Over the past few weeks, bitcoin price has struggled to maintain the $20,000 support level, but over the past two days, it has managed to surpass the $22,000 level. Analysts and traders are feeling bullish on this price movement.
The cryptocurrency posted its first week of gains after being subjected to ruthless selling pressure, falling to a multi-year low of nearly $18,000.
By mid-June 2022, the price of bitcoin had fallen below $18,000. This was due to increased market uncertainty internationally after the Federal Reserve raised interest rates by 0.75 basis points.
Nevertheless, July is already showing early signs of recovery as both stocks and cryptocurrencies continue to rise.
According to technical analysis, bitcoin successfully broke the level that Peter Brandt noted earlier and headed towards $22,000.
Unfortunately, BTC declined below the $21,800 resistance level due to lack of market inflows and low open interest.
Bitcoin is more likely to break out of the US dollar in the coming weeks as it is already yearning for erratic movements that will end its two weeks of tremendous performance.
What’s up with Ethereum?
The financial performance of the network is worse than ever as the second largest cryptocurrency in the market crosses a key resistance on the charts.
July was the weakest month since the summer of 2020, according to data from Token Terminal, when Ethereum generated about $23.8 million in supply-side and protocol revenue.
The massive outflow of funds from the DeFi and NFT sectors, which supported the Ethereum bull run in 2021, is the primary reason for the sharp drop in the network’s revenue.
The absence of activity in the Web3 region, which should have been the next major driver of the cryptocurrency market, was the final blow that brought Ethereum down.