Thursday, July 25, 2024

Following a three-day decline, Bitcoin experienced a rebound on Tuesday, coinciding with the anticipation of the forthcoming consumer confidence report in the United States. Although the price briefly dipped below the $30,000 mark earlier during the session, bullish momentum has since resurfaced. Meanwhile, Ethereum briefly surpassed $1,900 for a short duration.

Bitcoin

Bitcoin (BTC) demonstrated a recovery from its recent losses on Tuesday as the US consumer confidence report loomed ahead.

The Conference Board has projected a rise in its index to 104.0 in June, compared to the previous month’s reading of 102.3.

On Tuesday, BTC/USD reached an intraday high of $30,751.19, following a low of $29,955.74 at the beginning of the week.

BTC/USD – Daily Chart

This movement coincided with the 14-day relative strength index (RSI), which bounced back from the support level at 68.00.

Currently, the RSI stands at 70.17, re-entering the overbought zone.

The next notable resistance can be found at 73.00, and unless bulls manage to break through this level, it is likely that BTC will retreat below $30,000.

Ethereum

In today’s session, Ethereum (ETH) experienced a brief surge above the $1,900 level after testing the support level at $1,830 on Monday.

Following a low of $1,840.22 at the start of the week, ETH/USD climbed to a peak of $1,905.36 earlier in the day.

However, momentum has shifted once again, and the second-largest cryptocurrency has fallen back below the $1,900 mark.

ETH/USD – Daily Chart

Currently, ETH is trading at $1,881.79, with the RSI slightly below the resistance level of 58.00.

Overall, the momentum appears bullish, supported by the recent crossover between the 10-day (red) and 25-day (blue) moving averages.

If this trend continues, there is a strong possibility that ETH will not only surpass $1,900 but also approach the $2,000 mark.

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Share your thoughts on whether you expect Ethereum to reach $2,000 in July by leaving a comment below.

Frequently Asked Questions (FAQs) about crypto market recovery

Q: What caused the rebound in Bitcoin and Ethereum prices?

A: The rebound in Bitcoin and Ethereum prices can be attributed to the anticipation of the upcoming US consumer confidence report, which sparked bullish momentum in the crypto market.

Q: Did Bitcoin’s price fall below $30,000 recently?

A: Yes, Bitcoin briefly fell below the $30,000 level earlier in the session before experiencing a rebound. However, the bullish momentum returned, pushing the price back up.

Q: What is the projected US consumer confidence index for June?

A: The Conference Board expects the US consumer confidence index to rise to a reading of 104.0 in June, compared to the previous month’s reading of 102.3.

Q: Is Ethereum expected to reach $2,000 in July?

A: While the text indicates the potential for Ethereum to approach $2,000, it does not provide a specific projection for July. The price movement will depend on various factors and market conditions.

Q: How can I receive weekly price analysis updates for Bitcoin and Ethereum?

A: You can register your email to receive weekly price analysis updates by signing up for the Weekly Technical Analysis Report mentioned in the text.

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