Bitcoin ‘Burj Khalifa’ fakeout repeats as BTC price spikes to $31K
Bitcoin (BTC) staged a fresh breakout attempt into July 11 as the fight for annual highs stayed hot.BTC/ USD 1-hour chart. Source: TradingView$ 31,000 reappears in BTC price “leverage crunch” Data from Cointelegraph Markets Pro and TradingView revealed BTC rate briefly passing $31,000 before the July 10 day-to-day close.In a copycat relocation, apparently with last weeks snap greater for motivation, BTC/USD managed to approach resistance before momentum waned, subsequently falling back over $800. Source: Michaël van de Poppe/TwitterPopular trader Crypto Daan compared current behavior with the “Bart Simpson” style chart features from previously, where BTC rate would spike to a plateau and hold there, only to retrace the full run later.
Trader and analyst Rekt Capital on the other hand flagged $30,600 as the level to flip.”BTC is now pressing past the ~$30600 Ascending Triangle resistance. But its essential to keep in mind that $BTC has pressed past this level prior to just to form a benefit wick,” he said throughout the over night go to $31,000.”So BTC needs to turn the ~$30600 into support in the coming days for BTC to confirm its breakout.”BTC/USD annotated chart. Source: Rekt Capital/Twitter”Re-accumulation” as usualBitcoin nonetheless stayed in a familiar range in play for numerous weeks.Related: CPI fulfills low BTC supply– 5 things to understand in Bitcoin this weekIn the most current edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode suggested that this was characteristic of Bitcoin cost cycles.”Bitcoin information frequently shows oddly repeated patterns cycle after cycle. In the 2021-22 cycle, the $30k rate level formed rather of a mid-point, and was tested a number of times both from above and below,” it noted. “A really comparable level was observed in 2013-16 around the $425 level, and again in 2018-19 at around $6.5 k.”Bitcoin Cycle Mid-point Comparison chart (screenshot). Source: GlassnodeGlassnode included that “re-accumulation” was the tag that finest fits the nature of present BTC cost action.Collect this short article as an NFT to preserve this minute in history and reveal your support for independent journalism in the crypto space.Magazine: Should you orange pill children? The case for Bitcoin kids booksThis short article does not contain investment advice or recommendations. Every financial investment and trading move involves risk, and readers must perform their own research when deciding.
Bitcoin (BTC) staged a fresh breakout attempt into July 11 as the battle for annual highs remained hot.BTC/ USD 1-hour chart. Source: TradingView$ 31,000 comes back in BTC price “leverage crunch” Data from Cointelegraph Markets Pro and TradingView revealed BTC rate briefly passing $31,000 before the July 10 daily close.In a copycat relocation, seemingly with last weeks breeze greater for motivation, BTC/USD managed to approach resistance prior to momentum waned, subsequently falling back over $800. Source: Michaël van de Poppe/TwitterPopular trader Crypto Daan compared current behavior with the “Bart Simpson” style chart features from in the past, where BTC price would surge to a plateau and hold there, only to retrace the full run later.”So BTC requires to turn the ~$30600 into support in the coming days for BTC to verify its breakout. Source: GlassnodeGlassnode added that “re-accumulation” was the tag that finest fits the nature of current BTC price action.Collect this article as an NFT to protect this moment in history and reveal your support for independent journalism in the crypto space.Magazine: Should you orange tablet kids?