Analysts have identified multiple bullish signals for Bitcoin across various timeframes, indicating that a continued upward push is likely after a recent 10% rally over seven days.
Analysts have identified multiple bullish signals for Bitcoin across various timeframes, indicating that a continued upward push is likely after a recent 10% rally over seven days.
Despite a recent downturn, during which Bitcoin’s price dropped by 16% between July 1 and July 5, bottoming out at $53,499, Bitcoin has since surged by approximately 21%, according to Glassnode co-founder Negentropic in a July 18 post on X.
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Negentropic referenced Bitcoin’s impressive rise over the weekend, peaking at $66,139 on July 17. He noted that this rally has turned several levels into support, including the 200-day exponential moving average (EMA) at $58,448 and the $62,600 region, which aligns with both the 50-day and 100-day EMAs.
The analysts remain optimistic, targeting the next likely level of $69,000, followed by $74,000 and higher. Negentropic also pointed out that the daily relative strength index (RSI) “broke the downside momentum after a bullish divergence,” indicating strong buying interest.
Scott Melker, an analyst and podcast host known as “The Wolf Of All Streets,” observed similar trends on lower timeframes. He noted that the four-hour RSI provides clues about the market’s next direction. Additionally, anonymous analyst Moustache expressed optimism for further gains after Bitcoin’s price produced a bullish cross on the monthly timeframe.
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“It’s been almost eight years since BTC last saw this bullish cross,” Moustache stated in a July 18 post on X, suggesting that if the bullish cross holds, Bitcoin could lead the market in a parabolic uptrend reminiscent of the 2017 bull run.
Data from Cointelegraph Markets Pro and TradingView shows Bitcoin trading at $63,498 after facing rejection at $65,000. After reaching $66,000 on July 17, Bitcoin’s price dipped below $65,000 and tested this level for most of July 18 before dropping further.
Chartered market technician Aksel Kibar commented in an X post that $65,000 is acting as “strong resistance,” and the fact that the BTC/USD pair isn’t significantly pulling back is “very bullish long-term.”
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“Sticking to a resistance and no intention of selling off is usually a sign of a pending breakout,” Kibar explained. Data from IntoTheBlock supported Bitcoin’s upside potential, with the In/Out of the Money Around Price (IOMAP) model showing that Bitcoin enjoys strong support on the downside compared to the resistance faced during its recovery.
For instance, the support provided by the 100-day and 200-day EMAs around $62,700 aligns with the zone where approximately 840,920 BTC was previously purchased by 1.7 million addresses. Increased demand from this zone is likely to push the price higher.
