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 (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.


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.

To receive weekly updates on price analysis, kindly register your email:

Sign up for Weekly Technical Analysis Report

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.

More about crypto market recovery


Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.

Follow us


CrypTokenTop is a website dedicated to providing comprehensive information and analysis about the world of cryptocurrencies. We cover topics such as Bitcoin, Ethereum, NFTs, ICOs, and other popular crypto topics. Our mission is to help people learn more about the crypto space and make informed decisions about their investments. We provide in-depth articles, analysis, and reviews for beginners and experienced users alike, so everyone can make the most out of the ever-evolving world of cryptocurrency.

© 2023 All Right Reserved. CryptokenTop