Bitcoin price hits $24,000, but analysts say on-chain data points to 'inevitable' pullback
Crypto Market Rally Continues, But Analysts Unsure Whether BTC and ETH Will Return to Range or Close a higher delay resistance levels.
Market Update
Cryptocurrency investors continue to benefit from this week's bullish price action after Bitcoin (BTC), Ether (ETH) and a handful of altcoins rallied on July 20 alongside gains on the traditional markets.
Data from Cointelegraph Markets Pro and TradingView shows that a midday rally by Bitcoin bulls successfully lifted the top crypto to a daily high of $24,281, sparking another round of bullish proclamations on Crypto Twitter.
BTC/USDT 1-day chart. Source: TradingViewAlthough the week-long rise has helped boost investor sentiment, several analysts are warning traders not to get too far ahead of themselves, as the market continues to provide red flags worth taking note of.
Prepare for an inevitable setbackBitcoin's rise above $24,000 officially confirmed a breakout from the previous trading range between $18,000 and $22,500, according to market analyst Caleb Franzen, who released the chart next by noting the question the market now faces.
BTC/USD 1...
Crypto Market Rally Continues, But Analysts Unsure Whether BTC and ETH Will Return to Range or Close a higher delay resistance levels.
Market Update
Cryptocurrency investors continue to benefit from this week's bullish price action after Bitcoin (BTC), Ether (ETH) and a handful of altcoins rallied on July 20 alongside gains on the traditional markets.
Data from Cointelegraph Markets Pro and TradingView shows that a midday rally by Bitcoin bulls successfully lifted the top crypto to a daily high of $24,281, sparking another round of bullish proclamations on Crypto Twitter.
BTC/USDT 1-day chart. Source: TradingViewAlthough the week-long rise has helped boost investor sentiment, several analysts are warning traders not to get too far ahead of themselves, as the market continues to provide red flags worth taking note of.
Prepare for an inevitable setbackBitcoin's rise above $24,000 officially confirmed a breakout from the previous trading range between $18,000 and $22,500, according to market analyst Caleb Franzen, who released the chart next by noting the question the market now faces.
BTC/USD 1...
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