From $15,000 to $21,000 – The bears continue to front, and keep the price of Bitcoin (BTC) below an important zone. Beyond that, the bulls could gain significant strength.
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Bitcoin price at $20,000: a ceiling for bulls
The price of Bitcoin briefly sheds $20,000 today, July 6, 2022, but remains above this level overall. Cryptocurrency trades at $20,371, at the time of this writing. The markets are currently entitled to a daily doji.
Bitcoin price had risen to around $20,720 yesterday, and touched an intraday high near $20,460. The data provided by Whalemap helps to better understand the inability of bulls to continue their run, beyond these levels.
They show the existence of a major resistance zone between $20,546 – $21,327 for Bitcoin price. On paper, the crossing of this zone could thus be interpreted as a strong signal, of a strong bullish recovery.
If not, what should the markets predict, in the event of a strong rejection in this area, which would trigger another significant downside correction? In terms of support, the price of Bitcoin benefits from a strong support around $19,200.
Bears or bulls: between fake pump and hope for a floor
Analysts are fundamentally betting on further declines, and a extension of the bear runrather than a resumption of control of the markets by the bulls.
This is particularly the case of the analyst known as il Capo of Crypto on Twitter, who shared a graphic that highlights the existence of “Fake pump”those last weeks.
These false pumps led to lower highs – lower highs. Based on these patterns, he Capo of Crypto believes that Bitcoin continues to target the $15,800-$16,200 range.
Other data, however, contradicts these bearish forecasts, attempting to reassure the markets.
The Bitcoin Archive tweeter posted a chart from Glassnode, which shows fluctuations in the MRVR Z-score, reconciled with those of Bitcoin price variations. Depending on its level, the MRVR Z-score has identified “market dips on 4 occasions” in the past.
This indicator is now at this level, “deep in the “green zone””, and therefore theoretically announces a Bitcoin that would be close to its lowfor the current bearish cycle.
Will $21,300 and above effectively spell the end of dangerous bullish illusions for a Bitcoin that continues to keep markets uncertain about its final floor price for this cycle?
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