Cryptocurrency Price Today: Bitcoin at $24,000,

July 29, 2022

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Cryptocurrency Price today: Shortly after the US Federal Reserve hiked its hobby rates, the cryptocurrency market furthered its rally on Friday, July 29. The global crypto market cap on the day zoomed 3.90 per cent to scale $1.10 trillion, as per data from CoinMarketCap. Gains made via Bitcoin, Ethereum Solana and other major cryptocurrencies over the previous 24 hours pushed the global cryptocurrency market cap to the levels it had misplaced earlier this year. The jump in the Fear & Greed index to its perfect level since April this 12 months also fuelled the surge.

Bitcoin closed in green after swishing past the $24,000 mark on Thursday, and maintained the levels at open on Friday. Later in the day, the price got here down a little to hover around the $23,900 mark. Bitcoin price these days at the time of writing this article was $23,920.29, up by 4.37 per cent over the previous 24 hours.

Bitcoin closed again in green after a four per cent jump yesterday to side above the $24,000 level following the recent FOMC choice to hike the interest by some other 75 basis points. The market sentiment additionally responded favourably as the Fear & Greed index jumped to its highest considering that the start of April, this year.

The daily vogue for BTC continues to traverse within a descending channel pattern, although being on an uptrend. The subsequent key resistance level for BTC is expected at $32,300. We may want to see this bullish trend to continue for the subsequent few days,” said a spokesperson at the WazirX trade desk.

“Bitcoin has been on an upward style with minor corrections over the past two weeks. BTC continued to rally, touching the US$24,000 stage on Thursday and bounced off to its consolidation point at US$23,000. The bulls have been pumping the price in the direction of the next critical resistance stage at US$25,000, which could be possible with a wide accumulation trend.

If BTC fails to clear the US$24,000 resistance zone today, we may see a draw back correction. But as of now, looking at the price trend, BTC might also continue to rally further today,” stated Edul Patel, CEO and co-founder of Mudrex.