Bitcoin bull run ‘gets interesting’ as BTC price hits 6-week high

by · August 12, 2022

Bitcoin (BTC) posted a quick six-week high on July 29 as the wake of recent macro developments boosted risk assets.

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

Monthly closing can seal 20% gains

Data from Cointelegraph Markets Pro and TradingView captured local highs of $24,445 for BTC/USD on Bitstamp, the best since the week beginning June 13.

After consolidating around $23,000, bulls got a fresh wind to drive the market higher on the back of the US Federal Reserve’s latest rate hikes and GDP data confirming the US was now in a recession.

Risk assets outperformed across the board, with Bitcoin and altcoins joining gold to give traders and analysts cause for positivity on the outlook.

“This is getting interesting,” chain monitoring resource Material Indicators tweeted in an update on its short and long signal thread for the daily BTC/USD chart on June 28. It saw the potential for Bitcoin to make a higher high (HH) next:

“All Trend Precognition signals are printed long on the D chart, plus the 21-DMA and the 50-DMA drawdown. If BTC can make a HH, there is little friction until the next HH, and then the macro channel enters the area YES, this is still a bear market rally.

Material Indicators added that $25,000 would also be an important price level to watch if the high of $24,300 holds for a daily close.

“If this rally can push past $25k, $28ki comes into focus very quickly,” part of a further post read.

“Parabolic downtrend from ATH broken,” says Blockware lead insights analyst William Clemente, meanwhile in summary in a skewed alternative tap into current BTC price action in 2022.

Compared to the same point last week, BTC/USD was up a modest 4% at the time of writing. With two days to go before the July weekly close, the pair was on track to seal monthly gains of over 20%, Coinglass data confirmed.

BTC/USD Monthly Returns Chart (Screenshot). Source: Coinglass

ETH looks at key support to retrace above $1,700

The picture for altcoins was similarly rosy on the day, with Ether (ETH) moving past $1,700 to challenge highs from the week of June 6.

Related: 3 Bitcoin Trading Behaviors Suggest BTC’s Decline to $24K is a ‘Fakeout’

While Material Indicators toyed with the idea of ​​a further retracement and lower lows well below $1,000, others recognized the strength of short-term price action across altcoins.

“$ETH as well as many Altcoins have successfully tested old resistances to new supports and have since rebounded strongly,” popular trader and analyst Rekt Capital reacted.

Further analysis called for ETH/USD to regain a support zone beginning around $1,730 for continuation.

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