Bitcoin Price Pulls Back after Crossing $29.5k Threshold
Bitcoin experienced a minor uptick in price in the last 24 hours, reaching above $29.6k and sparking optimistic predictions of a return to the $30k support level. However, the price fell back to $29.2k, and Bitcoin has not yet regained its $30k level. CoinMarketCap investors predict a potential drop to the $28k resistance line after the recent pullback.
Bitcoin Price Analysis
Bitcoin initially rejected the $31k support on July 14 and traded sideways to maintain a level above $30k. On July 20, the token fell to $29.6k, prompting bulls to take action and bounce the token back to its $30k support. However, Bitcoin lost its $30k support on July 24, leading to subsequent drops below $29k. Current trends show neutral sentiment for Bitcoin.
Reasons for Bitcoin’s Rejection of $30k Resistance
Two reasons are attributed to Bitcoin’s rejection of the $30k support. First, the Federal Reserve increased interest rates on July 26, causing a decline in Bitcoin’s value. Second, Bitcoin whale exchange inflow hit a 1-year high on July 24, creating selling pressure and leading to the rejection of the $30k support.
Evil Pepe Coin as an Alternative Investment
Evil Pepe Coin, a presale crypto modeled after Pepe Coin, offers a potential alternative investment. The simplicity and virality of Evil Pepe Coin give it a short-term upside and it has already raised over $1.97 million. Early movers may make gains from its upcoming DEX listing.
Hot Take
Despite Bitcoin’s recent pullback, there is still potential for it to break out in either a positive or negative direction. As for Evil Pepe Coin, its presale success and virality suggest it could be a lucrative investment option for those seeking short-term gains.
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