Bitcoin

Resistance

Captain

Giant

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 <p>This bullish wave appears to be traversing the market, as Ethereum is up 1.3% to $1,876, XRP is up 2% to $7.1 while BNB is trading at $242 following 1.8% of 24-hour gains.</p>  
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 <h2 id="bitcoin-price-ready-to-tackle-30k-resistance">Bitcoin Price Ready to Tackle $30k Resistance</h2> 
 <p><a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> price is on the move to retest the seller congestion at $30,000. Its uptrend is grounded in the support established around $29,000 – an area that has been instrumental in preventing declines to $28,000 and subsequently $25,000.</p> 
 <p>The ongoing uptrend could be attributed to oversold conditions in lower timeframes – likely to result in a buy signal from the Moving Average Convergence Divergence (MACD) indicator.</p> 
 <p>That said, traders should be on the lookout for a potential bullish cross in the momentum indicator, especially on the daily chart, marked by the MACD line in blue crossing above the signal line in red.</p>  
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    BTC/USD daily chart | Tradingview 
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 <p>The Relative Strength Index (RSI) will provide further assurance of the uptrend if it starts trending higher within the neutral area (30 – 70). Traders seeking exposure to long positions may want to wait until <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> price sustains support above the 50-day Exponential Moving Average (EMA) (red) at $29,367.</p> 
 <p>A sustained break and hold above would amplify the buying pressure, with investors reaffirming their bullish projections for gains above $32,000 and eventually to $35,000.</p> 
 <p>According to Captain Faibik, a popular crypto analyst and trader, <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> will likely “hit $32k first, and then we may witness a 15 – 20% correction in the coming weeks.”</p>  
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 <p>The chart in the tweet below reveals that <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> price recovery above $30,000 may slow down on approaching the stubborn resistance at $32,000, thus triggering a sell-off to $25,000.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">I think $BTC will hit 32k first, and then We may Witness a 15-20% Correction in the Coming Weeks.</p> 
  <p>Share Your Thoughts 💭#Crypto #Bitcoin #BTC pic.twitter.com/Qni4cCBxLX</p> 
  <p>— Captain Faibik (@CryptoFaibik) July 27, 2023</p> 
 </blockquote> 
 <p></p> 
 <h2 id="bitcoin-volume-dominance-drops-what-does-this-mean">Bitcoin Volume Dominance Drops – What Does This Mean?</h2> 
 <p><a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> dominance volume has been on a long-standing downtrend, dropping by 8% since the beginning of July and 27% since April. The Ripple ruling saw a sudden shift in investor interest to altcoins, at the expense of the BTC dominance, a picture that has been reflected across 25 centralized exchanges.</p> 
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  <figcaption id="caption-attachment-155365" class="wp-caption-text">
    Bitcoin dominance volume | Kaiko 
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 <p>Offshore exchanges were impacted the most by the drop in BTC trading activity. The Kaiko report says that this could be “partially due to a spike in South Korean altcoin volume.”</p> 
 <p>“Since the start of 2023, BTC dominance has fallen by 20%. On U.S. exchanges, altcoins have also gained traction over the past month, which suggests the regulatory crackdown has not yet dampened demand,” the Kaiko report states.</p> 
 <p>On the other hand, altcoin liquidity “measured by 1% market depth,” has recorded a minor uptick since the beginning of July. Market depth for the top 10 altcoins shot up by approximately $20 million.</p> 
 <p>Since no one can tell how long this drop in BTC dominance is likely to last, it would be prudent for traders to prepare for a probable retracement to $28,000, while not ruling out further declines to $25,000.</p> 
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Bitcoin Price Begins Run-Up To $35k – Here's Why

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