Bitcoin Tests Resistance Level at $68,000

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As the total value of the cryptocurrency world (TOTAL) tests the support level of $2.40 trillion, Bitcoin’s price is trading at $67,300 after failing to surpass a significant resistance level. Besides Bitcoin, Arweave (AR) stood out as the biggest loser of the day, disappointing its investors.

Current State of the Cryptocurrency Market

Everyone in the market is focused on tomorrow, July 23, 2024. Information from the market indicated that spot ETH ETFs would start trading on this date. During this process, the total cryptocurrency market value, which is above $2.40 trillion, continuously dips below and rises above this level, showing a volatile movement. Meanwhile, the Chicago Board Options Exchange (CBOE) also pointed to July 23 as the start date for trading, reflecting that less than 24 hours remain.

Looking at TOTAL again, it is seen at the notable support level of $2.40 trillion, which could potentially bounce from this level in case of a price rise tomorrow and move towards the critical resistance of $2.50 trillion market value.

Considering the current market conditions, the likelihood of falling below $2.40 trillion is low but not entirely eliminated, and in case of a drop, TOTAL could be seen retreating to $2.30 trillion.

Bitcoin Reaches $68,000

After the rise on the night connecting Sunday to Monday, Bitcoin’s price rose above $68,400 and tested the existing resistance. Although the attempt to break the resistance failed, BTC could be seen breaking the resistance and surpassing the previous ATH of $69,000, depending on the prevailing bullish expectations in the market.

The first target for Bitcoin is thought to be in the range of $70,000 to $71,000. However, it may be difficult for BTC bulls to reclaim the mentioned level as support and maintain the upward trend. On the other hand, if the resistance cannot be overcome, a price movement towards $66,000 could be seen, and potentially BTC could drop to $64,800 as reflected in the charts.

Biggest Loser of the Day

Arweave’s price became the biggest loser of the day, causing significant disappointment. After a 6.67% drop in the last 24 hours, Arweave is trading at $32.21. The Relative Strength Index (RSI) indicated that Arweave was overbought, which strengthened the expectation of a decline in recent days.

This decline could cause Arweave’s price to retreat to $28, while a potential market rise and recovery could see AR’s price rise to $37.

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