RATE Group | Bitcoin (BTC) Price Watch: Another Upside Break in Sight?
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Bitcoin (BTC) Price Watch: Another Upside Break in Sight?

23 Jul Bitcoin (BTC) Price Watch: Another Upside Break in Sight?

Posted at 04:34h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price has been on a tear lately but has yet to break past another key resistance on its move higher.
  • Price has been trading inside a descending triangle on the daily chart and is just testing the top.
  • A move past this level could encounter one more dynamic resistance before setting its longer-term climb.

Bitcoin price has broken one upside barrier after another and is testing another major one on its move higher.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA to suggest that the path of least resistance is to the downside. In other words, there’s still a chance for the selloff to resume from here. The shorter-term moving average also lines up with the triangle top at $7,600 to add to its strength as a ceiling.

A break past this level could take bitcoin price up to the next dynamic resistance at the 200 SMA near $9,000. Note that the triangle pattern spans $6,500 to $12,500 so the resulting rally could be of the same…

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