current location: front page Market News

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

Columns:Market News author:btczxw time:2024-07-22 16:39:44
🚀 AI-CrypTo — Intelligent quantitative crypto investment, easy to achieve wealth growth! 💰
  • AI-CrypTo platform provides you with the safest, most stable and most profitable cryptocurrency automatic quantitative trading system! With a minimum deposit of 10 USDT, you can activate your investment account and enjoy stable returns and flexible withdrawals! 💵 Each model has a different rate of return, choose a higher level of investment to earn more! AI quantitative returns range from VIP1 to VIP11, with daily returns as high as 40.9%! The more you invest, the greater the return! 💸
  • 📱Open an account now to receive rewards: https://crypto819.com/#/register?ref=766274
  • ✅Join the AI-CrypTo agent alliance, invite friends, and earn high commissions! Up to **30.2% daily income, and 10% direct referral commission! 💼 Recharge rewards every day, the stronger the team, the richer the rewards!

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

    image.png

    Bitcoin (

    BTC

    tickers down

    $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.

    Source: Rekt Capital

    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.”

    BTC/USD chart. Source: Rekt Capital/X

    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


    🚀 AI-CrypTo — Intelligent quantitative crypto investment, easy to achieve wealth growth! 💰
    • AI-CrypTo platform provides you with the safest, most stable and most profitable cryptocurrency automatic quantitative trading system! With a minimum deposit of 10 USDT, you can activate your investment account and enjoy stable returns and flexible withdrawals! 💵
    • Each model has a different rate of return, choose a higher level of investment to earn more! AI quantitative returns range from VIP1 to VIP11, with daily returns as high as 40.9%! The more you invest, the greater the return! 💸
    Official certification platform
    share to:
    read:1018Second-rate

    I want to leave a message

      

    Classification