Every day, find our daily analysis of Bitcoin (BTC) with an update on its evolution and the main information to remember.
A new week begins and the price of BTC is still stuck in its range between $29,500 and $31,500 despite positive announcements throughout the past week. US inflation dropping again, XRP being deemed not a security…
And yet we are still at the same stage, Bitcoin is frozen around $30,300. But rest assured, it could soon change. Let’s first take stock of the evolution of the price of BTC.
Bitcoin is on the decline
Bitcoin is starting a new calm week with very little volatility over the past 24 hours.
| Pair with Bitcoin | 24 hours | 7 days | 1 month |
| Bitcoin/USDT | +0.02% | +0.74% | +13.94% |
| ETH/Bitcoin | +0.06% | +3.97% | -2.53% |
Bitcoin is still the leader against altcoins with its 50.04% dominance and a -2.53% drop in ETH/BTC in 1 month.
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A resistance that has held for almost a month
After a turbulent week with yet another attempt to break its resistance at $31,500, Bitcoin is finally back to square one at its important support at $30,000.
The inflation figures from the United States were however better than expected and the news rather good in the crypto ecosystem, but on this Monday morning the lack of volume is still to be deplored.
Daily Bitcoin price chart (Daily)
BTC has been stuck in its range between $29,500 and $31,500 for almost a month now. A build-up of liquidity is therefore underway around $30,000 and compared to last week when we spotted the overbought state indicated by Ichimoku, the Kijun caught up well with the Tenkan while the price remained in range. Now that it is no longer overbought, we can think of an imminent move in Bitcoin..
Unfortunately after numerous attempts and failures to break $31,500 and a BTC that finds itself under resistance (Tenkan and Kijun are back above), a correction could be initiated with a fall towards $28,000.
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Another busy week in terms of economic meetings
We will start the week with the morning speech of ECB President Christine Lagarde. A priori, nothing decisive is to be expected from this speech concerning Bitcoin, but vigilance is still required when this can impact interest rates and therefore the euro against BTC.
In the coming days, we will mainly retain retail sales this Tuesday, July 18 at 2:30 p.m. and Weekly jobless claims in the United States this Thursday, July 20 at 2:30 p.m. Indeed, these two meetings can potentially impact the price of the dollar depending on the result and therefore that of Bitcoin as well.
Economic calendar (Source: Investing.com)
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Bitcoin will transcend any currency according to Larry Fink, CEO of BlackRock
Finally, here is a summary of the information that should not be missed in recent hours:
So, what do you think, do you agree with Larry Fink’s statement? Do not hesitate to give us your opinion in the comments.
See you tomorrow for our next 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.
