Every day, find our daily analysis of Bitcoin (BTC) with an update on its evolution and the main information to remember.
Yesterday was a historic day for cryptocurrencies. After a long legal battle, Ripple’s XRP was considered a non-security by the judge. This reassured investors who bought XRP en masse as well as many other cryptos considered to be securities.
This was followed by an explosion of +70% for the price of XRP, which returned to 4th position among the most valued cryptocurrencies. according to CoinMarketCap, ahead of BNB and USDC.
For his part, the bitcoin price took the opportunity to try to break its resistance at $31,800, but it was a failure and it now finds itself under resistance at $31,200. Let’s take stock of the evolution of the Bitcoin price on July 14, 2023.
💡What is a security and what does it mean for cryptocurrencies?
Bitcoin loses dominance and follows altcoins
BTC had its best day for the month of July yesterday, rising +2.67% in 24 hours. It also strengthened its monthly performance to +20.52%.
| Pair with Bitcoin | 24 hours | 7 days | 1 month |
| Bitcoin/USDT | +2.67% | +3.98% | +20.52% |
| ETH/Bitcoin | +3.88% | +8.15% | -1.70% |
On the other hand, the dominance shows that the BTC is losing ground against the altcoins since it falls back to 49.99%. while we have an increase of +8.15% of ETH/BTC in 7 days, propelled in particular by the day of yesterday.
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Regain the closing $31,800 to soar
On the weekly chart, the price of Bitcoin finds itself surgically blocked below the SSB (upper part of the Ichimoku indicator cloud).
Weekly Bitcoin price chart (Weekly)
Until BTC breaks back above this hurdle at $31,800, there is a risk that the price will be rejected and cryptocurrencies will start to fall again.. This zone indeed corresponds to the support of the old Bull Run and one can imagine that it will not be so easy to reconquer. However, if Bitcoin succeeds, then the cloud will support the price and allow it to surging towards the next resistance at $43,000 (SSB dish).
The level of $30,000 remains in any case important to keep, otherwise there will be a risk of going to revisit the next support at $28,000.
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Institutional investors are bullish on cryptocurrencies
Finally, here is a summary of the information that should not be missed in recent hours:
So, what do you think, will Bitcoin continue to rise throughout the summer? Do not hesitate to give us your opinion in the comments.
See you Monday for a new daily analysis!
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Chart source: TradingView
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Passionate about crypto-currencies since 2017 and fervent defender of knowledge sharing, I am a Youtuber, crypto analyst and regular trader. Every week, my role is to make you aware of technical analysis by giving you my point of view on the evolution of the price of Bitcoin and Ether, using my favorite indicators such as the Ichimoku as well as chartist patterns.
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