It was a good run until it lasted. The crypto market was having a blast last week, until it sharply nosedived by 3.06% to $1.01 trillion on July 25, Monday. Bitcoin together with Solana, Ether, and Polkadot were all knocked over at the start of the week.<\/p>\n
Bitcoin was off-course and shaved off the gains it made over the past few days which allowed it to get to its glorious one-month high of $23,000 until it plunged below $22,000 levels on Monday. <\/p>\n
As of this writing, Bitcoin is trading at $21,850, down nearly 5 percent in the last 24 hours, data from Coingecko show.\u00a0<\/p>\n
Suggested Reading | Cardano (ADA) Spikes 8%, Overtakes XRP In Last 24 Hours<\/a><\/p>\n BTC Price Can Retest $25K In Coming Days<\/p>\n Bitcoin has been steady and holding it at the $23,000 level with very minimal drop in prices seen in the past few days especially with the sellers dominating the crypto market. <\/p>\n The crypto was able to successfully breach the ascending pattern and now retests the pattern\u2019s resistance levels. BTC is now eyeing the next key resistance level at $31,300. The price could still hit the $24,000 level in the next couple of days, if not weeks.<\/p>\n BTC recently slid into a downside correction. A break under the key bullish trend was spotted closely at the $22,700 level for the BTC\/USD pair. The pair is predicted to suffer a massive drop once it moves below $21,450.<\/p>\n If BTC cannot stay afloat or above $21,800, it may continue to drop. Support is seen to sit close to the $21,500 level. A close that happens below that may send the price way down or near $20,000.<\/p>\n\n BTC total market cap at $418 billion on the daily chart | Source: TradingView.com<\/a> The downward trend of Bitcoin happened last week when Tesla CEO Elon Musk announced that he sold roughly 75% of his total BTC holdings.<\/p>\n Bitcoin was pushing above $24,000 but the bears caught up at the $23,800 zone. The last high was at $23,744 before it retreated. Following a quick rally, Bitcoin sharply dropped to the $22,000 level right after it has outstretched above $23,000 as seen in the past week. In spite of the decline in the selling pressure, BTC was able to maintain its 6% gains from the earlier week.<\/p>\n Well, BTC may potentially rise targeting the $24,000 level anytime soon following the surge in seller power. However, there is also a slim chance that BTC could plunge to the $20,000 zone especially if it dips below its current level.<\/p>\n Suggested Reading | TRON Bulls Are Back To Pump Some Energy Into TRX Coin<\/a><\/p>\n \u00a0<\/p>\n \u00a0<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n It was a good run until it lasted. The crypto market was having a blast last week, until it sharply nosedived by 3.06% to $1.01 trillion on July 25, Monday. Bitcoin together with Solana, Ether, and Polkadot were all knocked over at the start of the week.<\/p>\n Bitcoin was off-course and shaved off the gains it made over the past few days which allowed it to get to its glorious one-month high of $23,000 until it plunged below $22,000 levels on Monday. <\/p>\n As of this writing, Bitcoin is trading at $21,850, down nearly 5 percent in the last 24 hours, data from Coingecko show.\u00a0<\/p>\n Suggested Reading | Cardano (ADA) Spikes 8%, Overtakes XRP In Last 24 Hours<\/a><\/p>\n BTC Price Can Retest $25K In Coming Days<\/p>\n Bitcoin has been steady and holding it at the $23,000 level with very minimal drop in prices seen in the past few days especially with the sellers dominating the crypto market. <\/p>\n The crypto was able to successfully breach the ascending pattern and now retests the pattern\u2019s resistance levels. BTC is now eyeing the next key resistance level at $31,300. The price could still hit the $24,000 level in the next couple of days, if not weeks.<\/p>\n BTC recently slid into a downside correction. A break under the key bullish trend was spotted closely at the $22,700 level for the BTC\/USD pair. The pair is predicted to suffer a massive drop once it moves below $21,450.<\/p>\n If BTC cannot stay afloat or above $21,800, it may continue to drop. Support is seen to sit close to the $21,500 level. A close that happens below that may send the price way down or near $20,000.<\/p>\n
\nBitcoin Downtrend Due To Elon Musk BTC Announcement?<\/p>\n