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Bitcoin (BTC) Price Analysis for July 29

Fri, 07/29/2022 - 15:37
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Denys Serhiichuk
Does Bitcoin have any power left to keep the growth going to $25,000?
Bitcoin (BTC) Price Analysis for July 29
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bulls keep dominating as most of the coins remain in the green zone.

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has risen by almost 4% over the last 24 hours.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) is trading in the middle of the narrow channel between the support at $23,452 and the resistance at $24,445.

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If buyers can hold the price above $24,000, the breakout of $24,000 may lead to the test of the $25,000 mark soon.

BTC/USD chart by TradingView

On the bigger time frame, Bitcoin (BTC) is also looking bullish as bears could not seize the initiative after the false breakout of the $24,280 mark. If the daily candle closes near this level, there are high chances to get to the $25,500 area within the next few days.

BTC/USD chart by TradingView

From the midterm point of view, Bitcoin (BTC) keeps rising after the false breakout of the mirror level at $22,000. In this case, the more likely scenario is the test of the nearest resistance at $25,400 until the end of the upcoming month.

Bitcoin is trading at $24,055 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.