Bitcoin price performance is taking in increasingly higher resistance levels as July gains could top 20%.
Bitcoin (BTC) delivered a swift six-week high into July 29 as the aftermath of the latest macro developments boosted risk assets.
Monthly close could seal 20% gains
Data from Cointelegraph Markets Pro and TradingView captured local highs of $24,445 for BTC/USD on Bitstamp, its best since the week beginning June 13.
After consolidating around $23,000,
bulls got a second wind to propel the market higher on the back of the
United States Federal Reserve's latest rake hikes and GDP data
confirming that the U.S. was now in a recession.
Risk assets
outperformed across the board, with Bitcoin and altcoins joining gold in
giving traders and analysts cause for positivity on the outlook.
"This is getting interesting," on-chain monitoring resource Material Indicators tweeted in an update on its short and long signal thread for the daily BTC/USD chart June 28. It eyed the potential for Bitcoin to make a higher high (HH) next:
"All
Trend Precognition signals printing Long on the D chart, plus the
21-DMA and the 50-DMA unwinding. If BTC can make a HH there is little
friction to the next HH, and then the macro channel comes into range
YES, this is still a bear market rally."
Material
Indicators added that $25,000 would also be a key price level to watch
should the higher high at $24,300 hold for a daily close.
"If this rally can push past $25k, then $28k comes into focus very quickly," part of a further post read.
"Parabolic downtrend from ATH broken," Blockware lead insights analyst William Clemente meanwhile summarized in a wry alternative take on current BTC price action in 2022.
Versus
the same point last week, BTC/USD was up a modest 4% at the time of
writing. With two days left before the July weekly close, the pair was
on track to seal monthly gains of over 20%, data from Coinglass confirmed.
Ethereum eyes key support reclaim above $1,700
The picture on altcoins was similarly rosy on the day, with Ether (ETH) moving past $1,700 to challenge highs from the week of June 6.
Related: 3 Bitcoin trading behaviors hint that BTC’s rebound to $24K is a ‘fakeout’
While Material Indicators played with the idea of a further
retracement and lower low far beneath $1,000, others acknowledged the
strength of short-term price action across altcoins.
"$ETH as well
as many Altcoins have performed successful retests of old resistances
into new supports and have since rebounded strongly," popular trader and
analyst Rekt Capital reacted.
Additional analysis demanded that ETH/USD reclaim a support zone beginning at around $1,730 for continuation.
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source link : https://cointelegraph.com/news/bitcoin-bull-run-getting-interesting-as-btc-price-hits-6-week-high
