Bitcoin’s quest to reclaim the $65,000 mark on July 18 remained in focus as this level became a critical point of interest for analysts.
Data from Cointelegraph Markets Pro and TradingView revealed a period of consolidative Bitcoin price activity, characterizing both the Asian trading session and Wall Street’s open. After hitting $66,000 the previous day, BTC/USD tested the durability of its recent gains, especially as the short-term holder (STH) realized price came into play.
As reported by Cointelegraph, this bull market trendline, situated just above $64,000 as of July 18, had previously been breached for the first time in almost a year. This positioned BTC/USD in a critical zone, necessitating firm support confirmation. Popular trader and analyst Rekt Capital highlighted the significance of this area, indicating that Bitcoin was not yet ready for a successful retest of the $65,000 level as new support.
“Bitcoin is not quite ready just yet for a successful retest of the ~$65,000 level as new support,” he acknowledged on X, accompanied by an explanatory chart. He further noted that Bitcoin would need a similar retest, akin to recent past scenarios, to confirm a breakthrough back into the $65,000-$71,500 region.
A subsequent post from Rekt Capital warned that BTC/USD risked rejection if the $65,000 area remained unbreached on daily timeframes. Trader, analyst, and podcast host Scott Melker, also known as the “Wolf Of All Streets,” observed positive low-timeframe relative strength index (RSI) signals, which could indicate the market’s next direction.
“Bearish divergence canceled. Nice,” Melker noted in part of an X post. “We now have confirmed hidden bullish divergence (blue), which is a continuation signal.”
Using Elliott Wave analysis, crypto trader and educator XForceGlobal saw potential for continued upside following a period of consolidation. “Overall, we are looking for the continuation of a bullish trend if the buy pressure continues to at least finish the first wave 1 of the intermediate degree in orange to gain more confidence that we are finally going to break ATH, going into the conclusion of a primary wave 5 of the highest degree,” their commentary on an updated chart concluded.
Adding to the optimistic outlook, a proprietary trading indicator from the trading suite DecenTrader delivered a bullish signal. The latest reading from Predator on three-day timeframes produced the first green “bullish” signal since early February, which marked the beginning of Bitcoin’s climb to all-time highs of $73,800. The Predator indicator uses a combination of inputs to generate “green” and “red” signals across various timeframes.
“Predator has spoken,” DecenTrader added in X commentary, reinforcing the bullish sentiment.
Bitcoin’s performance around the $65,000 mark has become a focal point for analysts, with various technical indicators and expert opinions suggesting a potential bullish continuation if key resistance levels are surpassed. The ongoing analysis and market behavior indicate a cautious yet optimistic outlook for Bitcoin’s near-term trajectory.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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