The threshold to cross – The price of Bitcoin (BTC) seems to be in a good position to end the week and the month, under favorable conditions for a continuation of the increases in the very short term.
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Finally a close in the green for the price of Bitcoin
The price of bitcoin goes up to $24,426 on Bitfinex today, July 29, 2022, unable to hold above $24,000. The cryptocurrency is trading at $23,969 at the time of writing. The markets are currently entitled to a doji.
As the end of this July approaches, Bitcoin is about to record a first monthly green lusterafter a bloody second trimester.
In addition, the bulls over the past few days give the bulls a chance to close this week above the 200 week moving average. Such an event could turn this level into a major support, which will support a real bullish recovery.
BTC price: parabolic trend broken?
Traders and analysts are issuing a bullish outlook after the recent rises. Blockware analyst Will Clemente shared a daily Bitcoin price chart that shows the price of the cryptocurrency has broke the “parabolic downtrend from the ATH” reached in November last year.
The trader Rekt Capital meanwhile, shared data that certainly argues in favor of bulls in the very short term, without ruling out the possibility of further declines.
He points out that Bitcoin price “is enjoying above-average buying volume for the first time since January/February of this year.” Bitcoin had then experienced a relief rallybefore registering “a new drop”.
The fierce resistance at $24,400
Not all very short-term expectations are bullish. Crypto trader Tony shared an 8h Bitcoin price chart, which would show “ a classic short setup with a clear point of invalidation…”.
In the chart below, this invalidation point would be in the $24,300-$24,400 area. Since the post-crash of June 13, the bulls have effectively failed to achieve a successful breakout above this zone.
Bitcoin traded green, and against all, after the latest announcements from the US Federal Reserve. A clear breakout of $24,400 would confirm the strength of the current bulls, which could then allow the price of the cryptocurrency to return to levels near $30,000. Otherwise, the markets are still at risk of further declines towards $20,000.
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