Bitcoin (BTC) Market Update 07/24

Bitcoin (BTC) managed to find support around $22,000 heading into the 24th of July, with bulls continuing to shoot for a strong green weekly close.

The Bitcoin to US Dollar exchange rate stopped falling around $21,900, according to data from Cointelegraph Markets Pro and TradingView and is now moving closer to $23,000 than it was earlier in the day.

The pair maintained a trading range that was intently focused on crucial long-term trendlines. These trendlines had been characterized by experts as being vital to recapture in the past.

These included the 50-day and the 200-week moving averages (MAs), with the latter being especially significant as support during bear markets despite having behaved as resistance since May.

A prominent trading account on Twitter called CryptoMellany stated in part of her most recent post on the day that it was bullish because the market had “fully maintained the 13d ema + horizontal 21.9k.”

“I anticipate we’ll remain around 22,500 for today’s weekly close, with activity down to 21-21.6k to start the new week, and then up for the rest of the week, creating a bull flag,”
At the time of this writing, the 50-day and 200-week moving averages (MAs) were at $22,370 and $22,690, respectively, with the spot price at $22,670.

In continuation, another trader and analyst by the name of Jibon referred to the forthcoming weekly close as “very very crucial.” An accompanying graphic highlighted the prices $21,944 and $22,401 as the dividing lines between a “poor” close and a “good” close, respectively.

Jibon had warned earlier in the week that such a “poor” outcome may be the start of a pullback to new macro lows for Bitcoin, which might go as low as $12,000. However, ongoing strength could spark a relief rally that goes as high as $40,000.

BTC/USD would reach its highest levels since the middle of June if it were to close at the levels it is at right now.

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