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Bitcoin July 15, 2022 – Desperately Whale Searched

Get out of the bevel – Bitcoin (BTC) price continues to hold above $20,000. Traders keep their eyes on a key level, the crossing of which would allow the bulls to further reassure the markets.

This Bitcoin price analysis is brought to you in collaboration with the Coin Trading and its algorithmic trading solution finally accessible to individuals.

The price of Bitcoin looking for the bullish breakout

The price of bitcoin goes up to $21,190 on Bitfinex today, July 15, 2022. It fails to hold above $21,000, however. The cryptocurrency closed the day at $20,888, with a daily gain of 1.86%.

In the very short term, is the price of Bitcoin ready to continue this rise in the coming days, or should we expect a lateralization between $20,000 and $21,000, or even another fall? under $20,000?

Trader Rekt Capital shared a 4-hour chart of Bitcoin price, to show the existence of a wedge pattern. He underlined the existence of a key resistance for a trend break at $21,800 “.

Publication of Rekt Capital – Source: Twitter

Like Rekt Capital, Crypto trader Tony also sees the levels near $21,800 as a major resistance that Bitcoin needs to break in order to qualify for further upside in the very short term.

According to Crypto Tony, the price of the cryptocurrency would still be stuck around the equilibrium point of the channel having respectively as lower and upper limits, $19,700 and $21,700.

Bitcoin price: $21,700 as major resistance
Crypto Tony post – Source: Twitter

The trader is “still in my long position”, and expects an attack at $21,700with a point of invalidation of this bullish outlook at $19,600.

Whales asleep since May

Can the price of Bitcoin really start a sustainable bullish recovery or the bear run end that would lead him to his bottom for this cycle, without a significant contribution from large investors?

Caue Oliveira, an analyst at BlockTrends, highlighted, with supporting chart, low whale activity who “stay in hibernation, waiting for the right moment to wake up”.

Hibernating BTC Whales
Publication by Caue Oliverira – Source: Twitter

Institutional activity is “almost non-existent after the month of May”. She was “briefly awakened during the LUNA crash”, before ” return to hibernation “.

What would be then the threshold that would motivate whales to move, one way or the other? A convincing reconquest of the moving average over 200 weeks? Or a fall below the plus of last June?

With the rises of the past few days, is Bitcoin definitively invalidating the catastrophe scenarios, or are the markets entitled to calm before the final storm?

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