Given that the price of Bitcoin has been lingering above the $17K–$20K range over the past few weeks, Bitcoin’s sharp downturn has come to an end. The price is currently retesting the $23K resistance level after being rejected three times from the $20K support area. Bitcoin Advocates Rejoice The market flashed its first significant relief rally in at least a month, and crypto enthusiasts rejoiced at the sight of green on July 19 as the months of “down only” price action finally came to a stop. According to TradingView data, Bitcoin’s (BTC) breakthrough over resistance at $23,000 to reach a daily high of $23,447—its first appreciable move above the 200-week moving average—is largely responsible for the renewed optimism. The $23K level is also experiencing extra opposition from the 50-day moving average. A further retest of the $20K support level and perhaps a deeper negative continuation are anticipated in this situation because it appears as though these two points are currently rejecting the price’s move downward. The bulls, though, seem keen to seize the level. BTC/USD barrels towards $24k. Source: TradingView In order to assess the likelihood of a negative reversal, the price action on the lower timeframes should be closely monitored throughout the course of the following few days. A rally into the $30K supply zone is the next move, especially if a bullish breakthrough happens above the $23K-$2...
