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Bitcoin [BTC] noticed $ 17,000 in 2022it has lost more than 70% of its all-time high, prompting us to announce the start of the cryptocurrency winter, which would mean a continued bear market.
However, since everyone expects one thing, the market is more likely to do the opposite, and that’s exactly the case here.
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BTC: The price exceeds it Resistance zone of $ 24,000
Bitcoin, the largest cryptocurrency, witnessed a similar event this month.
the great ones July BTC transactionsThey occurred mostly during the Depression, which meant that the dominant shoppers, the whales, took the opportunity to purchase the drop at a discount.
Bitcoin’s price accelerated and surpassed theResistance zone of $ 24,000.However, the bears appeared near $ 24,250. It formed a high near $ 24,264 and the price started a downward correction.
There was a move below the $ 24,000 and $ 23,500 levels and the price fell below the $ 24,000 level. Fiber retracement 38.2% of the increase from the swing low at $ 20,769 to the high of $ 24,264 plus there was a peak below $ 23,000.
Bitcoin found support near the $ 22,500 area and the 100-hour simple moving average, started a decent bullish move and broke above $ 23,000. One degree above Resistance zone of $ 23,880 could set the tone for further gains, if indicated, the price could potentially rise towards $ 24,250, the next big resistance is near $ 25,000.
BTC recorded a major rebound in July: Although profit-taking has maintained a modest / neutral rate versus altcoins such as ETH, the volume of chain trades in the win / loss ratio has declined to a bullish picture.
It all comes down to one thing: the BTC market can sustain this upside potential. Or this bearish phase will continue to see new developments?
Well, one of the biggest names in the cryptocurrency world picked the latter – Grayscale’s Bear Markets in Perspective report suggested that the current bear market could continue for another 250 days.
At the time of writing, BTC has undergone another correction as it slipped to the $ 22.8,000 level. Could the above prediction come true? Only time will respond.
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