Bitcoin gained 2.5 percent last week and closed the week at $ 9,300. It was extremely important that this rise came after the last 4-week drop. BTC’s price movements this week, which have not yet broken the short-term downtrend, have become critical for the continuation of the rise. In our July 13 Bitcoin weekly analysis, we tried to evaluate the latest situation of BTC this week.
Will the Bitcoin Side Trend Break This Week?
BTCUSDT, which first appeared on the Bitcoin daily chart, has horizontal movements at $ 9,250 levels. It is seen that the upward attacks return from the line determined as the short-term downtrend (blue).
This trend seems to be the triggering condition for Bitcoin to make an uptrend. Accordingly, BTCUSDT may increase gains this week if it crosses the $ 9,400 band this week and 5-digit figures may come up again for the Bitcoin market.
Due to the price squeeze, $ 9,250 still remains an important support. Daily closures below this level cause a drop in psychological support of $ 9,000. If the daily close is below $ 9,000 this week, a shift towards $ 8,500 can be seen.
When looking at the total market, altcoin movement draws attention. This can be seen as a description of the stability in Bitcoin. There is a drop in Bitcoin dominance in recent days. If the capital flowing into altcoins returns to the Bitcoin market, the biggest cryptocurrency in the market can be a rapid rise.