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Bitcoin Price Remains Virtually Unchanged While Trading Volume Tops $13 Billion. Who Is In The BTC Market?

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This Tuesday, July 18th, Bitcoin price dropped under $30,000 after spending nearly a month above this level, stuck between a support at $30k and a resistance at $31k.

Now, the $30k level started acting as a resistance, which has kept the price from returning to its previous state.

However, Bitcoin still has enough buy pressure to stay very close to this level and has made several attempts to breach it since it fell below.

In the past 24 hours, the coin dropped to its lowest point at $29.7k, which appears to be its new support level. With the start of Wednesday, July 19th, the coin has tried to recover past $30k once more.

Chart 1 July 19

In the initial surge, Bitcoin managed to climb back up to $30.2k, which resulted in an immediate correction, as the level rejected its price.

BTC fell to $29.9k, which took on a role of a smaller support, but it was strong enough to prevent further descent. Instead, BTC jumped back up to $30,005, which is where it sits at the time of writing.

In terms of volume, Bitcoin has seen significant changes over the course of the last week. At its highest, it was at $25.5 billion on July 14th.

After the price drop that started the previous weekend, the volume dropped to under $7 billion. With Bitcoin’s new attempts to breach the resistance at $30k, the volume nearly doubled to $13.4 billion at the time of writing.

Robert F. Kennedy Jr. vows to back USD with BTC

Bitcoin has seen a few interesting developments in the last day, the biggest of which was the claim made by the US Presidential candidate Robert F. Kennedy Jr. Kennedy said that he has an idea to stabilize the US dollar, which revolves around using Bitcoin to do it.

Furthermore, he believes that Bitcoin profits should be exempt from capital gains tax.

Kennedy made the promise of backing the USD with Bitcoin at a Heal-the-Divide PAC event earlier today, July 19th. His idea is to use the “hard currency” such as gold, silver, platinum, or Bitcoin to back the US dollar and stabilize it, and the US economy.

He said,

Backing dollars and U.S. debt obligations with hard assets could help restore strength back to the dollar, rein in inflation and usher in a new era of American financial stability, peace and prosperity.

Cathie Wood grows more bullish on Bitcoin

Another positive news for BTC came from Cathie Wood, the CEO of ARK Invest. ARK has frequently been referenced in the news, primarily due to its decision to start selling Coinbase shares.

However, Wood’s recent statement clearly shows that the company did not sell the shares because it became skeptical of crypto.

On the contrary, Wood seems to be more bullish on Bitcoin than ever, predicting that Bitcoin could reach $1.5 million by 2030.

Wood’s new boost of confidence in the coin allegedly comes from Bitcoin’s positive response to the US banking crisis in March of this year.

At the time, several major banks, including Silvergate, Signature Bank, and Silicon Valley Bank, all collapsed due to overwhelming withdrawal pressure. Meanwhile, Bitcoin’s price skyrocketed from $20k to $27.7k in a matter of days.

Investors expect Ether to surpass BTC

While Bitcoin has mostly seen positive developments, one crypto survey paints it as an underdog in a battle for dominance between BTC and ETH.

A prediction by Fidelity Digital Assets gave a bullish forecast for Ethereum for the next 12 months, and a separate survey conducted by CryptoVantage found that 47% of investors believe that ETH will surpass BTC.

Fidelity’s prediction came in its recent Q2 2023 Signals Report, published yesterday, July 18th. In the report, the company provided Ether’s outlook for the next 12 months and the long term, both of which are overwhelmingly positive.

On a YTD chart, Ether rose by 62%, while institutional investors believe that Ether will explode in the long term.

Meanwhile, a survey from CryptoVantage of 1,000 North Americans who invested in crypto in the last five years claims that 47% expect Ethereum to surpass Bitcoin.

What is next for Bitcoin?

Bitcoin did not show major displays of strength in the last few days, and it recently tested a support at $29.5k. For bulls, it is important to stay above this support to reach and break its largest resistance, which sits at $32k.

Analysts believe this is possible, but whether it will actually happen remains to be seen. If the support at $29.5k breaks in days to come, Bitcoin is likely to drop to $28k, but also unlikely to return to $30k in the mid-term.

Chart 2 July 19

In fact, experts believe that the breaking of this support would likely push the coin further down to $25k.

Evil Pepe reaches a $100k milestone

A new meme coin recently emerged in the crypto market, winning the attention of investors who seek new opportunities. Evil Pepe (EVILPEPE) managed to reach its first major milestone of $100k within days.

The token is selling at a price of $0.000333, and its goal is to reach $1.99 million raised. The token is available in exchange for ETH and USDT.

Based on a popular meme Evil Pepe takes the blame for all bad investment decisions that investors make, so that they don’t have to. It encourages users to “embrace what their evil voice is telling them,” and take chances with the Evil Pepe.

 

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