Still Divided – The price of Bitcoin (BTC) is showing bullish signs, but it will fail to reassure the markets, as long as it remains below this resistance zone in the very short term.
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Weekly close (half) successful for Bitcoin?
The price of bitcoin goes up to $24,224 on Bitfinex today, August 8, 2022. The cryptocurrency is trading at $23,929 at the time of writing. Its price is currently registering a daily gain of 2.88%.
Bitcoin made a weekly close above the 200-week moving average, to the second consecutive time. Trader Rekt Capital talks about a successful retest of this level. Nevertheless, the more cautious will continue to insist that:
- this retest is not sufficient to confirm the start of a bullish recovery;
- last week’s candlestick still features a wick below the 200-week moving averageand that Bitcoin did not then confirm the reconquest of this level as support.
This resistance zone to break through for future upsides
The trader behind the Daan Crypto Trades Twitter account shared a 4-hour chart of the Bitcoin price, showing bulls that managed to push the cryptocurrency’s price above $23,500. This level maintained the price at a low level “, last week.
According to Daan Crypto Trades, $24,300 is “the next level for bulls to break through.” The bulls managed to make a foray up to $24,600 last week, but the zone above $24,300 continues to act as strong short resistance term for bitcoin.
Another moving average after a flip from this level into support
Crypto trader Tony has also issued an analysis relatively similar to that of Daan Crypto Trades. After crossing the $23,400 line, Bitcoin is now “preparing for a move” up the tidy as shown in the graph below. The bulls must then turn the $24,300 into support, to conquer the higher levels.
If Bitcoin manages to break through this zone and turn it into support, markets will have their eyes on the 100-day moving average in the $25,600-$25,700 range, which could be the next target level for the bulls.
Reclaiming the 200 week moving average was just one step on the way to a technical rebound, back towards levels near $30,000. Next challenge: the bulls must now take the price of Bitcoin above $24,300, before encountering resistance below $26,000.
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