After the bitcoin rebound hit 23,000 on July 19, many traders greeted the event with the belief that it was a temporary bounce and that the market would soon hit new lows.
A trader nicknamed Trader XM tweeted a meme saying “This time is different” and showed proof of his belief on a chart.
by Twitter
The price of Bitcoin has not tested the minimum of the range , which indicates that the buyers dominate the sellers.
Analysts believe the next big resistance awaits Bitcoin at $27,100.
There was a breakout of the 200-week moving average (WMA) at the level of 22,800 dollars and then the price moved up, reaching at the moment the level of $23,600.
By Tradingview
At the same time, there are other analysts’ opinions about Bitcoin returning to the range or approaching resistance levels on higher time frames. Some of them believe the market is still giving bearish signals that should not be ignored, so they advise traders not to get their hopes up too high.
Renowned market analyst Caleb Franzen noted that Bitcoin’s rise above $24,000 confirmed a trading range break between $18,000 and $22,500, but despite this, the analyst believes that the next pullback is inevitable and will be a significant test of the bear market. At the same time, buyer behavior in a pullback is difficult to predict.
Research company Jarvis Labs confirms the fears of the previous analyst, citing as a proof the absence of activity of whales’ purses in recent months. And now, despite the rise in prices, large companies have not returned to active buying.
Thus, the analysts’ opinions are that in the short-term the price movement is in a bullish trend, while in the long trading range the bearish trend is still in place.
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