Why Bitcoin Must Beat $25,500 To Establish A Bull Rally
July 20 2022 - 1:00PM
NEWSBTC
Bitcoin has recovered above $23,000 off the back of a rally that
had started during the last leg of the weekend. This recovery has
brought more money into the market, which has helped push the price
even further. As bitcoin trends at $23,000, there is significant
resistance mounting up ahead, presenting various important
technical levels. Bitcoin Must Beat $25,500 Even though bitcoin is
making its way towards $24,000 in a tremendous bull trend, there
are still some technical levels that the digital asset must beat in
order to fully establish its arrival in a bull market. An example
was the resistance that mounted at $22,000, but the fight was far
from over. Related Reading | Bitcoin Dominance Dives As
Ethereum Takes Up More Space As support had begun to build up at
this previously hard-to-beat resistance level, the bears had moved
their defense position further. Presently, bitcoin faces the most
opposition when it inevitably makes its break above $25,000. The
resistance at $25,500 is so prominent that any sign of sell-offs
will turn the tide in favor of the bears. An even more important
point is at $28,000. This is because the price point was a yearly
low level in 2021. As such, it has become a level to hold for both
bulls and bears, depending on what direction they wish to drag the
cryptocurrency in. BTC recovers close to $24,000 | Source: BTCUSD
on TradingView.com So even though bitcoin had seen some trouble
breaking out of the consolidation range high of $23,000, it was not
the hardest level to beat for the asset. This means that bitcoin’s
hold on its current price level remains shaky at best. If it is
unable to hold and falls back down below $22,000, there is every
possibility that its price will fall to $19,000, which is where the
next significant support levels lie. It is also the support level
that propped up its price through the rough early June market.
Related Reading | The Worst May Be Over As Crypto Market Adds
More Than $100 Billion The market looks promising for the digital
asset due to its recent bullish breakout. It is expected that this
may lead to more shorts offside in the market and would likely
propel the digital asset forward. A break toward $30,000 is
unlikely at this point but if bitcoin is able to successfully beat
the $25,500 resistance, there is a large chance that the price will
see $30,000 before starting back down once more. Featured image
from Reuters, chart from TradingView.com Follow Best Owie on
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