Bitcoin price performance is incorporating ever higher resistance levels, with July gains potentially exceeding 20%. Bitcoin (BTC) hit a six-week high on July 29 as the latest macroeconomic events bolstered risk assets.
Monthly closure could result in 20% gains.
Local highs of R403K for BTC/USD on Bitstamp were recorded by Cointelegraph Markets Pro and TradingView, the highest since the week beginning June 13.
After stabilising at around R379K, bulls received a second wind, propelling the market higher on the strength of the US Federal Reserve’s latest rate hike and GDP statistics showing that the US was now in a recession.
Risk assets outperformed across the board, with Bitcoin and altcoins joining gold in providing traders and analysts with reason to be optimistic about the future.
“This is getting interesting,” tweeted Material Indicators on June 28 in an update to its short and long signal thread for the daily BTC/USD chart. It predicted that Bitcoin would make a higher high (HH) next:
“On the D chart, all Trend Precognition signals were printing Long, as well as the 21-DMA and the 50-DMA unwinding.” If BTC can make an HH, there is little friction to the next HH, and the macro channel then becomes in range. Yes, this is still a bear market rally. “
Material Indicators said that if the higher high at R401K holds for a daily close, R412K would be a crucial price mark to watch.
A later post stated that “if this rally can push past R412K, then R462K comes into focus very quickly.”
Meanwhile, Blockware chief insights analyst William Clemente summarized current BTC price activity in 2022 as a “parabolic downtrend from ATH broken.”
BTC/USD was up 4% at the time of writing compared to the same moment last week. With two days to the July weekly close, the pair was on course to record monthly gains of more than 20%, according to Coinglass data.