Bitcoin (BTC) hit $ 34,000 on July 24 after the last resistance reversal took place to propel the market higher.
Bitcoin beats $ 34,000
The past 24 hours have been profitable for traders as Bitcoin launched from $ 32,000 to generate 4% gains which were holding above $ 33,800 at the time of writing.
For Cointelegraph contributor Michaël van de Poppe, the strength needed to last and $ 32,500 to hold in the event of a retracement.
“Bitcoin breaks through this resistance at $ 32.5-32.7,000. Maintain this as support = likely continuation towards $ 36,000,” he predicted in a Twitter update.
“Overall, the next resistance at $ 34.5,000 may be reached over the weekend.”
Such behavior would not be at all surprising given the wide trading range in which BTC / USD is currently operating – $ 42,000, the all-time high since February, remains the top of the range and the line in the range. sand for a definitive continuation of the bull market.
Trader and analyst Rekt Capital meanwhile pointed to the changes underway with the 50-week exponential moving average (EMA) as a sign of a longer-term bullish comeback.
Last week, #BTC broken with the triangular market structure formed by 21 week EMA resistance and 50 week EMA support
Today, $ BTC is just above the EMA 50, trying to get it back as support
– Rekt Capital (@rektcapital) July 24, 2021
On the more careful side, like Cointelegraph reportedThere are projections of $ 24,000 if Bitcoin reverses, with one trader considering a nearby CME futures spread as possible support.
“We see support at the $ 22,000 level and $ 24,000 for failure below the current support level,” added the Decentrader trading suite in a new market update Friday.
Ethereum “confirming” the breakout
Altcoins, on the other hand, slowed the pace of their own gains, but still maintained impressive performance over the week.
With many of the top fifty cryptocurrencies by market cap posting weekly returns of 10% or more, confidence was returning to the market.
Ether (ETH), the biggest altcoin, traded above $ 2,000, peaking in ten days.
“So far everything is going well to confirm a breakout here”, Rekt Capital noted on ETH / USD performance.