The global cryptocurrency market continues to trade with a bullish bias, driving an uptrend in altcoins. The current Bitcoin Gold price is $24.15, and the 24-hour trading volume is $201 million. BTG has increased by 7.97% in the previous 24 hours, with a live market cap of $423 million. CoinMarketCap now ranks #84, with 17,513,924 BTG coins in circulation, and a maximum supply of 21,000,000 BTG coins.
The price of Bitcoin Gold closed at $24.03 after reaching a high of $24.61 and a low of $19.07. The coin price appears to have risen significantly from yesterday’s close of $19.07. For the ninth session in a row, the BTG/USD pair maintained its bullish momentum, reaching its highest level since May 29. The coin experienced a significant increase of more than 30% on Friday.
BTG Continues the Bullish Streak amid Weakness in the US Dollar
The US Dollar Index, which measures the value of the US dollar against a basket of six major currencies, fell today, raising the BTG/USD pair. As a result, the US dollar has been under some pressure this week. The DXY falls precipitously, reaching 106.19, its lowest level in 15 days. This could have caused a surge in BTG on the same day. One of the reasons for the sudden surge in Bitcoin Gold price could be the weakness of the US dollar.
However, there is no clear indication of what triggered the coin’s massive rally. Despite the lack of a significant reason, several factors may have contributed to the crypto surge. One of them could be the boosted demand for a leading cryptocurrency, Bitcoin, and its price.
Series of Fundamentals Supporting Crypto Coins
After falling for two consecutive sessions, the leading cryptocurrency, Bitcoin, was up +4.40% in 24 hours on Friday. Bitcoin found some support and began to rise, owing primarily to the BTC option expiry scheduled for July 22.
Bitcoin Gold has a 0.75 correlation with Bitcoin, which means that BTG approximates the price of BTC by 75%; as a result, BTG/USD followed the leading cryptocurrency and continued to rise.
Additionally, global macroeconomic tensions eased on Friday after Russian President Vladimir Putin approved plans to restart the Nord Stream gas pipeline flow. This news alleviated the negative pressure on financial markets, allowing tokens to rise.
According to a report released on Friday by Boston Consulting Group (BCG), the crypto industry could reach 3 billion users by the end of 2030. Even though this report suggested that the number of people investing in crypto was significantly lower than that of people investing in equities, it still painted a positive picture of crypto investor growth. However, the prospect of increased crypto adoption in the financial market boosted market sentiment and pushed BTG/USD higher.
Bitcoin Gold Up 50% – Technical Outlook
On the technical front, the Bitcoin Gold coin is trading bullish, just below a triple top resistance level of $25. The BTG/USD pair has formed a bullish engulfing candle on the daily timeframe, which supports an uptrend; however, we may not see further upside moves until BTG breaks above $25.
Because the BTG/USD pair has completed a 38.2% Fibonacci retracement precisely at $25, this resistance is significant. A break above the $25 level may expose BTG to the 50% and 61.8% Fibonacci retracement levels, which are at $29.20 and $33.50, respectively. Alternatively, the support level remains at $19.70 and $14.75, respectively.
Leading and lagging indicators like RSI, MACD, and the 50-day moving average support a buying trend. As a result, a buying trade on a $25 breakout could be an excellent opportunity.
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