Bitcoin price is up over 7% in the past 24 hours, rising above the $22k support level and currently trading at $22,843. Ethereum price continues to outperform Bitcoin, presently trading at $1,622, up over 10% in the past day. With the recent rise in Bitcoin and Ethereum prices, the global cryptocurrency market cap is once again above the $1 trillion level, signaling a potential bullish market reversal.
Key Points:
- Bitcoin rises overnight, establishing newfound support at $22k.
- Ethereum continues to outperform Bitcoin in price action.
- After the rate hike, Fed announced a slowdown in upcoming monetary action.
- Stock markets saw bullish momentum, which Bitcoin capitalized on.
- Bitcoin’s price is likely to hold support amid major crypto conferences and events this week.
Bitcoin’s 24-hour Trading Volume Increases
With the recent hike in Bitcoin prices, the 24-hour trading volume for BTC is up over 43%, currently at $37.4 billion. The sharp increase in trading volume confirms that the market still has plenty of momentum when it comes to making substantial moves in a short amount of time. It’s also worth noting that Ethereum’s trading volume has been up over 50% in the past 24 hours, currently at $26.3 billion.
One reason for Bitcoin’s positive performance today is the Fed’s announcement post the rate hike, which suggested that the Federal Reserve may slow down its interest rate hikes in the coming months, causing stocks to jump yesterday. NASDAQ saw a 2.59% increase in the past five days, and the S&P 500 saw a 68-point increase of 1.72% in the past week.
Since Bitcoin tends to follow stock market action, BTCUSD exhibited a price hike of 7% in the past 24 hours in response to the relatively-positive news.
The crypto and stock markets have two weeks until another monetary policy action, which could provide Bitcoin the breathing room it needs to establish a new bull market rally. Ethereum will likely capitalize on Bitcoin’s price positive price action and amplify BTC’s movements, continuing to outperform the crypto asset.
Will Bitcoin’s Rally Hold?
The question on everyone’s minds is whether the current Bitcoin and crypto market rally will hold. As we saw last week, a market correction can easily erase multiple days of bullish momentum in 24 hours.
While the market is full of uncertainty, the sharp increase in trading volume is an excellent sign that the bulls are looking to take over and establish support at current levels to solidify their positions.
Bitcoin’s price will likely trade sideways at the $22-23k level for the next 24-48 hours before attempting its next move. The weekend gives cryptocurrencies a break from stock markets and usually spells positive price movements for major crypto assets.
Moreover, crypto-themed industry conferences like Miami Mining Disrupt (July 26-28) and NFT Expoverse (July 29-31) provide bullish support for Bitcoin and Ethereum as traders congregating and networking brings hype and excitement to various crypto projects within the space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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