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- Bitcoin has risen from $9,150 to $9,450 in the last few hours, marking a 2% increase.
- However, analysts warn against interpreting this price development as the start of a trend reversal, as BTC has been moving within a narrow price range for several weeks.
The Bitcoin price has risen from $9,150 to $9,450 in the last few hours due to a small pump, only to start a small correction. At the time of writing, Bitcoin is priced at $9,370.48 and has risen 1.78% in the last 24 hours. The market capitalization has increased slightly to $172.57 billion.
Many analysts are currently warning their followers not to interpret the current price development of Bitcoin as an early start of a new bull run. Josh Rager, experienced Bitcoin trader and Blockroots founder, is also cautious, stating that Bitcoin must close above $9,450 on the daily chart to attract new buyers and prepare for an uptrend. Should Bitcoin fail to close above the $9,230 mark, Bitcoin could soon see a sharp correction to as high as $8,500.
https://twitter.com/Josh_Rager/status/1285741281034096642
The trader “Teddy” also describes that Bitcoin does not send out clear trends, but is the short-term pump part of a sideways trend that has already lasted for several weeks and should therefore not be interpreted as new hype. For him, Bitcoin can still fall to $10,000 or even quickly to $8,000.
https://twitter.com/TeddyCleps/status/1285686393113649157
“Cold Blooded Shiller” shares the opinion of Josh Rager and Teddy, as Bitcoin has not yet been able to break out of the sideways channel. In his opinion, BTC must close above the $9,500 mark and then establish this new brand as support for a few days to attract new buyers. The current development is a pure continuation of the current trend.
Good movement by $BTC but it achieves nothing unless it can break out of this structure. It has to challenge 9500 for upside, if it does it might get more explosive. Signs from the low things might be shifting, until then it's continuation.
Triggers set for volatility positions. pic.twitter.com/sljWPfB0pw
— Cold Blooded Shiller (@ColdBloodShill) July 21, 2020
According to “Big Chonis Trading”, Bitcoin shows a strong daily candle on the monthly chart, but so far it is closing below the upper Bollinger Band, as shown on the chart. It will not be bullish again until BTC manages to break through this upper band for several days. If Bitcoin fails to do so, Bitcoin could initiate a massive correction and drop below the $8,500 mark.
$BTC – respect the upper BB…the bands are tight but could get tighter #BITCOIN daily , any close above upper or below lower would be notable… pic.twitter.com/Ne24joVQC4
— BIG Chonis (@BigChonis) July 21, 2020
The Altcoin market around Ethereum, XRP, LTC and Cardano has also been trending sideways over the last 24 hours. The biggest rises within the top 20 largest cryptocurrencies are shown by Tezos with a price increase of 4.30% to a price of $2.94 and VeChain with an increase of 6.50% to a price of $0.0176.
Mastercard pushes adaptation of crypto currencies
Meanwhile, the financial giant Mastercard has announced in a press release that it will continue to expand its accelerator program and connect new companies to its own platform. Wirex will be the first partner to be able to issue crypto credit cards and crypto debit cards on the Mastercard-based infrastructure. Raj Dhamodharan, Executive Vice President of Digital Asset and Blockchain Products at Mastercard, describes how his company promotes the acceptance and distribution of cryptocurrencies:
The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy.
Users can pay with Bitcoin or Ethereum at any of the millions of Mastercard merchants worldwide and can even participate in a rewards program that offers up to 1.5% cashback from the current price. This move could bring cryptocurrencies further into the mainstream.
