Bitcoin market will show great movement in July

Last night, the U.S stock price increased, with a decent American consumer psychology and the economic stimulus plans from the governments. The anxiety over the second wave of COVID-19 didn’t affect the U.S stock. On 30(ET), in the New York Stock Exchange(NYSE), Dow Jones Industrial Average 30 Index finished up by 0.85%, trading at 25,812.88. Standard&Poor's(S&P) 500 Index rose by 1.54%, trading at 3,100.29. Nasdaq tech stocks advanced by 1.87%, trading at 10,058.77. The U.S blockchain stocks grew 2.06% on average.

On the second quarter, Dow Index surged by 17.8%, the largest growth since the first quarter, 1987. S&P grew by 20%, the most significant performance since 1998; Nasdaq increased 30.6%, the strongest performance since 1999.

For the last 24 hours, Bitcoin(BTC) saw flat movement at the level of USD 9,100. It maintained its supporting level at the USD 9,000, yet its momentum is too weak to break above the USD 9,300 resistance line for a BTC price Bull run. According to U.Today, BTC price was decreased for 3 consecutive quarters since Q3 2019, but this time, it rose by 42.4%.

"BTC can gain momentum after BTC/USD pair break above the resistance level between USD 9,300 and USD 9,340. If the bulls gain traction above USD 9,300, the price could start an upward move towards the USD 9,550 resistance region in the near term. In the meantime, BTC price risks being dipped by the USD 8,650 level, when it fallen below the supporting level between the USD 9,100 and USD 9,000 is collapsed," anticipated Aayush Jindal, an analyst of NewsBTC.

"BTC now faces the resistance line between the USD 9,172 and USD 9,344, where the bearish sign is shown. BTC can turn to be bullish after breaking above the USD 10K. A risk, however, can be posed to the bottom of USD 8,630(the bottom line of May 24th) and the USD 8,683(50-day movement average), when the recent bottom(USD 8,830) is collapsed," reported CoinDesk.

"BTC fail to reach the level of 9,250, and buying pressure won't be strong in short term. Traders have to note the bottom line between the USD 8,500 and USD 8,650 and the potential rally towards the USD 9,400. A collapse from the USD 8,500 may prompt the cryptocurrency price to plummet," said Neo, an analyst of OKEx.

Citing the predictions of analysts, U.Today anticipated the potential great volatility in the future digital currency market. CryptoCompare, a market data provider, predicted the great volatility of BTC, after analysing its Cumulative Average Volume (CAV). The data from CryptoCompare shows that CAV was dropped for the last 1 week, meaning that BTC experienced more volatility.

"For last 1 year, 62% of BTC wasn't traded. A similar movement was found shortly before the bull market in 2017," said Alistair, a famous BTC trader. "BTC's next bull market is coming soon" argued Willy Woo, another cryptocurrency trader.

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