• BTC Dominance: %
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Bitcoin price moves toward $24K and traders expect further upside, after a support retest

Jon Hartney by Jon Hartney
July 19, 2022
in Bitcoin, Blockchain, Business, Market
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

BTC price is racing toward $24,000, but analysts warn that a lower support retest is needed to confirm the strength of the current breakout.

Crypto fans are rejoicing at the sight of green across the market on July 19 as the months of “down only” price action have finally come to an end after the market flashed its first substantial relief rally in at least a month. 

Data from Cointelegraph Markets Pro and TradingView shows that much of the newfound excitement is the result of Bitcoin (BTC) breaking above resistance at $23,000 to hit a daily high of $23,447, its first meaningful move above the 200-week moving average.

Related articles

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023
BTC/USDT 1-day chart. Source: TradingView

While many have been quick predict a climb to the mid-$30,000 range, a few analysts caution that it could be another fakeout pump. Let’s take a look at traders’ perspectives on Bitcoin’s move toward $33,000.

Bitcoin needs a weekly candle close above $22,800

The move back above the 200-week MA has been a point of focus for cryptocurrency analyst Rekt Capital, who posted the following chart commenting that “For the first time in weeks, BTC is putting in a decent effort to try to reclaim the 200-week MA as support.”

BTC/USD 1-week chart. Source: Twitter

The 200-week MA has been a highly watched metric in recent weeks because it has served as a reliable bear market indicator that has historically provided insight into when a bottom has been set.

Rekt Capital said,

“#BTC needs to Weekly Candle Close above $22800 to successfully confirm a reclaim of the 200-week MA as support.”

There’s still room for a pullback to $18,000

Further insight into what would need to happen to confirm a bullish perspective on the gains seen on July 19 was offered by Phoneix ICF, who provided the following chart highlighting the next major level of resistance to keep an eye on.

BTC/USDT 1-day chart. Source: Twitter

Phoenix ICF said,

“Wait for the 1d candle to close above $23K and then place long bets. If that’s not the case, we’ll see it below $18K soon. Be patient & avoid emotional trading.”

Related: Technicals suggest Bitcoin is still far from ideal for daily payments

Traders expect resistance at $28,400

The importance of the current price level was further explored by technical analyst Crypto Patel, who posted the following chart outlining the possible paths that BTC could take in the event of a sharp directional move from the current supply zone found between $21,700 and $22,800.

BTC/USDT 1-day chart. Source: Twitter

Crypto Patel said,

“Scenario 1:- If Break $22,900 Level then Ready for Long with $28,400 TP [take profit]. Scenario 2:- But If failed to hold $$22,800 then High Possibility to test $12K Level.”

Based on the current Bitcoin price, the chart above predicts a possible run-up to the resistance area near $28,400, followed by a consolidation or pullback before BTC attempts to take out the resistance found at $32,300.

The overall cryptocurrency market cap now stands at $1.062 trillion and Bitcoin’s dominance rate is 42.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Bitcoin derivatives data shows room for BTC price to move higher this week

by Jon Hartney
January 23, 2023
0

BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

by Jon Hartney
January 22, 2023
0

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE...

Genesis bankruptcy case scheduled for first hearing

by Jon Hartney
January 22, 2023
0

The first hearing in Genesis Capital's bankruptcy case will be held on January 23, according to court filings

Terra lending protocol Mars to launch mainnet

by Jon Hartney
January 22, 2023
0

The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during...

Central African Republic eyes legal framework for crypto adoption

by Jon Hartney
January 22, 2023
0

A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in

Load More
  • Trending
  • Comments
  • Latest

Ethereum Classic gets ‘endorsement’ from Vitalik Buterin, but ETC price still risks 50% crash

July 27, 2022

Critique on Helium’s $6.5K monthly revenue causes a stir

July 28, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022

Cardano Vasil hard fork hit with another delay for several weeks

July 29, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0

Crypto owners banned from working on US Government crypto policies

0

Korean startup Uprise lost $20M shorting LUNC

0

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Genesis bankruptcy case scheduled for first hearing

January 22, 2023

Terra lending protocol Mars to launch mainnet

January 22, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Bitcoin derivatives data shows room for BTC price to move higher this week January 23, 2023
  • Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher January 22, 2023
  • Genesis bankruptcy case scheduled for first hearing January 22, 2023
  • Terra lending protocol Mars to launch mainnet January 22, 2023
  • Central African Republic eyes legal framework for crypto adoption January 22, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$22,910.00-1.86%
  • ethereumEthereum(ETH)$1,647.74-2.20%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.27%
  • binancecoinBNB(BNB)$326.79-1.92%
  • usd-coinUSD Coin(USDC)$1.00-0.37%
  • rippleXRP(XRP)$0.397269-1.60%
  • Binance USDBinance USD(BUSD)$1.00-0.33%
  • cardanoCardano(ADA)$0.391753-2.15%
  • dogecoinDogecoin(DOGE)$0.090182-3.04%
  • matic-networkPolygon(MATIC)$1.280.73%
  • OKBOKB(OKB)$44.85-2.34%
  • SolanaSolana(SOL)$23.07-4.01%
  • Lido Staked EtherLido Staked Ether(STETH)$1,643.00-2.30%
  • polkadotPolkadot(DOT)$6.77-3.19%
  • Shiba InuShiba Inu(SHIB)$0.000014-5.99%
  • litecoinLitecoin(LTC)$98.63-2.62%
  • AvalancheAvalanche(AVAX)$20.06-3.97%
  • tronTRON(TRX)$0.0668080.85%
  • UniswapUniswap(UNI)$6.82-2.85%
  • daiDai(DAI)$1.00-0.20%
  • cosmosCosmos Hub(ATOM)$15.06-0.25%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,912.00-1.64%
  • chainlinkChainlink(LINK)$7.19-0.62%
  • ToncoinToncoin(TON)$2.29-3.47%
  • ethereum-classicEthereum Classic(ETC)$22.66-2.45%
  • leo-tokenLEO Token(LEO)$3.370.20%
  • moneroMonero(XMR)$167.17-0.66%
  • bitcoin-cashBitcoin Cash(BCH)$131.34-3.39%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.09%
  • Lido DAOLido DAO(LDO)$2.899.26%
  • AptosAptos(APT)$14.86-8.13%
  • stellarStellar(XLM)$0.090797-1.82%
  • NEAR ProtocolNEAR Protocol(NEAR)$2.614.73%
  • CronosCronos(CRO)$0.083439-0.89%
  • ApeCoinApeCoin(APE)$5.73-5.41%
  • filecoinFilecoin(FIL)$5.43-3.34%
  • algorandAlgorand(ALGO)$0.283087-0.30%
  • QuantQuant(QNT)$139.39-1.81%
  • HederaHedera(HBAR)$0.074406-0.33%
  • vechainVeChain(VET)$0.025681-3.19%
  • Internet ComputerInternet Computer(ICP)$5.68-3.95%
  • The GraphThe Graph(GRT)$0.180785-10.62%
  • The SandboxThe Sandbox(SAND)$0.84-7.61%
  • FantomFantom(FTM)$0.52-12.65%
  • decentralandDecentraland(MANA)$0.76-5.82%
  • Axie InfinityAxie Infinity(AXS)$11.890.78%
  • AaveAave(AAVE)$86.58-2.62%
  • eosEOS(EOS)$1.08-3.48%
  • FlowFlow(FLOW)$1.12-7.12%
  • MultiversXMultiversX(EGLD)$46.05-4.40%
  • theta-tokenTheta Network(THETA)$1.14-4.94%
  • tezosTezos(XTZ)$1.23-1.21%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000180-3.08%
  • Frax ShareFrax Share(FXS)$13.898.92%
  • FraxFrax(FRAX)$1.00-0.50%
  • paxos-standardPax Dollar(USDP)$0.99-0.97%
  • true-usdTrueUSD(TUSD)$1.00-0.20%
  • huobi-tokenHuobi(HT)$5.32-5.94%
  • Rocket PoolRocket Pool(RPL)$45.266.24%
  • Curve DAOCurve DAO(CRV)$1.143.16%
  • kucoin-sharesKuCoin(KCS)$8.65-1.45%
  • havvenSynthetix Network(SNX)$2.67-10.89%
  • ChilizChiliz(CHZ)$0.155179-7.09%
  • bitcoin-cash-svBitcoin SV(BSV)$42.70-1.94%
  • ImmutableXImmutableX(IMX)$1.02-11.43%
  • PancakeSwapPancakeSwap(CAKE)$4.640.68%
  • eCasheCash(XEC)$0.000037-2.39%
  • USDDUSDD(USDD)$0.99-0.30%
  • BitTorrentBitTorrent(BTT)$0.000001-0.77%
  • dashDash(DASH)$63.85-3.48%
  • BitDAOBitDAO(BIT)$0.60-0.42%
  • makerMaker(MKR)$772.45-5.12%
  • Mina ProtocolMina Protocol(MINA)$0.83-4.76%
  • iotaIOTA(MIOTA)$0.246339-2.65%
  • KlaytnKlaytn(KLAY)$0.209659-3.97%
  • GateGate(GT)$4.43-1.05%
  • neoNEO(NEO)$9.12-1.27%
  • Trust WalletTrust Wallet(TWT)$1.54-4.84%
  • OptimismOptimism(OP)$2.78-10.50%
  • ArweaveArweave(AR)$11.90-9.51%
  • OKCOKC(OKT)$33.392.67%
  • OsmosisOsmosis(OSMO)$1.110.39%
  • zcashZcash(ZEC)$45.21-3.87%
  • singularitynetSingularityNET(AGIX)$0.481199-24.83%
  • cUSDCcUSDC(CUSDC)$0.0227490.01%
  • gemini-dollarGemini Dollar(GUSD)$1.021.91%
  • THORChainTHORChain(RUNE)$1.88-4.15%
  • GMXGMX(GMX)$66.55-6.96%
  • cDAIcDAI(CDAI)$0.022155-0.03%
  • Tokenize XchangeTokenize Xchange(TKX)$6.80-0.47%
  • Baby Doge CoinBaby Doge Coin(BABYDOGE)$0.0000000.05%
  • RenderRender(RNDR)$1.74-18.04%
  • RadixRadix(XRD)$0.050310-0.31%
  • Fetch.aiFetch.ai(FET)$0.483860-15.04%
  • PAX GoldPAX Gold(PAXG)$1,864.65-0.06%
  • enjincoinEnjin Coin(ENJ)$0.499001-4.86%
  • zilliqaZilliqa(ZIL)$0.030463-1.93%
  • Convex FinanceConvex Finance(CVX)$6.34-5.06%
  • cETHcETH(CETH)$33.20-1.81%