- Bitcoin witnesses rejection near the $23,500 level. In doing so, the bullish count has been invalidated.
- Ethereum price falls as expected but stands a chance to rotate higher.
- Ripple price shows concerning signals, revitalizing the idea of a $0.24 target.
The crypto market witnesses more declines. The short-lived profit rally may have been a smart money trap to entice traders.
Bitcoin price reroutes south
Bitcoin price has breached the ascending trend channel, prompting a 25% profit rally since July 13. A breaking news coverage was issued on July 21 to warn traders of the trend failure. The original peer-to-peer cryptocurrency produced the anticipated retest and rejection signal from the ascending channel on July 23 and has since lost 10% of its market value.
Bitcoin price currently trades at $20,706 as the bears suppress the digital crypto in a free-fall fashion. Although July provided knife-catching opportunities in the crypto market to make a profit, the decline in BTC price should not be looked at through the same optimistic lens. In layman's terms, smart money has invalidated the bullish short-term count. BTC price targets $17,000 and potentially $16,200.
Invalidation of the bearish count is $24,400. If the bulls can conquer this level, they may be able to rally as high as $27,750, resulting in a 33% increase from the current Bitcoin price.
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of inerest in the market. -FXStreet Team
BTC/USDT 4-Hour Chart
