Crypto Price Today: Markets Show Strength, Bitcoin Price Remains Bearish

Key Takeaways

• The crypto markets are trying hard to rise a step higher than the current consolidation but the bearish grip does not appear to have loosened a bit.
• The prices of the popular tokens are gaining some strength as they began the day’s trade on a bullish note.
• The technicals appear to be bullish; hence, the prices may remain elevated until the end of the day.

CRYPTO MARKET TODAY AT A GLANCE

After enduring intense bearish pressure for a few days, the markets breathed a sigh of relief. The prices of the top cryptos experienced a slight jump, due to which the global crypto market cap surged back above $1.19 trillion with a jump of 1.67%. Besides, the trading volume soared above 50% to mark the level at $32.33 billion, while the stablecoins continue holding more than 93% of it. 

The Bitcoin price has risen marginally in the past 24 hours and is trading at $30,540 with a market cap of around $593.28 billion. Besides, the second largest crypto, Ethereum, followed BTC’s price, recording a similar surge and trading at $1882.90. Polygon (MATIC) is among the top gainers with a nearly 10% jump, led by Mina (MINA) with a 17.08% rise. Other popular cryptos surged recently, but the Dogecoin rally does not appear to have been triggered. 

*As of 11-July-2023, 08:15 am

Bitcoin Price Surges by 1.16% and Approaches $30,500

Source: Tradingview

• The Bitcoin price witnessed a decent rise in the early trading hours but continues to trade below the major resistance.
• The Bollinger bands are preparing to get squeezed, which may compress the price to a large extent and result in a price explosion.
• The RSI in the short term, continues to remain along the upper resistance and, despite a minor pullback, it has been displaying acute strength.
• Therefore, the price is believed to rise above the upper resistance following a breakout as bullish signals flash for the BTC price. 

Read More: Bitcoin Price Prediction

Ethereum Price Prepares for a Bullish Move

Source: Tradingview

• The Ethereum price follows the bullish trade setup and trades within an ascending triangle, aiming to reach the apex.
• The bulls managed to prevent the price from breaking the lower support of the triangle as it traded along the rising trendline.
• The price is expected to follow an ascending consolidation and reach the apex, which is located around $1835.
• A bullish breakout from these levels may initially pave the way for giant price action beyond $19000 and later above $2000.

Additional Read: Ethereum Price Prediction

Latest Updates of the Crypto Market

• Despite Coinbase’s facing a lawsuit from the SEC, the company’s share value has risen by more than 50%.
• In an interesting update, Bitcoin was sold for $3000 less than the normal price on Binance.US as it became more scarce.
• A top analyst from JP Morgan believes that the Bitcoin ETF may not be a game-changer for the crypto space.

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