Bitcoin
BTC$43 820.10

1.39%

Ethereum
ETH$2 361.38

0.41%

Tether
USDT$1.000299

0.02%

XRP
XRP$0.681118

5.93%

Binance Coin
BNB$240.90

3.09%

Solana
SOL$75.73

6.81%

Bitcoin price drop to $37K has analysts wary of calling a trend change


27 Jul 2021

#Bitcoin

Bull market optimism returned to the cryptocurrency market on July 26 after Bitcoin (BTC) price rallied above the $40,000 level for the first time in over six weeks. Today’s rally to $40,581 was a continuation of the July 25 breakout which saw BTC price rocket to $48,110 at Binance af a short squeeze resulted in nearly $500 million in shorts being liquidated in just two minutes.

Data from Cointelegraph Markets Pro and TradingView shows that BTC spiked to an intraday high at $40,581 on Monday before pulling back to $37,500 as bulls look to flip this resistance zone back to support in preparation for a further move higher. While the move higher has the mark of a trend change and has prompted some analysts to proclaim the bull market is back on track, on-chain data and the perpetual funding rates do not fully concur with this point of view. Especially when one considers that the current breakout may have only been the result of a massive short squeeze.

According to Élie Le Rest, partner at digital asset management firm ExoAlpha, the recently denied rumor that Amazon would accept cryptocurrency payments have the potential to have a similar effect as the 2020 revelation from PayPal that it would integrate cryptocurrencies. Le Rest said that if the Amazon news turns out to be true, this “could be the catalyst to ignite a bull run in H2 of 2021.”

Caution is warranted against being overly bullish and data from Glassnode suggests that several bearish threats remain valid. When analyzing the directional bias of the futures markets, Glassnode found that “perpetual funding rates have continued to trade negative,” which “indicates the net bias remains short Bitcoin.” Bitcoin’s recovery above $40,000 also helped spark strong rallies in most altcoins.


Related

NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Bitcoin’s continued slide down
Bitcoin’s continued slide down
A new round of crypto market mistrust
A new round of crypto market mistrust
Bitcoin holds its range, but pressure mounts
Bitcoin holds its range, but pressure mounts
Bitcoin unlikely to end correction
Bitcoin unlikely to end correction
Bitcoin looks set to take a severe dive
Bitcoin looks set to take a severe dive
Bitcoin set for a deeper correction
Bitcoin set for a deeper correction
Bitcoin falls under pressure
Bitcoin falls under pressure

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 79.6% 31 $43 820.10 1.39% 13.14% $857 334 806 631 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 76.8% 36 $2 361.38 0.41% 12.42% $283 880 573 853 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000299 0.02% -0.02% $90 362 643 646 USDT 7 days price change
4 XRP (XRP) XRP XRP predictions 82.4% 28 $0.681118 5.93% 10.95% $36 751 390 365 XRP 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 86.8% 18 $240.90 3.09% 5.40% $36 543 180 385 BNB 7 days price change
6 Solana (SOL) SOL Solana predictions 78.8% 39 $75.73 6.81% 22.25% $32 258 285 071 SOL 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $1.000125 0% 0.01% $24 502 884 471 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 82% 37 $0.617471 27.74% 59.37% $21 808 674 474 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 75.2% 53 $0.101944 5.02% 21.08% $14 492 322 552 DOGE 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 72.4% 50 $32.71 20.35% 48.38% $11 963 701 556 AVAX 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 92.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 TRON (TRX) TRX TRON predictions 92% 7 $0.107625 1.58% 4.25% $9 521 831 874 TRX 7 days price change
13 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 94% 7 $0.107531 1.92% 4.08% $9 513 557 659 WTRX 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 77.6% 38 $16.84 5.42% 6.77% $9 377 894 789 LINK 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 76% 38 $7.44 19.08% 34.95% $9 335 385 230 DOT 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2023 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.