Bitcoin and Ethereum: July recovery
- Bitcoin price continues its July recovery today.
- This morning, the price of Ethereum rose to the $1200 level.
- Boris Johnson has resigned amid a scandal that has seen around 60 cabinet members resign in protest.
Bitcoin chart analysis
Price of Bitcoin continues its July recovery today. This morning we did another climb to the $20650 price. After that, we move in the $20,400-20,600 range. We have support in the moving averages, and we could expect a continuation of the bullish trend. Our first important target is $21,000 level. The last time we were at that place was June 28. If we managed to stay above that level, then there would be a chance for a further continuation towards the $22,000 level. We need a negative consolidation and a pullback to retest the $20,000 level for a bearish option. A price break below would intensify the bearish pressure, leading to a further pullback towards the next support zone. Potential lower targets are the $19,000 and $18,000 levels.
Ethereum chart analysis
This morning, the price of Ethereum rose to the $1200 level. For the rest of the day, we consolidate a little below that level with support at the $1160 level. This positive consolidation could make a break above and if it holds above and continues. Our potential next target is $1250 and $1300 levels. For a bearish option, we need negative consolidation and a drop below $1150 and MA20 and MA50 moving averages. After that, we can expect the price of Ethereum to drop on support at the $1100 level. Additional support at that level is in the MA200 moving average. A break below could bring us back to the zone around the $1000 level.
Market overview
Boris Johnson has resigned amid a scandal that has seen around 60 cabinet members resign in protest. Former Finance Minister Rishi Sunak and Health Secretary Sajid Javid were the first and most senior officials to resign on Tuesday, saying the public deserved a government-run properly and with integrity.
The resignations are likely to delay crypto legislation. Bank of England Deputy Governor John Cunliffe said on Wednesday that the regulator’s plans for a stable currency law had already been delayed due to government turmoil. In April, Glenn and Sunak announced plans for a package of crypto laws.
