• Market Cap: $1,086,325,952,258.46
  • 24h Vol: $80,644,572,840.79
  • BTC Dominance: 45.83%
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Bitcoin price moves toward $24K and traders expect further upside, after a support retest

Jon Hartney by Jon Hartney
July 19, 2022
in Bitcoin, Blockchain, Business, Market
0
Bitcoin price moves toward $24K and traders expect further upside, after a support retest
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

BTC price is racing toward $24,000, but analysts warn that a lower support retest is needed to confirm the strength of the current breakout.

Crypto fans are rejoicing at the sight of green across the market on July 19 as the months of “down only” price action have finally come to an end after the market flashed its first substantial relief rally in at least a month. 

Data from Cointelegraph Markets Pro and TradingView shows that much of the newfound excitement is the result of Bitcoin (BTC) breaking above resistance at $23,000 to hit a daily high of $23,447, its first meaningful move above the 200-week moving average.

Related articles

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

June 10, 2023
Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

June 10, 2023
BTC/USDT 1-day chart. Source: TradingView

While many have been quick predict a climb to the mid-$30,000 range, a few analysts caution that it could be another fakeout pump. Let’s take a look at traders’ perspectives on Bitcoin’s move toward $33,000.

Bitcoin needs a weekly candle close above $22,800

The move back above the 200-week MA has been a point of focus for cryptocurrency analyst Rekt Capital, who posted the following chart commenting that “For the first time in weeks, BTC is putting in a decent effort to try to reclaim the 200-week MA as support.”

BTC/USD 1-week chart. Source: Twitter

The 200-week MA has been a highly watched metric in recent weeks because it has served as a reliable bear market indicator that has historically provided insight into when a bottom has been set.

Rekt Capital said,

“#BTC needs to Weekly Candle Close above $22800 to successfully confirm a reclaim of the 200-week MA as support.”

There’s still room for a pullback to $18,000

Further insight into what would need to happen to confirm a bullish perspective on the gains seen on July 19 was offered by Phoneix ICF, who provided the following chart highlighting the next major level of resistance to keep an eye on.

BTC/USDT 1-day chart. Source: Twitter

Phoenix ICF said,

“Wait for the 1d candle to close above $23K and then place long bets. If that’s not the case, we’ll see it below $18K soon. Be patient & avoid emotional trading.”

Related: Technicals suggest Bitcoin is still far from ideal for daily payments

Traders expect resistance at $28,400

The importance of the current price level was further explored by technical analyst Crypto Patel, who posted the following chart outlining the possible paths that BTC could take in the event of a sharp directional move from the current supply zone found between $21,700 and $22,800.

BTC/USDT 1-day chart. Source: Twitter

Crypto Patel said,

“Scenario 1:- If Break $22,900 Level then Ready for Long with $28,400 TP [take profit]. Scenario 2:- But If failed to hold $$22,800 then High Possibility to test $12K Level.”

Based on the current Bitcoin price, the chart above predicts a possible run-up to the resistance area near $28,400, followed by a consolidation or pullback before BTC attempts to take out the resistance found at $32,300.

The overall cryptocurrency market cap now stands at $1.062 trillion and Bitcoin’s dominance rate is 42.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

by Jon Hartney
June 10, 2023
0

The Act aims to enhance fiscal transparency, boost revenue and recognize cryptocurrencies as legitimate assets

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

by Jon Hartney
June 10, 2023
0

The CFTC highlighted that “critically, in a precedent-setting decision” the Ooki DAO was held in court as

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

by Jon Hartney
June 10, 2023
0

The group of scammers have recently taken over accounts belonging to the founder of Pudgy Penguins, the CTO of OpenAI

SEC charges against Binance and Coinbase are terrible for DeFi

SEC charges against Binance and Coinbase are terrible for DeFi

by Jon Hartney
June 10, 2023
0

The SEC’s charges against Binance and Coinbase could have far-reaching consequences for decentralized finance

Robinhood will end support for 3 tokens named in SEC lawsuits

Robinhood will end support for 3 tokens named in SEC lawsuits

by Jon Hartney
June 9, 2023
0

The company cited the SEC’s actions against Coinbase and Binance as reasons for the delisting, saying the lawsuits

Load More
  • Trending
  • Comments
  • Latest
NEXO risks 50% drop due to regulatory pressure and investor concerns

NEXO risks 50% drop due to regulatory pressure and investor concerns

September 30, 2022
51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

October 14, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022
Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

October 11, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0
Crypto owners banned from working on US Government crypto policies

Crypto owners banned from working on US Government crypto policies

0
Korean startup Uprise lost $20M shorting LUNC

Korean startup Uprise lost $20M shorting LUNC

0
Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0
Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

June 10, 2023
Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

June 10, 2023
Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

June 10, 2023
SEC charges against Binance and Coinbase are terrible for DeFi

SEC charges against Binance and Coinbase are terrible for DeFi

June 10, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Nigeria to tax crypto, digital assets 10% on capital gains: Experts react June 10, 2023
  • Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC June 10, 2023
  • Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts June 10, 2023
  • SEC charges against Binance and Coinbase are terrible for DeFi June 10, 2023
  • Robinhood will end support for 3 tokens named in SEC lawsuits June 9, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$25,644.00-3.67%
  • ethereumEthereum(ETH)$1,738.41-5.68%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.10%
  • binancecoinBNB(BNB)$237.21-8.64%
  • usd-coinUSD Coin(USDC)$1.000.04%
  • rippleXRP(XRP)$0.494549-6.49%
  • staked-etherLido Staked Ether(STETH)$1,737.71-5.77%
  • cardanoCardano(ADA)$0.238493-24.51%
  • dogecoinDogecoin(DOGE)$0.059611-12.40%
  • tronTRON(TRX)$0.068325-12.33%
  • solanaSolana(SOL)$14.58-22.99%
  • litecoinLitecoin(LTC)$76.84-12.86%
  • polkadotPolkadot(DOT)$4.44-11.44%
  • matic-networkPolygon(MATIC)$0.57-27.11%
  • binance-usdBinance USD(BUSD)$1.000.06%
  • daiDai(DAI)$1.000.00%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$25,654.00-3.71%
  • avalanche-2Avalanche(AVAX)$11.42-17.80%
  • shiba-inuShiba Inu(SHIB)$0.000006-18.97%
  • leo-tokenLEO Token(LEO)$3.52-0.74%
  • uniswapUniswap(UNI)$3.95-14.20%
  • chainlinkChainlink(LINK)$5.04-15.68%
  • okbOKB(OKB)$41.58-7.52%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.11%
  • moneroMonero(XMR)$136.57-4.41%
  • cosmosCosmos Hub(ATOM)$7.76-16.89%
  • ToncoinToncoin(TON)$1.47-12.45%
  • stellarStellar(XLM)$0.080875-7.24%
  • ethereum-classicEthereum Classic(ETC)$14.48-15.01%
  • true-usdTrueUSD(TUSD)$1.00-0.13%
  • bitcoin-cashBitcoin Cash(BCH)$100.14-9.69%
  • internet-computerInternet Computer(ICP)$3.76-10.44%
  • lido-daoLido DAO(LDO)$1.83-17.90%
  • quant-networkQuant(QNT)$102.96-6.21%
  • filecoinFilecoin(FIL)$3.35-18.00%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • hedera-hashgraphHedera(HBAR)$0.043573-11.22%
  • crypto-com-chainCronos(CRO)$0.051364-12.05%
  • ArbitrumArbitrum(ARB)$1.01-11.50%
  • AptosAptos(APT)$5.96-22.65%
  • nearNEAR Protocol(NEAR)$1.21-14.26%
  • vechainVeChain(VET)$0.014793-14.51%
  • paxos-standardPax Dollar(USDP)$1.000.02%
  • fraxFrax(FRAX)$1.00-0.02%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • BSCEXBSCEX(BSCX)$238.6067.50%
  • apecoinApeCoin(APE)$2.32-20.12%
  • the-graphThe Graph(GRT)$0.095524-14.89%
  • rocket-poolRocket Pool(RPL)$43.92-7.83%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,867.92-5.81%
  • algorandAlgorand(ALGO)$0.106987-14.07%
  • elrond-erd-2MultiversX(EGLD)$30.20-13.36%
  • render-tokenRender(RNDR)$2.07-9.71%
  • aaveAave(AAVE)$52.43-12.43%
  • eosEOS(EOS)$0.67-24.70%
  • usddUSDD(USDD)$1.00-0.04%
  • the-sandboxThe Sandbox(SAND)$0.375712-22.26%
  • optimismOptimism(OP)$1.08-21.29%
  • blockstackStacks(STX)$0.497664-21.13%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.72-2.03%
  • Bitget TokenBitget Token(BGB)$0.481659-1.50%
  • tezosTezos(XTZ)$0.71-14.96%
  • fantomFantom(FTM)$0.237629-19.42%
  • BitDAOBitDAO(BIT)$0.442297-7.72%
  • theta-tokenTheta Network(THETA)$0.64-16.99%
  • radixRadix(XRD)$0.062034-7.95%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • decentralandDecentraland(MANA)$0.335988-20.21%
  • kucoin-sharesKuCoin(KCS)$6.32-6.47%
  • immutable-xImmutableX(IMX)$0.60-17.67%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.07%
  • axie-infinityAxie Infinity(AXS)$4.91-21.12%
  • havvenSynthetix Network(SNX)$1.78-13.80%
  • curve-dao-tokenCurve DAO(CRV)$0.64-15.68%
  • makerMaker(MKR)$589.81-5.96%
  • neoNEO(NEO)$7.44-18.72%
  • flowFlow(FLOW)$0.499064-20.52%
  • gatechain-tokenGate(GT)$3.65-11.15%
  • terra-lunaTerra Luna Classic(LUNC)$0.000087-11.05%
  • marumaruNFTmarumaruNFT(MARU)$0.24991121.40%
  • bittorrentBitTorrent(BTT)$0.000001-1.38%
  • galaGALA(GALA)$0.020589-20.28%
  • pax-goldPAX Gold(PAXG)$1,910.16-1.17%
  • tether-goldTether Gold(XAUT)$1,962.32-0.02%
  • xdce-crowd-saleXDC Network(XDC)$0.034681-4.06%
  • injective-protocolInjective(INJ)$5.92-15.76%
  • bitcoin-cash-svBitcoin SV(BSV)$24.60-18.47%
  • binaryxBinaryX(BNX)$165.90-5.97%
  • Tokenize XchangeTokenize Xchange(TKX)$5.71-7.21%
  • compound-ethercETH(CETH)$34.93-5.74%
  • klay-tokenKlaytn(KLAY)$0.146270-11.48%
  • casper-networkCasper Network(CSPR)$0.041120-6.46%
  • Halo CoinHalo Coin(HALO)$0.057345-0.05%
  • kavaKava(KAVA)$0.79-17.60%
  • huobi-tokenHuobi(HT)$2.68-6.43%
  • iotaIOTA(MIOTA)$0.152166-14.89%
  • PepePepe(PEPE)$0.000001-15.57%
  • gmxGMX(GMX)$45.14-12.56%
  • compound-usd-coincUSDC(CUSDC)$0.0228830.08%