Bitcoin’s quest to reclaim the $65,000 mark on July 18 remained in focus as this level became a critical point of interest for analysts.
Data from Cointelegraph Markets Pro and TradingView revealed a period of consolidative Bitcoin price activity, characterizing both the Asian trading session and Wall Street’s open. After hitting $66,000 the previous day, BTC/USD tested the durability of its recent gains, especially as the short-term holder (STH) realized price came into play.
As reported by Cointelegraph, this bull market trendline, situated just above $64,000 as of July 18, had previously been breached for the first time in almost a year. This positioned BTC/USD in a critical zone, necessitating firm support confirmation. Popular trader and analyst Rekt Capital highlighted the significance of this area, indicating that Bitcoin was not yet ready for a successful retest of the $65,000 level as new support.
“Bitcoin is not quite ready just yet for a successful retest of the ~$65,000 level as new support,” he acknowledged on X, accompanied by an explanatory chart. He further noted that Bitcoin would need a similar retest, akin to recent past scenarios, to confirm a breakthrough back into the $65,000-$71,500 region.
A subsequent post from Rekt Capital warned that BTC/USD risked rejection if the $65,000 area remained unbreached on daily timeframes. Trader, analyst, and podcast host Scott Melker, also known as the “Wolf Of All Streets,” observed positive low-timeframe relative strength index (RSI) signals, which could indicate the market’s next direction.
“Bearish divergence canceled. Nice,” Melker noted in part of an X post. “We now have confirmed hidden bullish divergence (blue), which is a continuation signal.”
Using Elliott Wave analysis, crypto trader and educator XForceGlobal saw potential for continued upside following a period of consolidation. “Overall, we are looking for the continuation of a bullish trend if the buy pressure continues to at least finish the first wave 1 of the intermediate degree in orange to gain more confidence that we are finally going to break ATH, going into the conclusion of a primary wave 5 of the highest degree,” their commentary on an updated chart concluded.
Adding to the optimistic outlook, a proprietary trading indicator from the trading suite DecenTrader delivered a bullish signal. The latest reading from Predator on three-day timeframes produced the first green “bullish” signal since early February, which marked the beginning of Bitcoin’s climb to all-time highs of $73,800. The Predator indicator uses a combination of inputs to generate “green” and “red” signals across various timeframes.
“Predator has spoken,” DecenTrader added in X commentary, reinforcing the bullish sentiment.
Bitcoin’s performance around the $65,000 mark has become a focal point for analysts, with various technical indicators and expert opinions suggesting a potential bullish continuation if key resistance levels are surpassed. The ongoing analysis and market behavior indicate a cautious yet optimistic outlook for Bitcoin’s near-term trajectory.
