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Daily crypto brief: Bitcoin continues its uptrend within the bullish channel

Bitcoin continues its uptrend inside an ascending channel and is forming a new rising channel on the upper half. The coin’s price has bounced off the middle channel several times signifying another test of the support may be due soon.

The coin’s price has risen 16% over the past one week, after falling 42% throughout May and June. Currently, the market cap is at $114.69 billion, with $3.58 billion traded in the past 24 hours. On 8 July, Bitcoin’s price had dropped below the 20MA and short-term technical charts remained biased toward the bears.

Currently, last weeks double bottom near $6,250 is serving as the support and a decline below this point would not be good for the coin. However, an inverse has began to appear, and if the coin continues with this trend, it may make a quick leap from the current $6,750 to $7,000. In other words, bulls could win the fight against bears leading to more gains above the large channel at $6,500 as bitcoin continues its uptrend.

Additionally, Bitcoin’s price is trading above two moving averages signifying that a bullish momentum may ensue. A dip to the short-term channel bottom could also find support near the 200 SMA dynamic inflection point while the 100 SMA dynamic support lines up with the larger channel bottom. The gap between both averages is narrowing, thus bears could be losing the fight.

Moreover, many industry experts are still very optimistic regarding the coin’s price. For instance, Ran Neu-Ner stated that this is the best time to buy Bitcoin since it will be back with a boom! Additionally, Arthur Hayes, the co-founder, and CEO at Bitmex associated the current volatility with greater chances of a price spike.

Do you agree that this is the perfect time to buy the coin in hopes of more gains in future?

Share your view in the comments section below

coinmag

Having contributed to many leading financial blogs, Ken's love for cryptocurrencies and the blockchain technology has him on high alert on all price developments within the cryptocurrency sphere.

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