Bitcoin price holds $23.5K, leading bulls to say ‘it’s different this time’

Crypto winters are similar to Stockholm syndrome, where captives form a psychological bond and become close to their captors. They can flip even the most bullish crypto supporters bearish within a very short time.

After Bitcoin (BTC), which was recovered above $23,000, was widely condemned as a fakeout and the market headed for new lows, evidence of this reality was evident on July 19.

$BTC It’s not bad. This could still turn into a classic fake out. My general thesis still remains, bear market rally pic.twitter.com/VxnH4mo6hW
Jimie (@Your_NLP_Coach), July 19, 2022

Although it is possible that new lows will be set in the future, here are some analysts’ views on how the breakout of Bitcoin could look.

It’s “different” this time

The pointed message “this time is different” was posted by Trader XM (a pseudonymous Twitter user), who shared the following chart that explains why Bitcoin is headed higher.

BTC/USD 4-hour chart. Source: Twitter

The chart shows that BTC price didn’t retest the range low, even though there were four retests for the range high. This suggests that buyers are stronger than sellers.

Justiinape, a Twitter user, responded to the post by Trader XM with “$27K-$28K appears imminent.”

Trader XM stated,

“Agree, my man. Move to $27-28K and then months of consolidation. Let’s have a great time before we go into hibernation.

The $27,100 mark is the next major resistance

Whalemap, an on-chain data company, posted this chart showing that BTC is not in decline. It highlighted the absence of buying demand between $23,000 to $27,000.

Bitcoin volume profile. Source: Twitter

Whalemap stated,

“$27,100 should represent the first resistance to our climb. There is a huge supply gap between the current prices and $27K.

Related: Bitcoin price rises to $24K, traders anticipate further upside, following a support test

Shorts get REKT

Dylan LeClair, a cryptocurrency analyst, posted this chart that shows the impact that Bitcoin’s rise above $23,000 on futures traders.

BTC/USD 2-hour chart. Source: Twitter

The chart shows that there were a lot of Bitcoin short positions between June 15th and July 15, and these traders are now on the losing side.

LeClair said,

“Tens to thousands of BTC short open interest are currently underwater.”

Although Bitcoin could reverse course and head lower again, there is still a chance that it will. However, current momentum suggests more upside in the near term.

The total cryptocurrency market is now worth $1.055 trillion. Bitcoin’s dominance rate at 42.1%.

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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