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Home»ADOPTION NEWS»Bitcoin Price ‘Explosive Movement’ Brings All-Time High of $69,000 Within Arms
ADOPTION NEWS

Bitcoin Price ‘Explosive Movement’ Brings All-Time High of $69,000 Within Arms

By Crypto FlexsJuly 21, 20242 Mins Read
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Bitcoin Price ‘Explosive Movement’ Brings All-Time High of ,000 Within Arms
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Bitcoin (BTC) broke above $67,000 on the weekly close on July 21, setting the stage for a 10% rally in a “very explosive move.”

BTC/USD 1-day chart. Source: TradingView

Bitcoin Price Continues ‘Amazing Retest’

BTC price action surged to new July highs over the weekend, according to data from Cointelegraph Markets Pro and TradingView.

The largest cryptocurrency continued its recovery in after-hours trading, up 10.4% on a weekly basis and 6.6% in July as of this writing, according to monitoring firm CoinGlass.

BTC/USD monthly returns (screenshot). Source: CoinGlass

Naturally, market participants were optimistic about the outcome.

Popular trader Benjamin Cowen expects the 20-week simple moving average (SMA) at $65,650 to act as support going forward.

“BTC had a very explosive move back above BMSB from the lower trend line,” X wrote in his post.

“Let’s see if BTC can stay above the 20W SMA.”

BTC/USD chart with bullish support bands. Source: Benjamin Cowen/X

Cowen cited the Bitcoin bullish support band, an area of ​​interest between the 20-week SMA and the 21-week exponential moving average (EMA). As Cointelegraph reported, BTC/USD has been trading above the band for most of the recent bull run.

Meanwhile, trader and analyst Rekt Capital highlighted the relative minimality of Bitcoin’s correction since its fresh highs in March.

Source: Rect Capital

He added that on a monthly basis, BTC/USD successfully retested its 2021 highs as part of an ongoing resistance/support reversal.

“There was a massive retest of the previous high resistance level (red) as new major support (green),” he commented with an explanatory chart.

“Bitcoin has successfully retested this critical area as new support for the fifth consecutive month.”

BTC/USD chart. Source: Rekt Capital/X

Cryptocurrency sentiment hits ‘extreme greed’

In further evidence of the scale of the cryptocurrency recovery, sentiment toward cryptocurrencies, as measured by the Crypto Fear & Greed Index, is at its “greedy” level in a month.

Related: Bitcoin’s ‘Incredibly Tight’ Bollinger Bands Suggest BTC Price Target at $190K

The classic sentiment index, which combines several factors to calculate an overall sentiment score for the cryptocurrency market, was at 74/100 on the day, just below “extreme greed.”

Just a week ago, the index was at just 25/100, which corresponds to the opposite scenario of “extreme fear” that characterizes the average trader’s market outlook.

Crypto Fear & Greed Index (screenshot). Source: Alternative.me

This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.