Confirmation or denial – The price of Bitcoin (BTC) closed previous periods above key levels, but traders and analysts remind that the conditions are still not in place, to hope for long increases in the coming weeks.
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Bitcoin price: end of July in the green
Bitcoin price drops as low as $22,882 on Bitfinex today, 1er August 2022. It manages to climb back above $23,000. Cryptocurrency trades at $23,102 at the time of writing this article. Its price is currently recording a daily loss of 2.94%.
Bitcoin closed July and last week in the green. He made a weekly closing above the 200-week moving averageafter five consecutive closings over the period below this level.
Will this close be enough to restore the necessary momentum to the bulls, for a reconquest of the next key levels on the road to $30,000?
Confirmation: a wick still below
The fintech startup Material Indicators urged caution regarding any optimistic assumptions based on this closing.
She pointed out that the bear market rally is still very much alive”. Only ” full candles above the 200-week and 50-month moving averages, can be considered “valid breakout confirmations” above these key levels.
For now, Bitcoin has done well to close above these levels, but it had opened the relevant periods below.
Trader Rekt Capital also nuanced the scope of this recapture of the 200-week moving average. This event would mean that “the price will try to retest” this level as “new support this week”. Bitcoin would thus now attempt to maintain this support for a second consecutive week.
BTC price: consolidation after the rebound
The on-chain analysis company Santiment has issued its Bitcoin price forecast for this month of August, based on its NVT model. The latter had successfully predicted the trend in July.
This indicator would currently forecast a neutral trend for Bitcoin price in August, the month “can move in both directions”. Markets should therefore expect around 30 days of Bitcoin price consolidation.
After the reconquest, the bulls must therefore defend the 200-week moving average, to confirm a still fragile first victory, and claim a reconquest of the levels between $26,000 and $30,000.
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