The market’s first significant relief bounce in at least a month has Bitcoin enthusiasts jubilant on July 19, as the months of “down, only” price activity has finally come to an end.
Cointelegraph Markets Pro and Trading View data reveal that most of the increased enthusiasm comes from Bitcoin (BTC) breaching over the $23,000 barrier, which is the first substantial rise above the 200-week moving average.
But a few experts have expressed skepticism, saying that this may be just another fakeout pump. The price of Bitcoin is now hovering around $33,000.
“BTC is putting in a solid effort to attempt to recapture the 200-week MA as support,” said cryptocurrency analyst Rekt Capital on the accompanying chart, which shows a climb back above the 200-week MA.
As a dependable bear market signal that has traditionally offered insight into when a bottom has been struck, the 200-week MA has been closely scrutinized in recent weeks.
Rekt Capital has said,
BTC has to close above $22800 on a weekly basis in order to effectively confirm the reclaimation of the 200-week MA as support.
Phoenix ICF supplied the following chart to highlight the next important level of resistance to keep a watch on in order to reinforce a bullish outlook on the gains witnessed on July 19.
Bitcoin’s current supply zone between $21,700 and $22,800 has been further examined by technical analyst Crypto Patel, who provided a graphic depicting the potential pathways that BTC may take in the case of a dramatic directional movement from that supply zone.
The following chart shows that the current Bitcoin price suggests a likely run-up to the resistance region at $28,400, followed by consolidation or pullback before BTC tries to overcome the resistance found at $32,300.
Coin market capitalization currently stands at $1.062 trillion, with Bitcoin holding 42.1 percent of that total.
© 2015-2023 Coinposters. All rights reserved!