Published: 19 Jul 2024 › Updated: 19 Jul 2024
Bitcoin price action cools down but analysis demands continuation
In the last 24 hours the Bitcoin price action pulled back slightly and gives the impression that it is starting to cool down, however one of the benchmark technical indicators such as the RSI reveals that Bitcoin is pointing to price rallies as it struggles at $65,000.
In relation to the above stated William Suberg has indicated the following, “BTC price cools as a fight for Bitcoin's short-term holder realized price develops, but analysis demands continuation.”
Namely, Bitcoin bulls are looking to overcome a crucial resistance hurdle, “Cointelegraph Markets Pro and TradingView data showed a consolidation in BTC prices during the Asian session and Wall Street open”
The truth is that, “Having reached USD 66,000 the previous day, the BTC/USD pair once again tested the mettle of its recent gains as the realized price of the short-term holder (STH) came into play.”
According to analyst Rekt Capital, “Bitcoin will need a similar retest as in the not-so-distant past (blue circle) to confirm a breakout towards the USD 65,000-71,500 region.”
SOURCES CONSULTED
Cointelegraph. Bitcoin RSI points to more BTC price upside as a $65K battle rages. Link
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