Bitcoin Price Analysis: BTC Struggles to Break $30,000 Mark
- Bitcoin (BTC) price fails to test the recent $30,000 level.
- Over the past 24 hours, the trading volume of BTC recorded a surge of over 23%.
- A total of 800,000 blocks have been mined on the Bitcoin blockchain.
Bitcoin (BTC) is facing headwinds as it struggles to sustain itself within the $30,350 range that it attained on Sunday. This failure of laying out a bullish breakout weighs down on the entire crypto market.
Following multiple Bitcoin ETF filings, Bitcoin attempted to stage a fresh uptrend toward $31,000 at the end of June. Notably, on July 14, the Bitcoin price reached $31,657 on July 14. Currently, the largest cryptocurrency failed to test the $30,000 resistance and rather initiated a further downtrend.
Bitcoin (BTC) 24H Price Analysis
At the time of writing, the price of Bitcoin stood at $29,788, with a daily trading volume exceeding $10.1 billion, which has climbed 23%. Although the price has experienced a slight decline of around 0.16% in the last 24 hours. Zooming out, the BTC price has exhibited a year-to-date (YTD) gain of over 80.83%.
The daily price chart of BTC highlights the bearish movement of BTC as the current price still lags behind the 50-day exponential moving average (50 EMA). Moreover, as per the daily RSI, the crypto falls below the neutral zone. An attainable resistance lies around the $30,053 level. A decisive break above this level could pave the way for an uptrend toward $30,337.
800,000 Blocks Mined on Bitcoin So Far
Bitcoin (BTC), has reached a significant milestone with the mining of block number 800,000. According to the Glassnode data, a total of 19.437 million BTC have been mined, and miners have earned 268.7k BTC in fees. In addition, Bitcoin miners have received a staggering $52.593 billion in revenue.
Over its 14-year existence, the Bitcoin blockchain has processed 867 million transactions, with an average of 1,084 transactions per block. The fourth Bitcoin halving cycle is estimated to commence in another nine months after the remaining 40,000 blocks are mined. Consequently, the block rewards would be cut down to 3.125 BTC per block.
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Read more: https://thenewscrypto.com/bitcoin-price-analysis-btc-struggles-to-break-30000-mark/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
