The bitcoin market began the month of July on a quiet note which was a follow up to the way that the market was trading over the month of June. This was the case during the entire first half of last month and it looked as though the trend would continue for the rest of the month as well as the prices struggled in the $6000 region and it also appeared that it might weaken further in due course of time. But this did not happen as the key region during this period was the price region around $6800. This served as a region of strong resistance and it appeared as the line in the sand between the bulls and the bears.
BTC Resumes Bull Run
If the prices did break through higher, it was clear that it would be enough to push the prices much higher while the market continued to be in control of the bears until the prices were below that region. This situation continued but as time wore on, it became clear that the bulls were beginning to take control as they made repeated attempts to break through the $6800 region and though many of these attempts failed, the correction that followed these attempts becae shorter and shorter and this was a clear indication that the trend was beginning to change.
As if one cue, towards the middle of the month, we saw the prices break through the $6800 region and this helped to generate enough momentum to push the prices through the $7000 region. Once this happened, it drew more and more buyers and this helped to fuel the big bull run higher as the prices then shot through the $7500 region and then the next target of $8000 came into the picture which was also blown away by the bulls. By this time, it was very clear that the bulls were in control and this added to the momentum as the prices flew towards the $8500 region but this is as far as they have got for now.
The prices began to stall in that region and since that time, we have had soe consolidation followed by some correction as well. It would be no surprise if and when the prices fall towards the $6800 region and this would only be viewed as a natural correction of the trend which seems to have changed to become bullish. It is natural for prices to visit the broken resistance region and that is likely to be seen in the BTC market in the short term.
Prices Likely to be Bullish
Looking ahead to the month of August, if and when the prices do correct lower and come back towards the $7000 region, that might be a good opportunity for the bulls and for those who believe in the bull run to begin their buying. They should take care to have their stop loss just below the $6800 region to ensure that they protect their trades from the volatility in the market. We believe that the tide has turned and that we are likely to see the bullish trend resume in the short and medium term but the trades have to be patient and they have to careful as well during this period.
The market has seen a lot of consolidation over the last couple of months and during this period, we have also seen reports about the entry of major banks and funds into the market and how the underlying technology of blockchain is being adopted by a variety of financial institutions. So, we believe that the crypto market is here to stay and this is only a maturation of the market that we are seeing now with more and more companies coming up with their own innovations to add to the maturity in the market in the medium term. This will only help the market to grow and expand in the long term. We believe that the bull run will resume soon and if and when that happens, the first target would be the $8500 region again followed by the $10,000 region which should prove to be a large selling region.