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02 Aug 2022
Bitcoin printing higher lows – what’s next?
The bitcoin price is trending upwards. Recently, we’ve seen a series of higher lows, and $24k has emerged as the new resistance level.
After struggling with $24k two weeks ago, this level was again tested this weekend. The price climbed to a new local high of $24,666 but quickly returned to the $23k level.We’ve seen a series of higher lows since the bitcoin price changed direction in mid-June. The $20,700 level (last week’s low) is now key to watch for this trend to continue.
If bitcoin were to fall below $20,700, it would mark a lower low and technical be a bearish signal.Source: Tradingview (Coinbase)
The bitcoin price is currently at an interesting level. $23k acted as resistance in mid-June and two weeks ago and could potentially be flipped to a support level this week.
If the price holds at the current level, it will mark another higher low and be a bullish signal. This will likely see us push towards the $24k level again and potentially see a break up towards the $27k-$28k level.