Bitcoin Overcomes the First Hurdle as It Is Set to Battle $23K High – July 7, 2022
BTC/USD is making positive moves as it is set to battle the $23K high. Bitcoin bulls have two hurdles to jump over, the resistance levels at $21.675 and $23,010. Bitcoin will rally to the $30,000 psychological price level if the resistance levels are overcome. Today, Bitcoin is trading at $20,841.47 at the time of writing.
Bitcoin Price Statistics Data:
•Bitcoin price now – $22,099.48
•Bitcoin market cap – $421,842,045,471
•Bitcoin circulating supply -19,087,875.00 BTC
•Bitcoin total supply – $463,959,282,551
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
Bitcoin’s (BTC) price is in a downtrend but it is making an upward correction as price breaks above the 21-day line SMA. The breaking of the resistance line will propel Bitcoin to rise. The current bullish momentum is likely to retest or break the resistance at $21,675. Bitcoin is above the 21-day line SMA but below the 50 –day line SMA. On the upside, if the bulls break above the 50-day line SMA, Bitcoin will rise and have an accelerated movement. The market will rise and reach the $30,000 psychological price level. Conversely, Bitcoin will be compelled to a range-bound move if the bulls failed to break above the 50-day line SMA. In the meantime, the BTC price is trading at $22,099 at the time of writing.
Bitcoin Is Set for Bullish Rebound, Says Mike McGlon
According to Bloomberg’s senior commodity strategist Mike McGlon, Bitcoin (BTC) will rebound in the second half (2H) of 2022. He based his belief on the current indicators that are showing similar signs to the bottom of the bear market in 2018, which preceded a strong rebound in the first half of 2019: “With the Bloomberg Galaxy Crypto Index nearing a similar drawdown as the 2018 bottom and Bitcoin’s discount to its 50- and 100-week moving averages similar to past foundations, risk vs. reward is tilting toward responsive investors in 2H.” McGlone has predicted that BTC is on track for “one of the greatest bull markets in history at a relatively discounted price to start 2H”. Secondly, he said the present data is showing that the crypto market is starting to fail and scare away investors. “Our bias is [that] Bitcoin adoption is more likely to continue rising,” he said
Meanwhile, Bitcoin has broken the initial resistance at $21,675 as it is set to battle the $23K high. The market is rising as it approaches the next resistance at $23,010. Buyers will attempt to push Bitcoin above the $23,010 resistance zone. However, a further upward move is doubtful as the market reaches the overbought region. BTC price is above 80% range of the daily stochastic. Sellers will emerge in the oversold region to push Bitcoin downward.
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