Bitcoin price ‘explosive move’ sets old $69k all-time high view
Bitcoin (BTC) circled $67,000 at the weekly close of July 21st, setting the stage for a 10% gain as an “explosive move”.
The price of Bitcoin continues its “exciting experiment”.
Data from Cointelegraph Markets Pro and TradingView showed BTC price action over the weekend to a new July high.
The biggest cryptocurrency took place in the recovery in the after-hours trade, it was 10.4% week-to-day and 6.6% in July at the time of writing, confirmed by tracking wealth CoinGlass.
Surprisingly, market participants did not lack hope for this reason.
Legendary trader Benjamin Cowen hopes the 20-week simple moving average (SMA) at $65,650 will act as support going forward.
“Very explosive in BTC outside the lower trend line above the BMSB. He wrote in his post on X.
“Let's see if BTC can hold above the 20W SMA.”
Cowen cited Bitcoin's bull market support band as an area of interest between the 20-week SMA and the 21-week moving average (EMA). Cointelegraph reports that BTC/USD has traded above the band for most of the recent bull market.
Trader and analyst Rect Capital meanwhile focused on the relative importance of Bitcoin's correction since March's new all-time highs.
On the monthly timeframes, it continues, BTC/USD successfully tested the old 2021 all-time high with partial support from the ongoing resistance/support flow.
With an explanatory chart, he opined, “A dramatic test of former all-time high resistance (red) as new major support (green).”
“Bitcoin has been successfully testing this critical region as new support for 5 months in a row.”
Crypto sentiment leads to “extreme greed”.
More data on the rate of crypto recovery, measured by the crypto fear and greed index, has seen the sentiment reach “greedy” in just over a month.
Related: Bitcoin ‘Crazy Tight' Bollinger Bands Point To $190K BTC Price Target
The classic sentiment gauge, which uses a basket of factors to calculate an overall sentiment score for crypto markets, has stood below “extremely greedy” on 74/100 days.
Just a week ago, the index measured only 25/100, corresponding to the reverse, “high fear”, reflecting the average trader's market outlook.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
