Bitcoin (BTC) is still continuing its very cautious upward trend of recent days. However, that is already starting to slow down, the volume is starting to drop sharply again and bitcoin is still stuck in its current range.
It therefore looks very likely that there is still too little momentum for bitcoin to break out of this range right away, although it seems that this may not last too long. Market sentiment has turned slightly more positive in recent days, but has not changed in the last 24 hours and fears are still very high.
Bitcoin Fear and Greed Index is 18 ~ Extreme Fear
Current price: $20,593 pic.twitter.com/3f60UY0ltH— Bitcoin Fear and Greed Index (@BitcoinFear) July 6, 2022
Bitcoin price rises by 1%
The bitcoin price continued its slight upward trend of the past few days yesterday. Last night, bitcoin peaked around $20,600, a higher high compared to the peaks of recent days.
However, Bitcoin then started to fall slightly again. The price briefly found support at $20,400, which acted as resistance earlier this week. Still, bitcoin briefly dipped below USD 20,300 this morning, but appears to be regaining traction at USD 20,400 at the time of writing.
The BTC price at the time of writing stands at $20,450 on Binance and $19,990 on Bitvavo. This means that the BTC rate is 1% in the plus today.
Bitcoin Symmetric Triangle Breakout
Yesterday on Crypto Insiders it was read that bitcoin currently forms a so-called symmetrical triangle. That means that currently neither the bulls nor the bears take the lead. That range seems to be getting tighter and that means the price has to break out in either direction at some point.
As Whale Map reports, the $21,400 is at the higher end of this range. If the price breaks through this, bitcoin could shoot all the way to $27,100, according to this analyst. However, Whale Map appears to be ignoring possible resistance around USD 22,600.
We are bullish above $21,400
But not before that though pic.twitter.com/cMp0a3F171
— whalemap (@whale_map) July 6, 2022
At the lower end of the current range is the $19,100. This has meanwhile become a crucial frontier, as analyst Caleb Franzen says. Should bitcoin break out below, the price could well make a significant drop. Franzen may even see bitcoin fall all the way to $11,500.
Key structure for #Bitcoin is holding up better than I thought, but I’m still concerned at the inability to produce a substantial rebound here.
If this level fails (weekly close below $19.1k), I think a decline towards the red range is within reason.
Critical level for $BTC†pic.twitter.com/XIMdbIkPYC
— Caleb Franzen (@CalebFranzen) July 6, 2022
Bitcoin addresses still in upward trend
If we look at the bigger picture, we see that the number of active bitcoin addresses is still in an upward trend and that is a bullish signal for the long term. Analyst On-chain College shows this trend using the 30 days simple moving average at. Despite the fact that private investors have fled, bitcoin adoption is still continuing at a steady pace.
#Bitcoin Active Addresses 30-day SMA
The # of unique addresses active on the network.
-Increasing over time, with fluctuations during cycles
-Higher lows over time
-Currently at ~888k addressesRetail is gone but BTC is on a very normal path of adoption based on the below… pic.twitter.com/EOVO2b5c0C
— OnChain College (@OnChainCollege) July 6, 2022
Crypto Insiders Premium for bitcoin analytics
Do you want to receive more in-depth bitcoin analyses? Then we would like to refer you to our Discord community for members†Ask analysts questions, chat with our fanatic community and receive daily technical and fundamental analysis of bitcoin, but also other crypto. Through Discord Premium we can share knowledge with each other 24/7 and we try to stay ahead of the market together with our members.
Full analysis of Hodl wave and the cycles held within it. enjoy.$BTC pic.twitter.com/pSBZj7gwFU
— Miles J Creative 🇸🇦 (@JohalMiles) July 6, 2022
Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences and are for educational purposes only.