The price of Bitcoin found some much-needed strength at around $22,000 on the 24th of July with several bulls still looking towards a solid green weekly close.
According to data that was recovered from TradingView and Cointelegraph Markets Pro, it was understood that BTC/USD stopped at a weekend drop of $21,900 only to get towards the sum of $23,000 on the same day. The exchange has been holding a trading range while focusing closely on most of the key long-term trendlines, which analysts have already considered to be essential to reclaiming. These include the 50-day as well as the 200-week moving average, with the latter being particularly important as support during the bear markets- but which later turned out to be resistance since May.
Bitcoin Price Seems To Have Stabilized
CryptoMellany, a popular Twitter trading account, then went on to argue that Bitcoin had perfectly held on to the 13d ema + horizontal 21.9k- as she spoke about the cryptocurrency’s latest update on the 24th of July. She believes that the cryptocurrency will hang till around 22.5k for today’s weekly close, with the new week starting with action down to 21-21.6k and then shooting up for the entirety of the week- which would then form a bull flag. The 50-day and the 200-week moving average went on to stand at $22,370 and $22,690 respectively with the spot price at around $22,670.
Jibon, a fellow analyst and trader, then went on to describe the upcoming weekly close as being quite important. A chart that accompanied this information then went on to single out $21,944 and $22,401 as the lines in the sand which would determine if Bitcoin had a bad or a good close. Just the week before, the analyst had warned that a bad result could very well start a retracement to new macro lows for the cryptocurrency, which would provide continued strength to fuel a relief rally going as high as $40,000.