Bitcoin Closed July Above $41K
Bitcoin (BTC) closed July above $41,000 in a bullish engulfing candlestick that abruptly reversed its previous downtrend.
In a tweet, investor and entrepreneur Alistair Milne noted the classic return to BTC’s price action form.
After three months of red candles, Bitcoin was able to hold late gains in late July.
Even after the price fell to $29,000, the bears had to give way in favour of the bulls as resistance levels declined and the market sentiment improved.
“Bullish engulfing on the monthly Bitcoin chart,” wrote Milne.
Network data shows that some Long Term Holders (LTHs) were selling Bitcoins as the price rallied.
According to analyst Lex Moskovsky, this shows the “distrust” stage of the classic market cycle. This weekend, the Long Term Holder Spent Profit Ratio (LTH-SOPR) indicator hit its lowest level in 2021.
In 24 hours, the bulls have twice tried to break through the $42,000 resistance level.
According to PlanB, the July close signals a steady recovery in Bitcoin and a possible August close at $47,000.