2024-7-22 10:49 |
A very positive week for crypto is now behind us. The BTC price pumped 7% during this period and is now trading around $67,300.
So, crypto traders are now wondering – when is Bitcoin price going to break the $73k area again and reach new ATHs?
Analyzing the Bitcoin Price ChartMath is simple – Bitcoin is 8% away from the $73k area. In other words, it needs to have a slightly better week than the previous one to achieve this. So, is this realistic?
I took a look at the BTC/USD chart. What we can notice here is that, ever since March, Bitcoin is trading in a sideways channel, from $53k to $73k area. These two levels act as strong support and resistance, we can conclude this just by looking at the chart.
The $73k area is in line with Bitcoin actually breaking out of this channel.
Source: TradingViewIt’s worth noting that this sideways movement isn’t uncommon for Bitcoin, especially after a significant rally. These consolidation periods often serve as a breather for the market, allowing for accumulation and setting the stage for the next big move. The question is, will that move be up or down?
Technical IndicatorsTechnicals present a mixed signal. RSI is around 58 on a daily chart which is bullish since anything from 55-70 is considered positive.
However, the MACD line is now below the MACD signal line, which is typically interpreted as a bearish signal. This crossover suggests a potential slowdown in upward momentum or a possible short-term reversal.
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Show more +Show less –Any positive market catalyst can help boost the BTC price more, and one of those could be SEC’s meeting behind closed doors on Thursday where they will likely discuss settlement with Ripple. If any positive news breaks, this could help Bitcoin price as well.
But unless that happens, I believe it’s less likely we see bigger pumps this week, based on the Bitcoin chart.
Read also: This Analyst Has A Shocking Ripple (XRP) Price Prediction
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