Bitcoin is up 7% in the past 24 hours nearing $24,000, with altcoins outperforming – why is crypto up today and is the bear market over?
Bitcoin has already retraced from just over $69,000 in November 2021 to $17,600 in June 2022, a 75% correction over seven months – including negative crypto news ‘FUD’ events such as the Terra (LUNA) crash, Three Arrows Capital (3AC) going into liquidation, Celsius and Voyager filing for bankruptcy, and wider macroeconomic issues with rising inflation and recession fears.
None of those have changed the fundamental use case of cryptocurrency however, as a decentralized means of exchange and store of value – and a bounce was overdue after a prolonged ‘crypto winter’, including the first time in history Bitcoin printed eight straight red weekly candles – followed by a ninth. The crypto coin heat map (via coin360.com) is now a sea of green.
Why Is Crypto Up Today
Bitcoin opened the current daily candle just under $23,400 and is currently trading at $23,844, up 1.9% on the day and 7% in the past 24 hours. The total crypto market cap is also back over $1 trillion, reclaiming an important psychological support – now at $1.05 trillion, only down 66% from its November 2021 high of $3 trillion.
Bitcoin price chart June 18th bottom – today, July 20th
Some of the top crypto gainers on major exchanges like eToro – are up over 7%, including Dogecoin (DOGE) up 7.6%, gaming crypto coin My Neighbor Alice (ALICE) up 7.2%, and DeFi token dYdX (DYDX) up 12.8%.
Polygon (MATIC) is trading sideways today but was one of the biggest crypto gainers in past weeks, with a 300% move from its June lows of $0.31 to a current weekly high of $0.98. That move by MATIC followed news of the Polygon zkEVM launch to improve the scalability of Ethereum.
The Ethereum 2.0 Merge is also expected to take place in August 2022. Ethereum is up 2.8% today but has been outperforming the past week, currently trading back above $1,600 and up 80% from its 2022 lows of $881. Excitement over the ETH merge and its tie-in with that Polygon news may be one catalyst for crypto going up today.
Another possible reason why crypto is going up today could be many of the best crypto Twitter accounts flipping bullish. Bluntz (@SmartContracter) who called the Bitcoin bottom in 2018 tweeted ‘the time to be bearish has come to an end’.
$eth reclaimed its 200 week moving average this week, #btc will probably next week, the time to be bearish has defo to an end imo pic.twitter.com/HVJ7WBfxLX
— Bluntz (@SmartContracter) July 17, 2022
His technical analysis was based partly on ETH recovering its 200 week moving average, and he expected BTC to do so shortly after – which it has now done.
Another possible reason crypto is up is BitBoy Crypto (Ben Armstrong) posted he is ‘still bearish’ at around the $20k level, who many of the better traders use as a counter-indicator.
New Presales – Next 100x Crypto Opportunity?
A move back to its all-time high from today for Bitcoin would be a 2.9x return on investment (ROI). For 10 – 100x gains usually buying the best altcoins at the right time is required.
New crypto presales are active in July which could be a good investment if the next crypto bull is about to get underway and today’s move isn’t a bear market rally. Presales offer the lowest entry point in terms of price and most potential upside after a successful launch.
Yesterday we reported on one new crypto project Battle Infinity which was nearing its soft cap, before development began on its early gameplay and metaverse platform.
That soft cap has now been hit, with 2310 BNB raised (over $600,000 in USD terms) on battleinfinity.io in initial seed round funding for its native coin IBAT.
Low market cap coins tend to pump harder once the big caps BTC and ETH have moved up and established a new bullish market structure – with money then flowing down to low caps, and more ‘risk on’ assets like Layer-2 altcoins, new ICOs and presales.
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