Although Bitcoin’s price action appears monotonous, it has sparked an interest in the purchase of other cryptocurrencies such as LINK, FIL, SNX, and THETA. Bitcoin, currently valued at $30,106, faces hurdles in surpassing the overhead resistance at $31,000. However, bulls have managed to sit tight, not allowing the price fall below the $29,500 support. This implies that an additional boost may be necessary to jar it out of its current range.
On the macroeconomic scene, all eyes will be on the Federal Reserve’s meeting on July 25 and 26. The likelihood of a 25 basis point rate hike in the meeting is presently projected to be 99.2%. If this occurs, the markets could resist any immediate reactions as this hike appears already factored in. Nevertheless, any unplanned move by the Fed could push the price out of its existing range.
While many analysts expect the range to be shattered soon, the direction of the breakout remains arguable. Any price fall below the range could trigger substantial downsides, with some projections going as low as $20,000. On the brighter side, any upward shift in Bitcoin could tempt potential investors into the altcoins market.
Subsequently, scrutinizing the price chart patterns of Bitcoin reveals that though it’s been hovering below the 20-day exponential moving average ($30,036) in recent days, the bears have been kept at bay, unable to drag the price to the 50-day simple moving average ($28,979).
Moreover, the charts for Chainlink, Filecoin, Synthetix, and Theta Network are indicating bullish tendencies as eager buyers eagerly seek opportunities amid Bitcoin’s volatility.
Contrarily, if the 50-day Simple Moving Average (SMA) walks the plank, we could anticipate a resurgence of bearish sentiment, potentially triggering a downward spiral towards $24,800.
In conclusion, the cryptocurrency market offers a scenario of subtle suspense, as Bitcoin’s struggle with a series price performance could be the catalyst for bullish behavior in select altcoins. A development that emphasizes the interplay of market trends, financial policies, and investor behavior in determining the market outlook for cryptocurrencies.
Source: Cointelegraph
