Bullish, in appearance – While the price of Bitcoin (BTC) seems to have resumed its upward path, traders and analysts continue to issue a bearish outlook, pending the crossing of other key thresholds.
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Foray Above $24,000: New Resistances For Bitcoin Price
The price of bitcoin goes up to $24,276 on Bitfinex today, July 20, 2022, but could not hold above $24,000. The cryptocurrency is trading at $23,220 at the time of writing. The markets are currently entitled to a doji.
Bitcoin price is still above the 200 week simple moving average. Some traders and analysts doubt, however, the continuity of increases in recent days.
Crypto trader Ed shared a 4-hour Bitcoin price chart, showing the existence of resistance – in blue – that the course of the cryptocurrency has not managed to break for the moment. The graph shows in parallel, a another resistance that the RSI is currently seeing.
The trader believes that the current area is not yet conducive to new long. It urges markets to wait for “a correction or breakout of this RSI trendline.”
The price of Bitcoin in a still fragile uptrend
Analyst il Capo Of Crypto does not dispute the fact that Bitcoin is in an uptrend, on a relatively low time frame. The cryptocurrency, however, would have only reached a other lower-highfollowing the rises of the past few days, on a longer timescale.
On this low time frame, Bitcoin would invalidate the current uptrend, dropping below $22,000. And despite the recent good performance of the bulls, he Capo Of Crypto maintains his hypothesis of a Bitcoin, which still targets the $15,800 – $16,200.
Significant Bearish Pressure from Tesla on BTC Markets: Is the Worst Over?
The day is also marked by the release of new financial information, on Tesla’s Bitcoin holdings. The company indicates that it has ” converted approximately 75% of our bitcoin purchases into fiat currency at the end of the second quarter of this year. This sale allowed Tesla to add “$936 million in cash” to its balance sheet.
Looking at the glass half full, the most optimistic traders and analysts might point to the fact that, this massive sell-off during a disastrous second quarter, was not enough to sustainably bring the price of Bitcoin back to levels well below $20,000.
Pending other significant breakthroughs in the price of Bitcoin, traders and analysts therefore argue that the current increases would ultimately only be a temporary heat wave, in the middle of the crypto winter.
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