Bitcoin is the first decentralized cryptocurrency. It is a digital asset that records, signs, and sends transactions through the Bitcoin blockchain using public key cryptography, all without any central authority oversight.
Bitcoin (lowercase “b”) is the name given to the network of electronic payments made over the internet using a cryptocurrency called Bitcoin (uppercase “b”).
Bitcoin is a decentralized digital asset that can be used to transfer value through the internet or to store value in a physical asset such as gold or silver.
Bitcoin Market Performance
The current price of bitcoin is USD$28,470.74 (BTC/USD), with a market cap of USD$555.64 billion. The 24-hour volume of trading is USD$26.03 billion. The BTC-USD price is updated continuously. In the past 24 hours, the price of bitcoin has increased by +2.58%. The circulating supply of bitcoin is currently at USD$19.52 million.
Technical Analysis
- The medium-term trend is neutral, while the short-term and long-term trends are bearish.
- The MACD Line and RSI are both below the bearish trend line, while the MACD histogram bars are increasing, suggesting that momentum may be on the rise.
- The nearest support zone is currently at $25,000, followed by $21,500, and the nearest resistance zone is at $28,000 before descending to $30,000 and $32,000 respectively.
BTC News and Insights
Governor Gavin Newsom of California signed into law a crypto licensing law on Friday, which is set to go into effect July 2025. This will be beneficial to crypto companies in California and will contribute to the long-term growth of the industry.
Once spot Bitcoin ETFs are officially approved, we should expect a bigger, more steady upturn, she said. Unfortunately, the big move today was caused by some shady news that was quickly disproven, so there wasn’t enough time for the market to react.
Fake News: Bitcoin price skyrockets after unconfirmed report
The spike in the price of Bitcoin following unconfirmed reports about the approval of the Bitcoin ETF highlights the difficulty of safeguarding investors in an unregulated market that has attracted shady operators and speculation.
bitcoin hit an all-time high of over 30,000 after some fake tweets were sent out, but then it quickly dropped back to around 28,300, which is the same level it was at before the whole thing. It happened right after BlackRock announced that their ETF application is still being considered by regulators. k said its ETF application was “still under review” by regulators.
Bitcoin price crash doesn’t stop Chainlink from seeing an increase
Sentiment reported in a tweet that LINK experienced a slight 3% price rise despite the market leaders Bitcoin and Ethereum, along with most other cryptocurrencies.
Along with the price and wallet activity, there’s been a lot of positive social activity too. According to LunarCrush, which tracks crypto social sentiment, LINK social mentions have gone up by 58.2% over the past week.
IS bitcoin price ready to make the next move?
Bitcoin (BTC) has risen to three new highs in the past 50 days, and the most recent one is still in formation. Following the ETF rumor, BTC has retested the psychological level of $30,000 and is currently trading around the support level of $28,369. This level corresponds to the midpoint of both the July 13 to September 11 trading range of $24,888, and the August-September 11-19 trading range of $31,850. If bitcoin’s price closes below the support level, it will confirm the continuation of the bearish trend that has been in play for the past 50 days.
In this scenario, bears can initiate a short position after closing below the daily candlestick at $28,369, and anticipate the formation of a higher low at $27,000, supported by the bearish divergence of the last 2 swing points of the bitcoin price and the relative strength index (RSI).
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Takeaways
Bitcoin developer and educator believes that altcoins have negatively impacted Bitcoin’s possibilities for change by muddying the waters between centralization and decentralization, therefore affecting Bitcoin’s good name.
