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Bitcoin price before massive movement – Chainlink rises 30%

  • Bitcoin continues to trend sideways in a narrow price range between $9,100 and $9,500 and is currently trading at $9,290.
  • Chainlink has risen by almost 30% to $7.97 in the last 24 hours against the current sideways trend of the market.

Bitcoin has been moving in a narrow price channel between $9,100 and $9,500 for several weeks and has also shown low volatility in recent hours. The Bitcoin price has risen by 0.07% to $9,289.05 in the last 24 hours, continuing the sideways movement that has been going on for weeks. The market capitalization has increased slightly to $170.8 billion.

Josh Rager, experienced Bitcoin trader and Blockroots founder, describes that the current price development of BTC points to an early price reaction between 30% to 60% in the coming weeks. He explains that volatility is extremely low and that in the past these stocks have experienced strong price movement. This means that from the current price, a 30 % recovery to $12,200 or a 30 % drop to $6,500 could follow.

Bitcoin Trader “Teddy” states that Bitcoin has liquidated all short and long positions due to the minimal up and down movements and therefore there have been no significant price movements over the weekend. Nevertheless, he warns his followers to be careful, because especially in such situations, many traders become careless and experience bad surprises, if no corresponding stop losses were set.

The two analysts “ByzantineGeneral” and “Coinalyze” explained that Bitcoin shows the lowest volatility in the last 3 months. Both also warned their followers that a massive price movement could occur in the near future. Meanwhile, the direction of the trend is open for both.

Chainlink and Tezos show strong upward trend

The overall trend in the Altcoin market is sideways, but Chainlink was able to increase by almost 30% in the last 24 hours to a new annual high of $7.99. The Chainlink price has been trading in a rising trend channel over the last few months. Scott Melker expressed via Twitter that LINK is one of the assets that he has been very bullish about in recent months.

On July 8, 2020 Chainlink entered into a cooperation with crypto lender Nexo, whose platform, according to official statements, has more than 800,000 users who will implement the Oracle solution presented by Chainlink. Chainlink founder Sergey Nazarov explains:

We are excited to bring Chainlink’s secure and reliable Oracle solutions to Nexo’s popular credit platform so that users can independently verify the interest and collateralization rates they should receive in the block chain.

Chainlink has also partnered with well-known companies such as Hedera Hashgraph and Matic Network to promote the adoption of Chainlink Oracles. Former NBA player Kris Humphries explains that since April 7th this year, Chainlink has announced more than 45 partnerships to date and the price has risen more than 145% in a row. In his opinion this is an impressive achievement.

It remains to be seen whether Chainlink will continue the upward trend of the last few months.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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