Greed

Rally

Bitcoin

when

Gains

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-shows-significant-gains-in-recent-bull-rally/" data-wpel-link="internal">Bitcoin Shows Significant Gains in Recent Bull Rally</a> 
In the past two weeks, the cryptocurrency world experienced a significant bull rally, with BTC prices showing double-digit gains. Additionally, the crypto fear and greed index was in the “greed” position at the time of writing, which caught investors’ attention and suggested a potential trend reversal in the coming days. 
<h2 style="text-align: justify" id="crypto-fear-and-greed-index">Crypto Fear and Greed Index</h2> 
Bitcoin price, despite recent declines, continues to trade above the critical resistance level of $65,000, following the rises in recent weeks. According to data provided by CoinMarketCap, BTC’s price increased by over 4% in the last 7 days. 
At the time of writing, BTC had a market value of over $1.32 trillion and was trading around $66,500. Besides Bitcoin, <a href="https://en.coin-turk.com/ethereum-continues-to-seek-optimal-balance-in-scalability-and-efficiency/" data-wpel-link="internal">Ethereum</a> (ETH) also saw price movements following <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">the news</a> of the spot Ethereum ETF, with bulls pushing the price up by over 2% in the last seven days. 
The market events and future scenarios also provided important information through the fear and greed index. According to the analysis, the crypto fear and greed index was at 69 at the time of writing. This indicated that the market was in the “greed” phase, which is generally known to lead to corrections when these levels are reached. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-373444" src="https://coin-turk.com/wp-content/uploads/2024/07/btc-1-coin-turk-com-1.png" alt="" width="534" height="436"> 
<h2 style="text-align: justify" id="will-btc-price-drop">Will BTC Price Drop?</h2> 
BTC’s rainbow chart provided insights into whether a correction might occur. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-373445" src="https://coin-turk.com/wp-content/uploads/2024/07/btc-2-coin-turk-com-4.png" alt="" width="580" height="333"> 
According to the analyses, the rainbow chart showed that BTC was still at a low price for buying. This could be interpreted as an opportunity for investors to buy before potential price increases. 
A one-month price analysis of Bitcoin showed a value change of 9%. Since the beginning of the year, BTC’s price has increased by 127%. 
Considering that BTC fell below $20,000 last year, in 2023, it is not wrong to say that its current value is relatively high. However, the fact that BTC is still $7,000 away from its ATH worries investors. 
Nevertheless, it is believed that BTC could reach new peaks and bring altcoins to their ATHs, influenced by the <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rate</a> cuts expected to start in the last quarter of 2024 and the US presidential elections. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-shows-significant-gains-in-recent-bull-rally/" data-wpel-link="internal">Bitcoin Shows Significant Gains in Recent Bull Rally</a></h5>

Bitcoin Shows Significant Gains in Recent Bull Rally

Spis treści

COINTURK NEWS

Inne artykuły opublikowane 24 lip 2024

XRP Case Under Fire: Will the SEC Settle the Long-Running Ripple Case and Boost the Price?

New crypto presale goes viral; XRP up 30%, Whales bag over 60m DOGE

XRP Lawyer Deaton Reveals Unexpected BTC, ETH and XRP Holdings

Sen. Cynthia Lummis Likely To Introduce New Bitcoin Bill For US Strategic Reserve

Economy: The EU wants to use frozen Russian funds to support Ukraine

Kamala Harris will not speak at the 2024 Bitcoin Conference

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!