RATE Group | Bitcoin (BTC) Price Watch: Can Bulls Defend This Level?
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Bitcoin (BTC) Price Watch: Can Bulls Defend This Level?

27 Jul Bitcoin (BTC) Price Watch: Can Bulls Defend This Level?

Posted at 07:14h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price is testing the ascending channel support and might be due for a bounce.
  • This is in line with a number of other inflection points that might be enough to keep losses in check.
  • A continuation of the climb could lead to a test of the Fibonacci extension levels from here.

Bitcoin price appears to be encountering support at the channel bottom and may be due for a rally continuation.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This suggests that the uptrend is more likely to continue than to reverse.

However, bitcoin price has dipped below the 100 SMA dynamic inflection point to signal some bearish pressure. The 200 SMA might be the line in the sand for a pullback, as it lines up with a former resistance around $7,500.

If support holds, bitcoin price could resume the climb to the nearby resistance levels marked by the Fibonacci extension tool. the 38.2% to 50%…

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