Bitcoin price moves toward $24,000

While many have been quick to predict a climb to the mid-$30,000 range, a few analysts caution that it could be another fakeout pump

Crypto fans are rejoicing at the sight of green across the market on July 19 as the months of ‘down only’ price action has finally come to an end after the market flashed its first substantial relief rally in at least a month.

Data from Cointelegraph Markets Pro and TradingView shows that much of the newfound excitement is the result of Bitcoin (BTC) breaking above resistance at $23,000 to hit a daily high of $23,447, its first meaningful move above the 200-week moving average.

While many have been quick to predict a climb to the mid-$30,000 range, a few analysts caution that it could be another fakeout pump.

The move back above the 200-week MA has been a point of focus for cryptocurrency analyst Rekt Capital, who posted the following chart commenting that ‘For the first time in weeks, BTC is putting in a decent effort to try to reclaim the 200-week MA as support.’

The 200-week MA has been a highly watched metric in recent weeks because it has served as a reliable bear market indicator that has historically provided insight into when a bottom has been set.

Rekt Capital said: #BTC needs to Weekly Candle Close above $22800 to successfully confirm a reclaim of the 200-week MA as support.

Further insight into what would need to happen to confirm a bullish perspective on the gains seen on July 19 was offered by Phoneix ICF, who provided the following chart highlighting the next major level of resistance to keep an eye on.

Phoenix ICF said: Wait for the 1d candle to close above $23K and then place long bets. If that’s not the case, we’ll see it below $18K soon. Be patient & avoid emotional trading.