The cryptocurrency market together with the tech-heavy Nasdaq noticed a little bit of optimistic worth motion on July 5 amid a backdrop of rising recession issues within the United States.
Data from Cointelegraph Markets Pro and TradingView reveals that an early morning onslaught by bears managed to drop Bitcoin (BTC) to a every day low of $19,309 earlier than reinforcements arrived to bid the value again above help at $20,400 through the afternoon.
BTC/USDT 1-day chart. Source: TradingView
Here’s what a number of analysts are saying comes subsequent for the highest cryptocurrency and what help and resistance ranges to regulate shifting ahead.
Looking for a continuation to $23K
A bullish tackle the latest Bitcoin worth motion was provided by unbiased analyst Michael van de Poppe, who posted the next chart as a follow-up to a earlier Tweet that instructed Bitcoin wanted to crack the resistance zone at $19,700 to proceed increased:
BTC/USD 15-minute chart. Source: Twitter
The analyst stated:
“This one did crack the resistance and ran in the direction of the subsequent space of resistance at $20.3K. I’m anticipating #Bitcoin to consolidate for a bit right here, however breaking the subsequent resistance zone is a set off for continuation in the direction of $23K and a summer season aid rally.”
Possible pullback to $15,800
A decidedly much less optimistic tackle the latest worth motion was offered by crypto analyst and pseudonymous Twitter person il Capo of Crypto, who posted the next chart highlighting a number of “faux pumps” that resulted in decrease highs:
BTC/USD 4-hour chart. Source: Twitter
Il Capo of Crypto stated:
“Lower highs on a regular basis. Pumps have low quantity and so they look corrective. Main goal stays $15,800-16,200.”
Related: Bitcoin faces recent strain as US greenback crushes gold, threat belongings
Double backside on the BTC chart
A ultimate little bit of hopium was provided by crypto dealer and pseudonymous Twitter person Captain Faibik, who posted the next chart and highlighted the significance of a every day shut above $20,000:
BTC/USD 1-day chart. Source: Twitter
Captain Faibik stated:
“Double Bottom & Bullish Divergence Both in Play… If Bulls Reclaimed the $21.6K Resistance, Expecting +30-40% Relief RALLY.”
For these on the lookout for extra reassurance that the market could also be nearing its backside for the present bear cycle, pseudonymous Twitter person Bitcoin Archive posted the next chart of Bitcoin’s MRVR Z-score, which has been a dependable indicator of previous market bottoms:
Bitcoin MVRV Z-score. Source: Twitter
Bitcoin Archive defined:
“#Bitcoin is now deep into the “inexperienced zone” – which has signaled market bottoms on 4 events.”
The general cryptocurrency market cap now stands at $911 billion and Bitcoin’s dominance charge is 42.7%.
The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Every funding and buying and selling transfer entails threat, you need to conduct your individual analysis when making a choice.