25th July 2023
In the past few hours, Bitcoin has been trading around $29,100, which is slightly below the strong resistance level of $29,500. However, this trend may change given the interest of artificial intelligence and technology development companies in cryptocurrencies following the launch of Worldcoin yesterday. Worldcoin is a new digital currency introduced by the CEO of OpenAI, Sam Altman, and has garnered significant market attention, experiencing a price surge of over 16% in the last 24 hours. Additionally, Dogecoin also saw an increase after Twitter’s CEO, Elon Musk, renamed his account to X.com and posted the Dogecoin logo, leading traders to expect its use on the new X.com/Twitter app. At the moment, the current trading price of Ethereum is approximately $1,854, which is lower than the recent resistance level of $1,900.
Bitcoin has finally broken out of its sideways price movement after trading in a narrow range between $31,693 and $29,000 for a month. The main trendline support currently stands at $26,800, and as long as Bitcoin remains above it, the trend is expected to be bullish.
Several factors are currently affecting Bitcoin and cryptocurrencies, including concerns about the Ripple case resumption and investors’ speculation on Bitcoin investment funds shortly. Additionally, the market is keeping a close eye on the Federal Reserve’s interest rate decision tomorrow. It is anticipated that the Fed will raise interest rates by 25 basis points, with strong expectations that this will be the final rate hike in the current tightening cycle, increasing caution in the digital market.
Recently, the Bitcoin market witnessed a sell-off of $41.5 million yesterday, causing the price of Bitcoin to drop by nearly 3.5%, reaching its lowest level in a month at less than $29,000. However, investors quickly managed to maintain some gains above the key support at $29,000 due to a lack of positive catalysts and cautious sentiments before the announcement of the US Federal Reserve’s decision and core inflation data for personal consumption expenditure. Additionally, negative headlines about Binance, the world’s largest digital currency exchange, contributed to the recent price decline.