Bitcoin Due to 'One of the Biggest Bull Markets' as July Gains 20%

Bitcoin Price Action Future Could Be Much More Bullish Than Short-Term Charts, Says Bloomberg's Mike McGlone Intelligence.

Market Update

Bitcoin (BTC) spoofed a breakout to new six-week highs through July 31 as a showdown for the weekly and monthly close neared.

BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingView

"Bart Simpson" Welcomes Traders to BTC's Monthly Close

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD reversed all of its gains since the start of the weekend, rising from $24,670 to $23,555 in hours.

The resulting chart structure was all too familiar to long-term market participants, creating a "Bart Simpson" shape on hourly timeframes.

The liquidations nonetheless remained manageable, with a cross-crypto tally totaling $150 million in the 24 hours prior to this writing, according to data from analytics resource Coinglass, less than previous days.

Crypto Liquidation Chart. Source: Coinglass

For popular trader and analyst Rekt Capital, there was no reason to believe that the upcoming weekly close of candles would confirm that Bitcoin had re-established a key trendline as support after weeks of failure.

Looks like #BTC has successfully retested the 200 week MA as support$BTC #Crypto #Bitcoin