The front crash – Bitcoin (BTC) price recovers $23,000. The indicators seem to be green for a reconquest of the levels well above, but some traders prefer to wait for confirmation before supporting the idea of a sustainable bullish recovery.
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The price of Bitcoin above $23,000: an optimism to be tempered?
The price of bitcoin goes up to $23,687 on Bitfinex today, July 19, 2022. The cryptocurrency is trading at $23,288 at the time of writing. Its price is currently registering a significant daily gain of 8.33%.
The Bitcoin price last crossed the $23,000 mark on June 14. It is now located above the 200-week moving average, which currently stands at $22,724. The bulls have managed to recover this major bullish support, but will they be able to defend it?
The trader Rekt Capital remains cautious, before issuing a bullish outlook on relatively long time frames. He highlighted the need “for a weekly closing candle above $22800 ”, so that Bitcoin can confirm a successful reconquest of this average as support.
Bitcoin towards $28,000: encouraging breakthroughs?
On the very short term, Rekt Capital shared a 4-hour Bitcoin price chart, which explains today’s rise, and appears to argue in favor of a continuation of this movement in the next few days.
The chart shows a Bitcoin that managed to break out of a wedge pattern, breaking resistance. According to Rekt Capital, cryptocurrency “ enjoy another successful summit test of this structure, “with a rally of +7% upwards since…”.
Chart analysis further shows Bitcoin returning to its June 14 level, when four days prior the cryptocurrency was still trading above $30,000. The day before, June 13, Bitcoin suffered the crash which brought its price down from $26,000 and above at the open, to below $23,000 at the close.
The trader Michaël van de Poppe has also shared a bullish scenario, which sees a Bitcoin initially return to $21,350ahead of a rebound that would see the cryptocurrency rally back to $28,000 in the coming days.
Are the markets currently witnessing a real bullish rebound or a false joy? The question still remains. The weekly close is still five days away, yet another test of the 200 week moving average in the next 24 to 48 hours will still gauge the current strength of the bulls.
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