Bitcoin Bulls Defend $23,000 Amid “Alive and Well” Warning Bearish Rally
BTC price action avoids disappointing monthly close, but market participants demand more proof of fundamental strength.< /p>
Market Update
Bitcoin (BTC) tested $23,000 as support during the August 1st Wall Street open with key moving averages in mind.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView tracked BTC/USD as bulls and bears battled for control within a tight trading range.
Bitcoin had inspired its highest weekly close since mid-June the previous day, with its monthly candle also producing the largest gains since before last year's all-time highs of $69,000.
For analysts and traders, however, it was the ability of the market to stay higher for several more candles that was important.
Despite recovering important trendlines such as the 200-week moving average and realized price, Bitcoin would not be off the hook until it started producing full weekly candles without retesting these levels.
“The bear market rally is still alive and well,” on-chain analysis resource Material Indicators explained that day.
"To call it anything else, it needs valid breakout confirmations above the MA keys. The 200 and 50MB week...
BTC price action avoids disappointing monthly close, but market participants demand more proof of fundamental strength.< /p>
Market Update
Bitcoin (BTC) tested $23,000 as support during the August 1st Wall Street open with key moving averages in mind.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView tracked BTC/USD as bulls and bears battled for control within a tight trading range.
Bitcoin had inspired its highest weekly close since mid-June the previous day, with its monthly candle also producing the largest gains since before last year's all-time highs of $69,000.
For analysts and traders, however, it was the ability of the market to stay higher for several more candles that was important.
Despite recovering important trendlines such as the 200-week moving average and realized price, Bitcoin would not be off the hook until it started producing full weekly candles without retesting these levels.
“The bear market rally is still alive and well,” on-chain analysis resource Material Indicators explained that day.
"To call it anything else, it needs valid breakout confirmations above the MA keys. The 200 and 50MB week...
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