Bitcoin Shows Signs of Recovery as Analyst Shares Optimistic View

Bitcoin Price on Bitvavo: 26,546 Euros

The current price of bitcoin on cryptocurrency exchange Coinbase is $29,464. On the Dutch crypto exchange Bitvavo, the BTC price in euros is 26,546. This puts the king of cryptocurrencies at a small 0.4% gain compared to 24 hours ago.

Analyzing Bitcoin’s Recent Price Movement

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A chart shows how bitcoin dropped out of its price range on Monday, July 24. Since then, BTC has climbed back towards the bottom of this range, reaching an important point. The bottom could now act as resistance, and if the bulls fail to reclaim this price level, the decline may continue.

Bitcoin Analyst’s Cautious Optimism

Analyst DonAlt shares in a tweet when he would start to cautiously become optimistic again. He explains that a daily close above $30,000 would likely mean that the weekly close is also above $30,000. This would indicate a shift in character and the first sign that the bulls are still alive, which is the minimum requirement for him to be optimistic.

$BTC Nice lil pop but still in bear territory. That said a >$30k daily close would most likely mean the weekly closes >$30k as well. That’d be a shift in character and the first sign that bulls are actually alive still. That’s the minimum I need to get before being optimistic pic.twitter.com/W028kPmALe