Bitcoin must keep support intact

Bitcoin must keep support intact
Bitcoin must keep support intact

We can get ready for another week in crypto. As so often, the crypto news will be packed with interesting developments in the coming week. Earlier today you could already read a news overview of the past week. In this article we look ahead. Starting with the bitcoin price.

Bitcoin price must hold here

It is bitcoin that still sets the tone for the vast majority of the crypto market. If BTC falls, most crypto prices will do the same. In short, many eyes are understandably focused on the mother of all cryptocurrencies.

Since mid-June, the bitcoin news has had the situation that the price is trading close to $20,000. This price level acts as an important psychological support zone for many investors and so it is crucial that bitcoin continues to form a bottom here.

The investors who want to see it positively will argue that the price level that bitcoin is now trading at is still a higher price low is then the three previous ones on June 18, July 1 and July 14. This one bulls will look for positive signs in the coming week, including the breaking of the 50-moving average (MA) on the 4-hour chart. On the daily chart, around $22,000 is another key zone containing the 50-day MA.

The bears however, among us will point to the fact that we are still trading below the 200-week MA at $23,000. We sank below on June 20, after which BTC tried to break above this in the weeks that followed without success. They will look to a price level of $12,000 as a possible bottom pending a further breakout below USD 20,000.

Ethereum Prepares Network for Merge with Update

In the coming week, the largest altcoin on the market, Ethereum (ETH), will take its first major step towards the Merge. The Bellatrix update will prime the Beacon Chain for the Merge scheduled for September 15th.

The Beacon Chain is the proof of stake blockchain that currently runs parallel to the current Ethereum. The Bellatrix update on September 6 won’t be much of a spectacle. Nevertheless, it is important that this update runs smoothly. If this is not the case, the Merge can be postponed.

In addition to these events, there will of course be a lot more happening this week. Follow us on Instagram to see the most important altcoin news in your feed!


The article is in Dutch

Tags: Bitcoin support intact

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