Bitcoin(BTC) Perpetual Contract Price Analysis: July 7

Bitcoin(BTC) Perpetual Contract Price Analysis: July 7
  • On July 7, the bullish BTC price analysis is at  $20177.22.
  • BTC’s bearish market price analysis for July 7, 2022, is $17605.
  • Bitcoin’s MA shows a downward trend.

In Bitcoin Perpetual Future (BTC) price analysis on July 7, 2022, we use price patterns, and the Moving Average of BTC to analyze the future movement of the cryptocurrency. 

A perpetual contract is similar to a futures contract, which allows a person to buy or sell an asset at a predetermined date for a specified price. Perpetual contracts are gaining popularity in crypto because they allow traders to hold leveraged positions without the burden of an expiration date. 

Bitcoin (BTC)

Cryptocurrency giant Bitcoin (BTC) operates free of any central control or the oversight of banks or governments. Instead, it relies on peer-to-peer software and cryptography. A public ledger records all Bitcoin transactions and copies are held on servers worldwide. Every transaction is publicly broadcast to the network and shared from node to node. Every ten minutes or so these transactions are collected together by miners into a group called a block and added permanently to the blockchain. 

Bitcoin can be exchanged for cash just like any asset. There are numerous cryptocurrency exchanges online where people can do this but transactions can also be carried out in person or over any communications platform, allowing even small businesses to accept Bitcoin. 

When Bitcoin was first launched it was possible almost instantaneously to mine a coin using even a basic computer. Miners also choose which transactions to bundle into a block, so fees of varying amounts are added by the sender as an incentive. 

Bitcoin (BTC) Price Analysis

BTC price analysis on July 7 2022, is explained below with an hourly time frame.

BTC/USDT Descending Channel Pattern (Source: Tradingview)

Descending channel patterns are short-term bearish in that stock moves lower within a descending channel, but they often form within longer-term uptrends as continuation patterns. The descending channel pattern is often followed by higher prices. But only after an upside penetration of the upper trend line. The stock will continue channeling downward until it is able to break either the upper or lower trend line. An upside break is bullish, while a downside break is bearish. 

Descending channels are useful due to their ability to predict overall changes in trends. As long as prices remain within the descending channel. the downward trend in price can be expected to continue.

Currently, the price of BTC is $20210. If the pattern continues, the price of BTC might reach the resistance level of $21777 and the buy level of BTC is $20372. If the trend reverses, then the price of BTC may fall to $17605, and the sell level of BTC is $18535.

Bitcoin (BTC) Moving Average

The BTC’s Moving Average (MA) is shown in the chart below. 

BTC Perpetual Future MA (Source: Tradingview)

Currently, BTC is in a bearish state. However, BTC’s price completely lies above 50 MA (short-term), but it lies below 200 MA. Possibly, BTC can also move above 200 MA (long-term) soon. Once it moves above 50 MA and 200 MA levels, it completely goes to a bullish state. Moreover, there is a high possibility of a Trend reversal.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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