Analysts had wondered if the last correction in the crypto market could initiate sell-offs, but BTC’s firm support has renewed hopes for further rallies.
The weekend did not see much movement in the crypto market, with BTC broadly being static. It has moved closer to the $30000 mark after the last correction but seemed firm at the level. A few days back, Bitcoin had crossed $31000 with bullish signals from all stakeholders.
Many experts have claimed the current support for BTC would remain strong. The calls were positive even after bulls couldn’t break through $31400 on July 6. Analysts offered varied opinions on the latest short-term correction in crypto, but most leaned towards panic selling.
The spot Bitcoin ETF applications also created an initial frenzy, but regulatory matters have taken over now. On the other hand, major crypto firms have also been through a legal battle with US regulators over recent charges. BTC’s support over $30000 at this juncture could be a huge bullish sign for the crypto market.
The sign was prominent even after probable interest rate hikes this month. BTC’s support could only indicate a likely rally shortly. But bulls have been cautious after facing strong action from bears above BTC’s $31000.
BTC/USD 7D price chart
Bitcoin is currently trading at around $30200 on July 9, 2023, with BTC/USD up by around 0.3% in the previous 24 hours. BTC/USD is trading above its 20-day EMA (28,966.66) as BTC’s 24-hour volume decreased to around $7 billion. Bitcoin has seen around 82.70% returns on a year-to-date basis.