour volume increased to around $15 billion. Bitcoin has seen around 83.58% returns on a year-to-date basis.