The price of Bitcoin is all over the latest cryptocurrency news for its bleeding over the past few days. On July 11, a lot of analysts warned investors that the price of BTC could decline due to the Senate hearings and related things. However, now that Bitcoin bounces back, the same analysts are questioning themselves if the bear market is over.
Currently, Bitcoin is at $9,872 and the market participants are still optimistic for a new 2019 high. However, the price of BTC is far from those levels and needs to regain position first. As Bitcoin continues to show signs of weakness, it could drop by another 20% approximately – and could even hit $7,400 before resuming its uptrend.
Bitcoin bounces back which is the only thing that is important and re-shared on many best cryptocurrency news sites. It seems like the momentum is strong despite the difficulties encountered over the week. Analysts immediately sounded the alarm about a possible sentiment change for Bitcoin but found it hard to reach consensus about whether the price declines were part of a long-term bearish trend.
“Bitcoin had a nice bounce that tapped the previous 4hr chart low and I honestly think it needs to push up more before continuation down,” investor and trader Josh Rager wrote in his Bitcoin price update on Twitter late Wednesday.
In the altcoin news, we can see that the increased momentum and the fact that Bitcoin bounces back has made a lot of altcoins wake up. It seems like Bitcoin’s move to the upside has a more profound impact on the altcoin markets which had long failed to halt their declines.
A lot of tokens in the top 20 cryptocurrencies by market cap showed improved performance on Thursday, with Ethereum (ETH) gaining 6.1% to hit $217. Litecoin (LTC) has also been growing as Bitcoin bounces back – it managed to post 15% gains while the embattled Bitcoin SV (BSV) also achieved double-figure growth.
Previously, the bearish warnings had appeared – specifically from Brandt – suggesting that altcoin markets would not recover at all after the Bitcoin gains eclipsed them in 2019. The price of Bitcoin is stormy and its dominance sits at 65.3%. The total market cap has also regained a bit, and is currently at $268 billion.
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