Bitcoin (BTC) hit a quick six-week high by July 29 as the fallout from the latest macro development boosted risk assets.
BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView
A monthly closing could seal 20% profits
Data from Cointelegraph Markets Pro and TradingView captured local highs of $24,445 for BTC/USD on Bitstamp, the best since the week beginning June 13.
After consolidating around $23,000, bulls got a second wind to push the market higher on the back of the latest US Federal Reserve rate hike and GDP data confirming the US is now in recession.
Risk assets outperformed overall, with bitcoin and altcoins joining gold to give traders and analysts reason for a positive outlook.
Gold #GOLD $GLD $GC_F held the bottom of the 23-month rectangle (yellow), which will serve as a handle for the massive C&H. The bull market has begun. Prices are heading north. The goal aimed for $3,000 over the next few years.
“This is getting interesting,” chain monitor Material Indicators tweeted in an update to its short and long signal thread for the June 28 BTC/USD daily chart. He observed the potential for Bitcoin to reach a higher high (HH). next:
“All trend spotting signals are printed on the Long D chart, plus the 21-DMA and 50-DMA unwinds. If BTC can form a HH, there will be a small friction to the next HH and then the macro channel will go into the YES range, it is still a bear market rally.”
Material Indicators added that $25,000 would also be a key price level to watch if the higher high at $24,300 holds for the day’s close.
“If this rally can get past $25,000 then $28,000 will take center stage very quickly,” read part of another post.
“The parabolic downtrend from ATH has been broken,” Blockware Chief Analyst William Clemente, meanwhile, summed up in a skewed alternative view of BTC’s current price performance in 2022.
From the same point last week, BTC/USD is up a modest 4% at the time of writing. With two days left until July’s weekly close, the pair was on track to close out monthly gains of over 20%, data from Coinglass confirmed.
BTC/USD monthly returns chart (screenshot). Source: Coinglass
Key support ETH eyes regained above $1,700
Altcoins were similarly rosy on the day as Ether (ETH) breached $1,700 to challenge the highs of the week dating back to June 6.
Related: 3 Bitcoin Trading Behaviors Suggest BTC’s Return to $24,000 Is a ‘Fakeout’
Does it scare you or get you very, very excited? #ETH
While Material Indicators toyed with the idea of another retracement and a lower low well below $1,000, others acknowledged the strength of short-term price action across altcoins.
“$ETH, like many altcoins, successfully retested old resistances to new supports and has rebounded strongly since then,” commented popular trader and analyst Rekt Capital.
Strong rebound from $ETH after successful retest
ETH is slowly approaching the next immediate resistance (upper orange box)
ETH would need to regain the bottom of this box as support if it is to move higher #ETH #Crypto #Ethereum
Additional analysis called for ETH/USD to reclaim the support zone starting around $1,730 for a continuation.
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