Bitcoin (BTC) is up 7.4% in the past 24 hours and is up 2.8% since midnight. The current price at the time of writing is $24,630 on crypto exchange FTX and $23,950 on the Dutch exchange bitvavo. Trading volume increased 44.2% in the past 24 hours. The total market cap of bitcoin at the time of writing is $471 billion and bitcoin dominance stands at 40.4%.
Bitcoin news from yesterday
After rain comes sunshine for bitcoin
Sometimes it is important in times of high volatility to take the big picture of the bitcoin price in front of you. So today we take a look at an interesting observation from the analyst Stockmoney on Twitter. In this analysis, he tried to make a prediction using the price trend from the past. He noticed that every bitcoin cycle shows a similar course.
#Bitcoin current setup. All set🍦🍦🍦 pic.twitter.com/JhYimQQGrL
— Stockmoney Lizards ⚡️ (@StockmoneyL) August 9, 2022
For example, the analyst indicates that the BTC price from the previous all time high bet a drop first. Bitcoin usually drops well over 50% from the top, and it has now done so. This is followed by a sharp rise, but it may take some time before it takes place. The analyst draws a trendline from the top that acts as a resistance in the next cycle. This resistance means that we may see another dip before the price actually rises again.
Premium crypto analysis of the day: Chainlink (LINK)
Earlier this month, analysts at the Discord Community from Crypto Insiders an analysis of chainlink (LINK). Here they were able to draw a buying zone based on a 12345 Elliott Wave analysis. Meanwhile, the price has risen by 22% and has hit the sell zone perfectly. At the moment, the analysts in the Discord environment are looking for new opportunities around LINK.
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