Bitcoin’s Price Surpassed $23,000
Bitcoin has made significant progress since its dramatic drop below $19,000 on July 13, caused by record-high US inflation data. It bounced back from the weekly low and climbed back above $20,000 within a few days. For the third consecutive weekend, Bitcoin surged, reaching approximately $22,000 by the end of Sunday’s trading. Monday saw a dip below $21,000, but Bitcoin quickly recovered and exceeded the $22,500 mark, hitting a new monthly high. Within the last 24 hours, Bitcoin’s price has fluctuated by just a few hundred dollars, bringing it close to $23,000. However, the price dropped by over $1,000 shortly after, hovering just above $22,000 at the time of writing.
Ethereum and Altcoins Show Recovery
Altcoins have been performing relatively well, as evidenced by Bitcoin’s decreasing dominance in the market. Ethereum has led the way. After briefly falling below $1,000 just over a week ago, it quickly recovered and briefly surpassed $1,600 earlier today. At the time of writing, it is at $1,553, still showing positive movement for the day.
Solana has gained 9% and is trading slightly above $45, while BNB, Ripple, and Avalanche are maintaining moderate positions. Among smaller and mid-cap altcoins, SAND, ETC, APE, Flow, and NEAR have shown exceptional performance.
Crypto Market Capitalization Surpasses $1 Trillion
After weeks of significant sell-offs triggered by Bitcoin’s price dip to annual lows around $18,000, crypto traders had a reason to celebrate on July 18 when the total market capitalization of the cryptocurrency sector rebounded to above the $1 trillion mark. This represents an increase of over $100 billion. After today’s 5% rise, Bitcoin’s price is estimated to range between $25,000 and $30,000 on the upside, and between $15,000 and $19,200 on the downside.
What Defines a Crypto Market Reversal?
Despite recent gains, the crypto market remains in a bear phase. For a complete turnaround, Bitcoin (BTC) needs to break the $30,000 level and stay above it for at least two days. As for Ethereum (ETH), the key thresholds for a turnaround are between $19,200 and $20,000, depending on market interpretation.
Monitoring Trading Ranges
For Ethereum (ETH), the crucial trading ranges to monitor are $1,900 and $2,000 on the upside, followed by $2,175. On the downside, the key levels are between $1,500 and $1,130. If Ethereum exceeds $2,175, it could signal a full market reversal, assuming it maintains that level for a few days. The current price estimates for Bitcoin are still in flux.
Where to Purchase Bitcoin and Ethereum?
In our Bitcoin review, we also provide guidance on where to buy it, and the same applies to our Ethereum review. There are approximately 20 highly trusted cryptocurrency exchange platforms where you can purchase Bitcoin, using various deposit methods, such as Apple Pay, AliPay, Neteller, Visa, UnionPay, or even Dogecoin. Find a detailed list of hundreds of deposit methods here.
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It’s important to remember that bear markets often see rebounds. Given the current downward economic trends, this fact should be kept in mind. Additionally, Bitcoin’s trading volume is returning to normal after a sharp increase in June, indicating growing activity as many investors liquidated their holdings.
Altcoins have already outperformed Bitcoin in July, and their performance seems to be closely tied to Bitcoin’s value. Considering the current market sentiment and trading activity, we expect cryptocurrencies to recover some of their losses this month. Stay informed by reading CryptoChipy articles to help guide your investment decisions.
