For months now, the crypto market has been in a serious plummet; neither the price nor the trading volume for any cryptocurrency was up to standards. This can be dated back to mid-may, the time period when both China and Elon Musk were having a fit with Bitcoin and Bitcoin mining. These were a series of events that started a market-wide crash, and everything was in a serious decline.
This can be termed as the crash for the crypto market; next, we move towards the rumor phase. This is where many crypto enthusiasts, out of self-pity, channelized various rumors revolving around Bitcoin. The most famous one is that Amazon, the e-commerce giant, has adopted Bitcoin. The second one is that Saudi Aramco is looking to invest its assets into Bitcoin mining. Both were just that, ‘rumors’ and nothing else. But this did increase the price of Bitcoin for a short duration, and the cryptocurrency was almost trading above $40K, but then these rumors got sliced, and Bitcoin was once again below $40K.
Crypto Market Turns Green
A lot has changed since that, and chain data suggests that the crypto market is catching the bullish east wind again. The price of Bitcoin is seriously attempting to hold the $38K price tag. The price of Bitcoin seems to be rising along with the altcoins, which mentions the crypto market as a whole favoring a bullish cycle for BTC. Bitcoin did hit the resistance level of $42K and went beyond it to settle at $42541 on 31st July. Aside from the price calculations, the BTCD index is also showing all kinds of optics, and it is currently at a three-month high, resting at 49.2% on the same date as Bitcoin crosses its resistance level.
This says a lot about a new bullish cycle that is in the works and might soon join Bitcoin and other cryptocurrencies in a more intensive market run. There is one thing that should be noted here: although BTCD represents the market sentiment, it’s not the most reliable indicator when verifying a bullish run for Bitcoin.