Cryptocurrency Market News: Bitcoin price imminent lift-off to $28,000

Here is what you need to know on Tuesday, July 28, 2020.

Markets:

The market is turning bearish and fast, especially for the largest cryptocurrencies in the market. Bitcoin majestically took down the resistance at $10,500 and $11,000 and even ascended to highs above $11,200. An intraday high was traded at $11,261 on Tuesday during the Asian hours before a gust of selling waves swept through the market, pulling Bitcoin under $11,000 (the dip could be temporary). At the time of writing, BTC/USD is trading at $10,950 after losing 0.88% of its value on the day.

Ethereum, just like Bitcoin is trading in the red with losses amounting to 1.08% on the day. Recently, the crypto hit a one-year high at $334. This followed a breakout above a symmetrical triangle pattern as discussed earlier. At the moment, ETH/USD is teetering at $318 amid a building bullish momentum.

Ripple, on the other hand, is the least affected by the selling pressure on the day. However, the rally Bitcoin and Ethereum experienced in the last few days mainly left XRP in the dust. After taking down the resistance at $0.22, bulls have not been able to sustain gains towards $0.23. Instead, an increase in selling pressure is having them struggle to defend the support at $0.22.

It is apparent that volatility has surged in the market since last week. Some of the best-performing cryptocurrencies in the last 24 hours include Bitcoin (7.02%), Bitcoin Cash (8.62%), Litecoin (9.70%), FTX Token (7.29%), Ren (11.57%), Loopring (11.05%), KAVA (19.24%), Band Protocol (15.82%) and THORChain (11.66%).

Reprinted from fxstreet.com, the copyright all reserved by the original author.