Bitcoin price 'explosive move' puts old $69K all-time high in sight

Columns：Market News author：BTCZXW time：2024-07-22 16:39:44

🌈🫴👏Sign up to join UPTX and unlock new user benefits worth 6000+ USDT! 🌈🫴👏

50 USDT Welcome Gift Package Complete the registration and meet the requirements to receive your exclusive 50 USDT bonus package! 🎯 Simple rules: Deposit or trade within 4 days after registration, and the bonus will be sent directly to your reward center!

📱Open an account now to receive rewards: https://www.uptx.com/register?inviteCode=QZAVQG&uid=240629

✅Experience funds can be traded but not withdrawn. If you have topped up, you can withdraw money if you win experience funds!

Bitcoin rescues its longer-term trend as week-to-date BTC price gains aim for double digits.

Bitcoin (

BTC

$67,245

) circled $67,000 into the July 21 weekly close as an “extremely explosive move” set the stage for 10% gains.

BTC/USD 1-day chart. Source: TradingView

Bitcoin price continues "phenomenal retest"

Data from Cointelegraph Markets Pro and TradingView showed BTC price action spiking to new July highs over the weekend.

The largest cryptocurrency held onto its recovery in out-of-hours trading, this equaling 10.4% week-to-date and 6.6% for July at the time of writing, confirmed by monitoring resource CoinGlass.

BTC/USD monthly returns (screenshot). Source: CoinGlass

Unsurprisingly, market participants showed no shortage of optimism as a result.

Popular trader Benjamin Cowen hoped that the 20-week simple moving average (SMA) at $65,650 would function as support going forward.

“Extremely explosive move by BTC off the lower trend line back above its BMSB. wrote in a post on X.

“Let's see if BTC can hold above the 20W SMA.”

BTC/USD chart with bull market support band. Source: Benjamin Cowen/X

Cowen referred to the Bitcoin bull market support band, an area of interest between the 20-week SMA and the 21-week exponential moving average (EMA). As Cointelegraph reported, BTC/USD has traded above the band for the majority of its latest bull market.

Trader and analyst Rekt Capital meanwhile focused on the relative insignificance of Bitcoin’s correction since March’s new all-time highs.

On monthly timeframes, he continued, BTC/USD had successfully retested its old 2021 all-time high as support in part of an ongoing resistance/support flip.

“Phenomenal retest of the old All Time High resistance (red) as new major support (green),” he commented alongside an explanatory chart.

“Bitcoin has been successfully retesting this vital region as new support for 5 consecutive months.”

Crypto sentiment lurches toward "extreme greed"

In further evidence of the extent of the crypto recovery, sentiment reached its "greediest" in over a month, as measured by the Crypto Fear & Greed Index.

Related: Bitcoin 'crazy tight' Bollinger Bands point to $190K BTC price target

The classic sentiment gauge, which uses a basket of factors to compute an aggregate mood score for crypto markets, stood just below "extreme greed" on the day at 74/100.

Just a week ago, the Index measured just 25/100, corresponding to the inverse scenario, "extreme fear," characterizing the average trader's market perspective.

Crypto Fear & Greed Index (screenshot). Source: Alternative.me

Unlock new user benefits worth 6000+ USDT

Register to join UPTX and unlock new user benefits worth 6000+ USDT!
Experience funds can be traded but not withdrawn. If you have topped up, you can withdraw money if you win experience funds!

Official certification platform