Bitcoin bull run ‘getting interesting’ as BTC price hits 6-week high

Bitcoin (BTC), which saw a rapid six-week peak into July 29, was a result of recent macro developments that boosted risk assets.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Close could secure 20% gains monthly

Data from TradingView and Cointelegraph Markets Pro captured local highs at $24,445 for Bitcoin/USD on Bitstamp. This is the highest since June 13th.

Bulls gained momentum after consolidating at $23,000. The second wind came from the United States Federal Reserve’s recent rake increases and GDP data, which confirmed that the U.S. was in recession.

All risk assets performed better than the rest, with Bitcoin and other altcoins joining the gold standard in giving traders and analysts reason to be optimistic about the future.

#GOLD $GLD$GC_F held at the lower border of a 23-month rectangular (yellow), that will be the Handle for a huge C&H. The bull market is now. The prices are heading north. Target headed to $3,000+ over next couple of years pic.twitter.com/ympPpf7ojP
— Peter Brandt (@PeterLBrandt) July 28, 2022

Material Indicators, an on-chain monitoring resource, tweeted “This is becoming interesting” in an update to its long and short signal threads for the daily BTC/USD charts June 28. It hoped that Bitcoin would make another high (HH) in the future.

All Trend Precognition signals are printing Long on D chart. BTC making a HH means that there is very little friction between the next HH and the macro channel. This is still a bearish market rally.

Material Indicators stated that $25,000 is a key price level to monitor should the $24,300 high hold for a daily close.

Part of another post said, “If this rally pushes past $25k then $28k becomes very important very quickly.”

Blockware lead insights analyst William Clemente summarized the “Parabolic Downtrend from ATH Broken” in a wry alternative view on current BTC price action for 2022.

BTC/USD had risen 4% compared to last week. The pair is on track for monthly gains exceeding 20% with two days remaining before the July weekly close, according to Coinglass data.

Screenshot of BTC/USD monthly returns chart Source: Coinglass

Ethereum seeks key support to reclaim more than $1,700

Altcoins also had a positive picture, with Ether (ETH), surpassing $1,700 to challenge highs set for the week of June 6.

Related: Three Bitcoin trading patterns suggest that BTC’s rebound up to $24K may be a ‘fakeout.

Does this freak you out or get you very, very excited?#ETH https://t.co/Mc62xW4m1x
— July 29, 2022 Material Indicators (@MI_Algos

Material Indicators pondered the possibility of a further retracement or lower low at $1,000. However, other analysts acknowledged the strength and short-term price action of altcoins.

Popular analyst Rekt Capital stated that both $ETH and many Altcoins had performed successful retests to old resistances and have since rebounded strongly.

Strong rebound from $ETH following a successful retest ETH is slowly approaching its next immediate resistance (upper orange box) ETH would need to reclaim the bottom of that box as support if it is to move even higher#ETH #Crypto #Ethereum https://t.co/tkPGBVW76d pic.twitter.com/CiaYKNh6ha
Rekt Capital (@rektcapital), July 28, 2022

Further analysis revealed that ETH/USD needed to reclaim a support area starting at $1,730 in order for continuation.

com. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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