How are you, crypto friends? Yesterday (18 July 2023), we saw quite interesting Bitcoin price movements. With an opening price of $30,138 and a close of $29,859, BTC/USDT fell 279 points, or about 0.93%. Even so, don't rush to be pessimistic. This doesn't mean it's bad for Bitcoin, you know!
Bitcoin's highest and lowest price movements yesterday were at $30,240 and $29,512, indicating that price fluctuations are still within a relatively tight range. Even with yesterday's drop, Bitcoin's price is still hovering around the $30,000s, an important psychological level that many traders pay attention to.
Yesterday's trading volume reached 30,004K, slightly below the 10-day average of 33,206K. This relatively low trading volume could indicate that not much buying or selling is taking place, and could be a sign of market passivity. Lower than average trading volume means less liquidity which can lead to more volatile price movements.
So, talking about news, there is interesting news about Polychain Capital. They just raised $200 million for their fourth crypto VC fund and plan to raise around $400 million in total. This is a bullish sign for the industry, indicating that there is still strong interest in the sector despite the “Crypto Winter”.
Now, let's look at the technical indicators. Bitcoin's RSI (14) is at 49.33, almost in the middle of the range, indicating that Bitcoin is not currently overbought or oversold. MACD (12,26.9) is -187.15 which suggests that bearish momentum may be underway. However, the Moving Average (10) at 35,553 gives a clue that we are still below the medium-term trend, which could be a bearish sign.
But remember, in this Cryptoverse, change can happen very quickly. Always monitor the latest news and analysis, and be sure to always do your own research before making any investment decisions. Remember, we are not here to give investment advice, but to help you understand the market. So, stay smart and always alert, OK!
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