Bitcoin (BTC) is up 0.3% in the past 24 hours and is up 1.3% since midnight. The current price at the time of writing is $21,250 on crypto exchange KuCoin and $20,940 on the Dutch exchange bitvavo. Trading volume fell 28.5% in the past 24 hours. Bitcoin’s total market cap stands at $406 billion at the time of writing and bitcoin dominance stands at 41%.
Bitcoin news from yesterday
Yesterday we saw in the bitcoin market analysis that the price had fallen sharply. The decline was in anticipation of FOMC, also it appears that whales are selling. Tonight we get to hear what the Federal Reserve decides. In addition, we saw that Tesla still managed to make a profit on the sale of its BTC.
Upward bitcoin trend confirmed
The bitcoin price has corrected considerably over the past few days. So today we take another look at the price action over the medium term. In the bitcoin analysis of July 16, we noticed that bitcoin was forming an upward trend. The peaks are always a bit higher than the previous ones and so are the bottoms. In that analysis, however, we indicated that the price would need to break above $22,000 to make another higher peak and maintain the pattern.
Bitcoin had more than surpassed this level. Eventually, the price even touched a new peak around $24,000. However, from this point on, bitcoin corrected firmly. To maintain this upward movement, the price must not fall below the recent low of $19,500 bags. So this may be the next price target for BTC.
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