The $19,500 threshold – The price of Bitcoin (BTC) succeeds above $20,000, and gives traders and analysts renewed bullish hopes (or illusions).
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Bitcoin price above an ascending trendline
Bitcoin price rises to $20,880 on Bitfinex today, July 14, 2022. Cryptocurrency trades at $20,586 at the time of writing this article. Its price is currently recording a daily gain of 3.40%.
The bulls thus continue their run, drawing a second consecutive green luster on the markets. The price of Bitcoin instantly fell below $19,000 yesterday, before making a foray above $20,000, then falling back below that level, and finally closing the day at $20,246.
Passing above $19,600 yesterday, Bitcoin has retrieve an uptrend linehighlighted by Material Indicators, and whose origin dates back to mid-June.
With another day dominated by bullsthe price of Bitcoin thus continues today, to trade above this ascending line.
A near bottom: the now unlikely $13,700 for Bitcoin?
Analysts and traders seem much more optimistic, dismissing doomsday scenarios, on another drop below the June low.
In terms of a heavily bearish pattern, Crypto Crew founder Steve Cowen looks back at the one Bitcoin scammers who could $13,700 dropa possibility “that we have been observing for 10 months now”.
He shared a graph showing the monthly changes in the cryptocurrency price, to illustrate that Bitcoin will not touch $13,700, unless its price loses the $19,500 as support on this time scale.
Steve Cowen says that $19,500 is “holding up very well so far.” He thus considers that the bottom is either very close or already reached.
However, some observers continue to issue pessimistic outlooks. The Capo Of Crypto Analyst recall thus a strong dollar, bearish boomer markets ”, as well as the “bad news everywhere”, to evoke the absurdity of the bullish hopes, with Bitcoin holding above $19,000 – without specifying the time scale underlying his reasoning.
Narratives from traders and analysts now seem to focus on the latest dip for the price of Bitcoin, admittedly not ruling out the possibility of yet another dip in the cryptocurrency below $20,000, while clarifying that the magnitude of this fall will now be relatively less.
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