Bitcoin's Bull Run 'Gets Interesting' as BTC Price Hits 6-Week High
Bitcoin price performance sees higher and higher levels of resistance, with July gains potentially exceeding 20%.
Market Update
Bitcoin (BTC) hit a rapid high in the six weeks through July 29 as the aftermath of the latest macro developments boosted risky assets.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView hit local highs of $24,445 for BTC/USD on Bitstamp, its best level since the week of June 13.
After consolidating around USD 23,000, the bulls got a second wind to propel the market higher thanks to the latest rake hikes from the US Federal Reserve and GDP data confirming that the US is now in recession.
Risk assets outperformed across the board, with Bitcoin and altcoins joining gold in giving traders and analysts reason to be positive on the outlook.
Gold #GOLD $GLD $GC_F held the lower boundary of a 23-month (yellow) rectangle that will serve as a handle for a massive C&H . The bull market has begun. Prices are heading north. The goal is heading towards $3,000+ over the next two years pic.twitter.com/ympPpf7ojP
— Peter Brandt (@PeterLBrandt) July 28, 2022"It's getting interesting",...
Bitcoin price performance sees higher and higher levels of resistance, with July gains potentially exceeding 20%.
Market Update
Bitcoin (BTC) hit a rapid high in the six weeks through July 29 as the aftermath of the latest macro developments boosted risky assets.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView hit local highs of $24,445 for BTC/USD on Bitstamp, its best level since the week of June 13.
After consolidating around USD 23,000, the bulls got a second wind to propel the market higher thanks to the latest rake hikes from the US Federal Reserve and GDP data confirming that the US is now in recession.
Risk assets outperformed across the board, with Bitcoin and altcoins joining gold in giving traders and analysts reason to be positive on the outlook.
Gold #GOLD $GLD $GC_F held the lower boundary of a 23-month (yellow) rectangle that will serve as a handle for a massive C&H . The bull market has begun. Prices are heading north. The goal is heading towards $3,000+ over the next two years pic.twitter.com/ympPpf7ojP
— Peter Brandt (@PeterLBrandt) July 28, 2022"It's getting interesting",...
What's Your Reaction?
