Key Takeaways
Bitcoin ( $97,934.00 ) surged by nearly 18% in July.
As the monthly close approaches, several indicators point to bullish price action for the top crypto.
Bitcoin ( $97,934.00 ) needs to hold above $20,650 to advance toward $31,340.
Share this article
Bitcoin ( $97,934.00 ) is approaching the monthly candlestick close with strength as it holds above a significant area of support.
Bitcoin ( $97,934.00 ) to Close July in the Green
Bitcoin ( $97,934.00 ) is about to close July in the green while one technical indicator looks ready to flash a buy signal.
The leading cryptocurrency surged by nearly 18% in July after enduring a brutal 56% correction in the second quarter. The upward price action seen over the past month coincides with improving market sentiment. Although the U.S. economy has entered a so-called “technical recession” after two consecutive quarters of negative growth, investors are indicating that they believe that the weak macroeconomic conditions have been priced in.
From a technical perspective, Bitcoin ( $97,934.00 ) is holding around the 50-month moving average. Meanwhile, the Tom DeMark (TD) Sequential indicator looks like it’s about to present a buy signal in the form of a red nine candlestick on the monthly chart. The bullish formation anticipates a one to four monthly candlesticks upswing or the beginning of a new uptrend.
BTC/USD monthly chart (Source: TradingView)
Transaction history shows the importance of the 50-month moving average. Roughly 3.67 million addresses have purchased 2.47 million BTC at an average price of $20,650. If this significant demand wall continues to hold, Bitcoin ( $97,934.00 ) has a chance of validating the optimistic outlook.
Further buying pressure around the 50-month moving average could push Bitcoin ( $97,934.00 ) toward $31,340 as IntoTheBlock’s Global In/Out of the Money model shows little to no resistance ahead.
Bitcoin ( $97,934.00 ) ’s GIOM (Source: IntoTheBlock)
It is worth noting that a loss of the $20,650 support level could lead to a major downturn. Dipping below this interest area could cause panic among investors, leading to potential sell-offs as market participants look to avoid further losses. The potential sell-off could push Bitcoin ( $97,934.00 ) to the next crucial area of support, which sits at around $11,600.
Disclosure: At the time of writing, the author of this piece owned BTC and ETH.
For more key market trends, subscribe to our YouTube channel and get weekly updates from our lead Bitcoin ( $97,934.00 ) analyst Nathan Batchelor.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.