Things are currently looking very good for Bitcoin that’s not been as volatile as it can in recent weeks. After a long and quiet weekend, it has managed to regain ground at over $30.5K, which is crucial for developments up ahead. It’s not just Bitcoin – most markets are quiet after heaps of financial data coming from the USA which has been off from an extended weekend celebrating the 4th of July.
While Bitcoin’s overall price is down over 1%, the open interest in it continues. Trading volume is down across the board, and various data shows that long traders have a slight edge over shorts. Liquidity continues to be a problem, but overall, things in the market are as green as it gets.
Positive News Around the World
With rampant inflation data slowing down a bit, the crypto market is showing signs of improvement. It’s not just that – there have been a few notable positive developments when it comes to legal crypto framework in major countries such as the UK. The House of Lords has already passed a draft to be signed by the House of Commons, which would then only await King Charles signature to get the ball rolling.
In short, the UK is trying to legalize crypto markets by providing a clear framework for Bitcoin and other digital assets. Under the new law, exchanges will only be able to offer a selected list of coins, and under very specific advertising guidelines. Which is all for the best, really, as it would protect customers as well.
Thanks to these news and relatively positive data from financial markets, Bitcoin has been able to hold the key ground of $30.5K. A new increase may come soon if it manages to stay in the zone. A bullish trend seems to be forming right now with support at $30,700. BTC has managed to test it and even hold it for short periods several times that might kick things off soon.
Stable Across the Board
We love the fact that Bitcoin’s price is stable for the past month or so. While it has struggled to clear the $31,400 resistance zone, there’s a downside correction below the $31,000 and $30,800 levels. As mentioned, there’s been a bullish trend developing near $30,700, with major resistance at $31,250.
If it can reach this level and hold it down, then fresh increase is expected. That’s what we’ve been waiting for months – a fresh reach forward that would provide Bitcoin with the fuel it needs to grow further. It’s crazy to see it rushing to new heights after a period of nearly a couple of years where things haven’t been exactly great. Everyone though Bitcoin and the crypto market were dead, but they’re rising as a Phoenix right now.
Of course, we shouldn’t be too optimistic, but things are looking solid. If the world recovers from the recent financial problems and manages to keep things straight, Bitcoin will rise once again as well.