Market Watch Aug 6: Bitcoin ends week on a low-high of $23,000 mark. – Entmetrics

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bitcoin is doing its best to keep the sentiment and enthusiasm in the market positive. It ended another week on a low to high mark at the $23,000 mark. Mike McGlone, senior commodities strategist at Bloomberg Intelligence, and Jamie Coutts, senior market structure analyst,market structure analyst, in a recent report pointed out that bitcoin has built a similar base to that seen near the $5,000 mark in 2018-19. Experts expect the rally to decouple from equities and behave more like US Treasuries or gold. The collapse of the global crypto market has not dampened investors’ appetites. Messari and Dove Metrics, a crypto analytics firm, said the crypto space raised $30.3 billion in funds in 2022, surpassing the total amount raised in 2021 so far. However, the challenge remains between a soft recovery and the bears. On August 4, the bears pulled the price below the 20-day exponential moving average (EMA), but were unable to sustain the lower levels. This shows that the bulls are aggressively defending the level. There is also a small advantage for buyers. The bulls will attempt to push bitcoin to the overhead resistance at $24,668 if the price rises from the 20-Day EMA. This is considered an important level because if the price breaks above said resistance, BTC could gain momentum and rally towards $28,000 and over the $32,000 level. But if the price slips from the current level and falls below the 20-day EMA, the bears would continue to sell on minor rallies. The drop would be $21,388. Meanwhile, Ethereum is rising to $1,720. He gained 4.17%. The new week will likely see a rally to $2,000 and later to the crucial $2,200.

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