Best Crypto to Buy Now 31 July – Optimism, Compound, Bitcoin Cash
Bitcoin's price plunged under the psychologically significant support level of $30,000 over the past week, reaching a close of $28,874 today.
The Federal Reserve's decision to increase the rate by 25 bps on July 26 seems to have been largely shrugged off by Bitcoin, however.
As Bitcoin continues to consolidate, what are the best cryptos to buy now?
Additionally, the crypto market experienced a dull weekend, as it digested the disappointing figures released from the US Personal Consumption Expenditures (PCE) Index.
The Index fell short of the market's forecasted figures, maintaining the subdued mood of crypto enthusiasts.
Bitcoin is exchanging hands at around $29,250, recording a daily trade volume of approximately $11.8 billion – a spike of 56.08% so far today.
Bitcoin has been showcasing a consolidated performance above the Fib 0.382 level at $29,137 over the past week. This level seems to be currently acting as immediate support.
Meanwhile, it is struggling against the 50-day Exponential Moving Average (EMA) which has stubbornly acted as a ceiling to the Bitcoin price, marking a current resistance point at $29,357.
Bitcoin's RSI is hovering at 43.53, within the negative territory. An RSI under 50 suggests that sellers may be exerting more influence in the market.
However, as it is not drastically below 30 - which is often interpreted as an oversold condition - it also indicates that the market isn't severely bearish.
Despite a mild 0.14% downturn so far today, Bitcoin maintains its hold above the immediate support level at $29,137.
However, given the resistance imposed by the 50-day EMA, coupled with the unfavorable RSI and the positioning of the 20-day EMA, there could be increasing downward pressure in the immediate future.
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