Bitcoin Is Going Back To the Top?
After several days in a low range, the BTC/USD rate was able to break out. All in all, it’s up more than $2,000 in the last seven days — almost 12%, according to TradingView.
On the night of July 8, BTC price growth accelerated, reaching a high of $22,401 on Bitstamp.
However, some analysts believe it is too early to rejoice, as Bitcoin shows the potential for a trend reversal.
Cointelegraph member Mikael van de Poppe on Twitter noted that Bitcoin had reached $22.3 thousand, but all the highs have already been reached.
He thinks some consolidation and build-up is required (might retest $20.7Kish) before markets are ready to break above 200-Week MA, which will be a heavy one.
Van de Poppe previously suggested that there is the possibility of an insane amount of liquidity above the 200-week moving average and that a breakout could lead to a rise to $30,000, which would change the sentiment in the cryptocurrency market.
But the Crypto Fear & Greed Index has already reached its highest level since May 7th. At the 20/100 level, the index remains in the “extreme fear” zone.