Bitcoin continued its fight to reclaim $65,000 on July 18, a level that has become an important benchmark for analysts.
Bitcoin bulls are trying to break a key resistance barrier.
Bitcoin (BTC) price moves in unison during the Asian trading session and at the opening of Wall Street, according to data provided by Cointelegraph Markets Pro and TradingView.
Having reached $66,000 the day before, BTC/USD has returned to test the strength of its recent gains as short-term holders (STH) realize that the price is being influenced.
As Cointelegraph reported, the bullish trendline, which is currently just above $64,000 as of July 18, has lost support for the first time in nearly a year.
Popular trader and analyst Rekt Capital believes that BTC/USD is moving in a critical zone and needs solid support confirmation.
He admitted on X that “Bitcoin is not ready to successfully retest the new support level of ~$65,000 yet,” along with an explanatory chart.
“Bitcoin would need a similar retest of the not-so-distant past (blue circle) to confirm a bounce back to the $65,000-$71,500 area.”
In an additional post, he warned that BTC/USD is “at risk of rejection” if the $65,000 area fails to break on the daily timeframe.
Next, Scott Melker, a trader, analyst, podcaster and otherwise known as the “Wolf of Every Street,” watched for positive, lower-timeframe Relative Strength Index (RSI) signals to get clues as to where the market might be headed next.
“Bearish divergence canceled. Nice,” he wrote in part of X’s post.
“Now we have identified a hidden bullish divergence (blue), which is a continuation signal.”
Cryptocurrency trader and educator XForceGlobal uses Elliott Wave analysis to show his confidence that the uptrend will continue even after the consolidation phase.
“Overall, I expect the bullish trend to continue as buying pressure continues, with at least the intermediate first wave 1 finishing in orange, giving us confidence that we will finally break the ATH, and once the top fundamental wave 5 finishes, we expect the bullish trend to continue,” the commentary on the updated chart concluded.
Bullish BTC Price Signal Flow
Meanwhile, a proprietary trading indicator developed by the DecenTrader trading suite has shown additional bullish reversals.
Related: Bitcoin ETFs Have 4-8x More BTC Price Influence Than Miners – Study
The latest print on the Predator 3-day timeframe has produced a green “bullish” signal for the first time since early February, when Bitcoin began its surge to an all-time high of $73,800.
This indicator uses multiple inputs to generate “green” and “red” signals over multiple time frames.
DecenTrader added in his commentary on X: “Predator has spoken.”
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.