Bitcoin Up for Second Consecutive Week: Analysis for July 23, 2024

After re-entering $60,000, Bitcoin continued its rise by more than 13%. Let’s analyze together the future prospects of the BTC price.

Bitcoin (BTC) Price Status

At the time of writing, the Bitcoin price is trading around $66,700. Thus, Bitcoin seems to be undergoing a slight downward correction. Nevertheless, Bitcoin has re-entered the lower part of the range dating back to March around $60,300, as well as its 50-day and 200-day moving averages, which is convincing as to the continuation of its medium-long term trend. On the price dynamics side, it seems to continue to improve despite the recent declines. This is reflected in the price of BTC itself as well as the oscillators. All of these elements thus confirm a return of interest from buyers in the crypto market.

At the time of writing, the Bitcoin price is trading around $66,700. Thus, Bitcoin seems to be undergoing a slight downward correction. Nevertheless, Bitcoin has re-entered the lower part of the range dating back to March around $60,300, as well as its 50-day and 200-day moving averages, which is convincing as to the continuation of its medium-long term trend. On the price dynamics side, it seems to continue to improve despite the recent declines. This is reflected in the price of BTC itself as well as the oscillators. All of these elements thus confirm a return of interest from buyers in the crypto market.

The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Now a trainer at Family Tradinga community of thousands of self-employed traders active since 2017. You will find Lives, educational content and mutual assistance around the financial markets in a professional and friendly atmosphere.

Bitcoin (BTC) Price Hypotheses

• If the Bitcoin price holds above $62,500, we could anticipate a bullish continuation causing the break of $68,500. The next resistance to consider would then be around $71,700. If the bullish movement continues, this could suggest reaching the ATH of the BT C, namely $73,750. At this point, this would represent an increase of more than 10%.

• If the price of Bitcoin fails to hold above $62,500, we could see a return to around $60,300. The next support to consider, if the bearish movement continues, would be just below $58,000. Further down, we can note the support at $56,500. At this point, this would represent a decline of around 15%.

Conclusion

Despite a slight downward correction at the beginning of the week, Bitcoin is showing positive signs of continuing its medium-long term trend. Price momentum remains favorable, and buyers' interest in the crypto market is confirmed. Nevertheless, it will be crucial to carefully observe the price reaction at the various key levels to confirm or deny current hypotheses. It is also important to remain vigilant against potential “fake outs” and market “squeezes” in each scenario. Finally, let us remember that these analyses are based solely on technical criteria and that the price of cryptocurrencies can also evolve rapidly according to other more fundamental factors.