Over the past few weeks, the price of bitcoin has had difficulty maintaining the $20,000 support level, but in the last two days, it has managed to surpass the $22,000 level. Analysts and traders are feeling bullish due to this price action.
After being subjected to merciless selling pressure that caused it to drop to a multi-year low of about $18,000, the cryptocurrency posted its first week of gains.
By the middle of June 2022, the price of Bitcoin had fallen below $18,000. This was because of a rise in market uncertainty on the international stage after the federal reserve increased interest rates by 0.75 basis points.
Nevertheless, July is already showing early indications of recovery as both stocks and cryptocurrencies are rising.
According to the technical analysis, Bitcoin successfully broke away from the level that Peter Brandt had previously noted and accelerated toward $22,000.
Unfortunately, the absence of market inflows and low open interest led to a decline in BTC below the nearby barrier level of $21,800.
The U.S. Dollar’s decline makes it more likely for Bitcoin to break out in the coming weeks since it is already yearning for erratic movements that will end its two-week streak of underwhelming performance.
What’s Happening with Ethereum?
The network’s financial performance is worse than ever as the second-largest cryptocurrency on the market crosses the key resistance on the chart.
The weakest month since summer 2020, according to Token Terminal data, was July, when Ethereum generated about $23.8 million in supply-side and protocol revenue.
The large money outflow from the DeFi and NFT sectors, which supported the Ethereum bull run in 2021, is the primary cause of a sharp decline in the network’s revenue.
The absence of activity in the Web3 sector, which ought to have been the next major driver of the cryptocurrency market, was the final blow that drove Ethereum down.