Bitcoin Price Stuck Between $30K and $35K: Where Will It Go?
• The rising dollar and tech sector jitters put downward pressure on the crypto market, with Bitcoin (BTC) trading below $30,000.
• Chainlink (LINK) is an exception to the bearish sentiment, gaining 20% on Thursday.
• Analysts remain cautiously optimistic about the crypto market, citing potential loosening of monetary conditions as a catalyst for risk-on assets.
Bitcoin Price Remains Trapped
The world’s largest cryptocurrency Bitcoin (BTC) continues to face some selling pressure and has been trading under $30,000 levels as of press time. On Thursday, July 20, the rising dollar and the tumbling tech sector kept the movements in the crypto space rangebound. As of press time, Bitcoin is trading 1.14% down at a price of $29,817 and a market cap of $579 billion. For over five weeks now, Bitcoin has remained trapped within the $30,000 to $31,000 range despite occasional spikes caused by multiple spot Bitcoin ETF filings.
Technical Indicators Show Weakness
On the technical chart too, Bitcoin continues to show weakness which makes it more likely that it will head towards $25,000 rather than break through its current range and reach $35,000 in price.
Altcoins Struggling To Gain Momentum
Most altcoins are also struggling against bearish sentiment with XRP being one notable exception making headlines ever since its court ruling last week. Other altcoins such as Solana (SOL) and Cardano (ADA) have seen some gains but not enough to reverse their overall bearish trend against BTC at present.
Cautious Optimism from Analysts
Despite this bearish outlook for most cryptos in general analysts remain cautiously optimistic about the crypto markets citing potential loosening of monetary conditions as a catalyst for risk-on assets in future. Anthony Georgiades cofounder of Pastel Network believes that “the underlying sentiment hasn’t changed much since yesterday or the preceding days” which he believes will help catalyse an uptrend when combined with monetary easing measures once they start being implemented soon globally.
Overall prospects for BTC remain uncertain with technical indicators showing weakness while investors wait eagerly for any signs of recovery or further losses in coming weeks before making any decisions about their portfolios going forward