Bitcoin traders are buzzing with excitement, anticipating a significant “push higher” as several key metrics flash bullish signals. Despite a recent dip where Bitcoin lost 16% of its value between July 1 and July 5, falling to $53,499, it quickly rebounded with a 21% surge, hitting $66,139 on July 17. This remarkable recovery has analysts and traders eyeing higher targets, with projections aiming for $69,000, $74,000, and beyond.
Glassnode co-founder Negentropic noted that Bitcoin’s price rally has flipped several crucial resistance levels into support, including the 200-day EMA at $58,448 and the $62,600 zone, which aligns with both the 50-day and 100-day EMAs. This shift is a strong indicator that Bitcoin’s upward momentum is likely to continue.
Adding to the optimism, the daily Relative Strength Index (RSI) has shown a bullish divergence, breaking its downward trend and signaling strength among buyers. This technical indicator is often used to gauge market momentum, and its positive turn suggests that Bitcoin’s price could see further increases.
Analyst Scott Melker, known as “The Wolf Of All Streets,” echoed these sentiments, pointing out that the four-hour RSI also indicates a potential upward movement. This shorter timeframe analysis supports the broader bullish outlook shared by many in the trading community.
Moustache, an anonymous analyst, highlighted a historical bullish cross on the monthly Bitcoin index, which last occurred almost eight years ago and preceded the 2017 bull run. If history repeats itself, Bitcoin could be on the verge of another significant uptrend.
Despite facing strong resistance at the $65,000 level, Bitcoin’s price action remains promising. Aksel Kibar, a Chartered Market Technician, observed that Bitcoin sticking close to this resistance without significant sell-offs is a bullish sign, indicating a potential breakout.
Data from IntoTheBlock further supports this optimistic outlook. The In/Out of the Money Around Price (IOMAP) model shows robust support around the $62,700 area, where a substantial number of Bitcoin holdings were previously acquired. This support zone is likely to bolster Bitcoin’s price and drive it higher.
Overall, the path of least resistance for Bitcoin appears to be upward, with several indicators and metrics aligning to suggest a continued rise. As always, traders are advised to stay informed and cautious, given the volatile nature of the market.
