Bitcoin dropped 1 percent last week and maintained its low volume trend in recent weeks. BTC closed the week at $ 9,212, although it fell as much as $ 9,000 from the $ 9,300 against the USDT last week. The biggest crypto, which started the new week with a decline, made a move above $ 9,300 today. Does the rise in Bitcoin continue? We evaluated the latest situation in our bitcoin weekly analysis content on July 22.
$ 9,250 for BTCUSDT remains pivot price
BTCUSDT parity, which started to rise from 9.160 on July 22, made an important move by breaking the resistance level of $ 9,250 fast. This move was extremely critical for breaking the 20-day EMA level, which works as an important dynamic resistance, and crossing the falling trend (blue line on chart).
This week, Bitcoin may increase its upward attacks as long as it closes over $ 9,250. Looking at the ascension path, another obstacle is the 50-day moving average. The 50-day MA currently stands at $ 9,355 as an important resistance point.
On the other hand, $ 9,475 may be perceived as another resistance point as the July summit. After clearing these levels this week, if Bitcoin throws in the $ 9,500 band, the $ 9,800 – $ 10,000 band may be discussed for the coming weeks.
If there is a sagging under the $ 9,250 band that has been working as the main support in recent weeks, the $ 9,050 level may become important. Bitcoin buyers defended this level well in July, preventing BTC from sagging under $ 9,000. However, a wave of sales that may come at the end of the month may break the intermediate support at $ 9,050 this time and cause Bitcoin to test the $ 8,800 band.
Bitcoin Weekly Analysis: Important Technical Indicators
When look at the important technical indicators, we find hard upward breaks.
The Stochastic RSI makes a sharp upward move on the daily chart, indicating a serious area for price increases. On the other hand, the RSI indicator maintains its bullish signal with its position above 50 level. CCI indicator has exceeded the value of the last peak by exceeding the value of 100.
To summarize, the rise in price with high volume signals that the up trend may be stronger. If Bitcoin manages to maintain $ 9,350 in the first half of the week, it may see the new peak price for July this week.