A little more – Bitcoin (BTC) price enjoys another bullish day, but traders continue to urge caution, tempering bullish forecasts.
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Bitcoin price at $21,000: touched but not won!
The price of bitcoin goes up to $22,405 on Bitfinex today, July 8, 2022. It fails to hold above $22,000, however. The cryptocurrency is trading at $21,962 at the time of writing. Its price is currently registering a daily gain of 1.44%.
Bitcoin price has approached the 200-week simple moving average, which is currently near $22,570. Despite this encouraging move, trader Rekt Capital has nuanced the scope increases of recent days.
He points out that Bitcoin “has been recovering recently”, but this rise has “only” allowed the cryptocurrency to “touching” the 200-week simple moving average“which can now be considered a resistance”.
The reconquest of this average, which is a major bullish support for the price of Bitcoin, remains a vital signal, which could significantly swing market sentiments in favor of the bulls.
Fakeouts, bullish traps: still cloudy skies
Rekt Capital is not alone in temper any hopes of a bullish recovery relatively sustainable, after the green candlesticks that allowed Bitcoin to briefly recover from $22,000.
This is the case of the twitto Gilberto who shared a graph showing a Bitcoin which managed to achieve a “nice break of the pennant” from above.
However, he believes that ” the daily trend is still down “, and that Bitcoin will only really start rising again when its price rises above $23,000.
The analyzes of the twitto Roman echo this bearish outlook. Roman shared a chart that shows similar bearish patterns over the past eight months.
The movements of the past few weeks would, in other words, mislead traders who believe Bitcoin has bottomed, or who believe the cryptocurrency is poised to reclaim higher levels on the road to $30,000. while the trend remains negative.
To bull or not to bull, the question remains. The $23,000 could slice in favor of the bulls, without ruling out other possible declines that could finally allow Bitcoin to hit its floor price for this cycle.
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