- Bitcoin in the green, goes to $9,900
- Will Fed Move Bitcoin?
- Bitcoin expected to go up But below $9,500 risky for bulls
Bitcoin is back on the rise after being down throughout last week.
Today, the leading cryptocurrency made its way to $9,900 from the low of $9,150 on Monday. At the time of writing, BTC/USD has been trading at $9,830 with 24 hours gains of 3.19 percent while managing the trading volume of $823 million.
As Bitcoin turns green altcoins have started showing signs of life, with Tezos leading the pack with 20% gains, thanks to Coinbase listing while Bitcoin Cash is up by 7%, followed by Litecoin which is in the green by 6.18% as it prepares for its halving next week.
Will Fed Move Bitcoin?
Bitcoin didn’t see much action in July, especially in the past few days. Trading volume has taken a hit good hit as well. It went down to $600 million level and stayed below $1 billion, for the most part.
With a lack of major volatility, things quiet down
Reminds me when we were under $4k (not near as quiet) but these are the times where I set targets on Bitcoin & maybe a few alts
Months from now people will wish they would have taken more action during the slow price movement
— Josh Rager 📈 (@Josh_Rager) July 30, 2019
However, bulls seems to be back in the game as has been expected. As we reported, analysts and traders have called out for Bitcoin price to surge above $11,000.
The Crypto Fear & Greed Index has also jumped up to 31 that indicates fear in the crypto community from yesterday’s extreme fear at 22 points.
What’s interesting is the interest rate cut by the Fed that bitcoin bulls like Fundstrat’s Tom Lee are expecting to be bullish while the likes of economist and trader Alex Kruger doesn’t project a spike as Bitcoin has “never” moved by a Fed decision.
All eyes on the Fed later today with the first rate cut in a decade – no fireworks expected if we get a 25bps cut.
Consensus seems a little bearish into the event with calls for the top in equity markets & further upside in gold price.
Will watch if the Fed starts moving BTC
— skew (@skew_markets) July 31, 2019
Bitcoin expected to go up But below $9,500 risky for bulls
Benjamin Blunts says currently BTC is sitting at daily support so he believes we are going to go up “soon.”
“Every time we observe a diagonal complete on BVOL (bitcoin volatility) it leads to a spike in volatility, whether this volatility translates into a pump or dump depends on where btc is sitting at the time.”
However, the short term view of the expert is still bearish.
Bitcoin moving below $9,500 is risky for bulls, points out trader Mr. Anderson. So, it is necessary for the flagship cryptocurrency to hold this level or it will fall down.
According to analyst Don Alt, it’s a waiting game at this point. If we move back in the range of $9,420 and $9,600, that he says, it would be the “bad news from this point onwards.”