Key points:
- Bitcoin price has surged above $68,000, with bulls aiming for the $70,000 level.
- The cryptocurrency is trading above key support levels, including the 100-hour Simple Moving Average.
- Bitcoin has shown a 10.4% week-to-date gain and a 6.6% increase for July.
- Analysts are optimistic about Bitcoin’s price action, noting successful retests of previous resistance levels as new support.
- The Crypto Fear & Greed Index has shifted dramatically from “extreme fear” to near “extreme greed” in just one week.
Bitcoin, the world’s leading cryptocurrency, has once again captured the attention of investors as its price surged past the $68,000 mark, igniting speculation about a potential push towards the psychologically significant $70,000 level.
This latest price action represents a remarkable turnaround from recent market conditions and has sparked renewed optimism among traders and analysts.
According to data from TradingView, Bitcoin reached a high of $68,531 before consolidating its gains.
The cryptocurrency is now trading comfortably above the $66,500 level and the 100-hour Simple Moving Average, indicating strong bullish sentiment. A connecting bullish trend line has formed with support at $66,500 on the hourly chart, further reinforcing the positive outlook.
The recent price movement has resulted in impressive gains, with Bitcoin showing a 10.4% increase week-to-date and a 6.6% rise for the month of July, as confirmed by monitoring resource CoinGlass.
This performance has led to a dramatic shift in market sentiment, as evidenced by the Crypto Fear & Greed Index.
Just a week ago, the index stood at 25/100, indicating “extreme fear” among traders. However, the latest reading shows a score of 74/100, just shy of “extreme greed.” This rapid change in sentiment underscores the volatile nature of cryptocurrency markets and the impact of positive price action on investor psychology.
Analysts and traders have been quick to comment on Bitcoin’s resurgence. Popular trader Benjamin Cowen highlighted the importance of the 20-week Simple Moving Average at $65,650 as a key support level to watch.
Meanwhile, analyst Rekt Capital focused on Bitcoin’s successful retest of its previous all-time high from 2021 as new support, describing it as a “phenomenal retest” that has been ongoing for five consecutive months.
Phenomenal retest of the old All Time High resistance (red) as new major support (green)
Bitcoin has been successfully retesting this vital region as new support for 5 consecutive months$BTC #Crypto #Bitcoin https://t.co/IE0hvr7p9Z pic.twitter.com/53qAc7U6cs
— Rekt Capital (@rektcapital) July 20, 2024
The current price action is particularly noteworthy as it brings Bitcoin closer to its previous all-time high of approximately $69,000, set in November 2021. A breakthrough above this level could potentially trigger a new wave of buying interest and media attention.
