The Bitcoin price is gaining in resistance as July gains could reach 20%. Bitcoin soared to a rapid six-week peak on July 29, as risk assets were boosted by the recent macro developments.
Data from Cointelegraph Markets Pro, TradingView reached local highs at $24,445 for Bitcoin/USD on Bitstamp. This is its highest level since June 13.
Bulls saw a second wind after consolidated around $23,000. This was due to the United States Federal Reserve’s recent rake increases and GDP data that confirmed that the U.S. is now in recession.
All risk assets performed better than the rest, with Bitcoin and other altcoins joining the gold standard in giving traders and analysts reason to be optimistic about the future.
“This is becoming interesting,” Material Indicators posted an update to its short signal thread. This was for the daily BTC/USD chart. It hoped that Bitcoin would make a higher peak (HH) in the future.
All Trend Precognition signals are printing Long on D chart. BTC making a HH means that there is very little friction between the next HH and the macro channel. This is still a bearish market rally.
Material Indicators stated that $25,000 is a key price level that should be monitored should $24,300, the daily high, hold.
“If this rally pushes past $25k, then $28k becomes very important very quickly,” is part of a second post .
Blockware lead insights analyst William Clemente meanwhile summarized in a wry alternative to current BTC price action for 2022.
BTC/USD had risen 4% compared to last week. The pair was poised to record monthly gains exceeding 20% with two days remaining before the July weekly close. Data from Coinglass confirmed.