crypto

After correcting to $18,000 in June, Bitcoin and cryptos show a slow recovery sign. After reaching a price of $22,000 at the start of July, can Bitcoin power its way to $25K?

This guide analyses the latest Bitcoin price movements, following the cryptocurrency’s upward movement after the stock markets showed signs of recovery. 

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

Bitcoin lifts with the Stock Market

The price of Bitcoin dropped to $18,00 by mid-June 2022. This was caused by growing uncertainty in the global markets after the federal reserve raised interest rates by 0.75 basis points. However, July is showing initial signs of recovery as both stocks and cryptocurrencies are moving upwards. 

The NSDQ100 was up 6.69% in July, while the S&P 500 has gained over 4% since the start of the month. The price increases may be attributed to the U.S jobs report, which shows that employment growth has only cooled slightly but remained strong overall. The reports state that the unemployment rates were at 3.6%, unchanged from May 2022. 

BTC price

Since Bitcoin has reacted similarly to the stock market in the last year, a positive movement was also witnessed in the crypto markets. BTC was worth $18,990 on 7th July before experiencing a price hike. 

Within 24 hours, Bitcoin has increased to a price of $22,000. This indicates a 15.8% increase in only 24 hours. Furthermore, the entire crypto market has risen from a market cap of $839 billion in June to $939 billion currently. 

Will Bitcoin reach $25K

Despite the Bitcoin price increase, the crypto token is in a tricky position. The last time BTC traded around the $20K levels was in December 2020. Currently, the $22 – $23K levels have acted as resistance points since June 2022. The token has failed to secure a close over this mark, leading to price volatility in the last 5 weeks. 

For the Bitcoin price to keep increasing, a close above $23K will be crucial in the coming days. In December 2020, BTC began one of its biggest rallies after breaching the $20K levels and trading as high as $60,000 by April 2021. 

Bitcoin price movement

Short-term trading may lead to further volatility for beginners looking to buy Bitcoin. The Bitcoin price has been correcting throughout 2022, making it hard to predict future price movements. 

However, price algorithms are bullish on the Bitcoin price in the long term. Wallet Investor (WI), a trading algorithm, expects BTC to reach $35,000 in the next 12 months. This indicates a potential 59% increase. 

Related

eToro CopyTrader™ Tool

Our Rating

eToro
  • Buy Crypto & Copy Trade Professionals
  • Average 30.4% ROI in 2021
  • Average 83.7% ROI in 2020
  • Copy a DeFi or Metaverse Portfolio
eToro
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.