Bitcoin Price Hits New July Highs Amid Strong Market Momentum

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 16 hours ago

BTC+1.161%

X+8.1%

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Price Breakthrough: Bitcoin (BTC) reached $62,295 on Friday, marking its highest level since June 24, indicating strong upward momentum and rising market demand for the cryptocurrency.
Resistance Level Analysis: The current BTC price approaches the 200-week moving average at $62,652, forming a strong resistance area, which traders need to monitor to gauge future price movements.
Market Reaction: Weak U.S. non-farm payroll data has cooled expectations for Federal Reserve rate hikes, fueling a rebound in Bitcoin and global equities, with the global stock market cap hitting all-time highs, reflecting increased investor confidence in risk assets.
Trading Strategy: Analysts suggest that the current trading zone is crucial, advising investors to adopt a strategy of “controlled slow buying” to navigate potential price fluctuations while ensuring Bitcoin maintains its bullish market structure on lower timeframes.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	52701.32	55250.755	57880.99	60430.425	63060.66	65610.095	68240.33
Fibonacci	55250.755	57229.389	58451.791	60430.425	62409.059	63631.461	65610.095

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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