Bitcoin has struggled at the $24,000 level after recognizing cycle lows in June, before jumping more than 20% in July, its best month of the year. The cryptocurrency crossed $24,000 twice this week. It reached that level at the end of July as well, but failed to stay there before trying again this week. It could open, but it won’t necessarily have a lasting impact, says a technical analyst. I think it’s going to be very difficult to get the $29,000 back to the top.”Sellers bought at about $24,500 last month and buyers weren’t strong above that $24,500. If that happens, it’s going to be very difficult in the short term.” It will be a plus, but you have to look at everything in the light of the big break.” Bitcoin climbed to around $24,700 at some point on Thursday, but investors posted two better-than-expected inflation reports. It was only temporary as it digested. According to Coin Metrics, it hit a low of $17,601.58 in June before recovering significantly in July. Since then, there has been plenty of good news in the cryptocurrency world to keep investor sentiment high. The rise in inflation, the Federal Reserve update, BlackRock offering Bitcoin trading to investors, and the successful Ethereum-hit merge trial scheduled for September. Still, technical analysts say there could be more pain after this current rally and it’s still too early to hit a bottom. Commenting on the cryptocurrency’s 70% decline from peak to trough this year, De Kempener said, “Bitcoin is weak after completing its massive decline.” We’re bucking the trend because they’re so vulnerable.” If Bitcoin rises above $24,000, upside potential is around $20,000 On the downside, if Bitcoin falls below June lows, it could continue to fall to $12,500. According to Fairlead Strategies’ Katie Stockton, Bitcoin “has been oversold for a long period of time, but should support finding and improving long-term momentum to suggest a significant low has formed. “apparently. Youwei Yang, Director of Financial Analytics at StoneX, said mid-September could be a significant turning point for Bitcoin. For him, $25,000 is a significant resistance level for Bitcoin. He said there could be a “short-term summer rally” to some level. Mid September. Still, Yang said he expects more pain to continue after the midterm elections, at least until early 2023.
