In this week’s analysis, Transfero’s Research team explains that the market has observed lateralization in the bitcoin price in the last 25 days (considering the date this text was written, July 8). According to experts, this reaction was already expected since this zone is regarded as a solid long-term support region, characterized by the presence of previous tops and the 200-period moving average from the perspective of the weekly chart.
However, the trend remains bearish despite the buying defense at this level. Therefore, to see a trend reversal, there needs to be some bullish figure or pattern, such as a double or triple bottom or a reversal pivot.
In any case, July has started bullish, and the global crypto market cap has already appreciated by more than 4% in the first week of the month, indicating the inflow of fresh capital.
Based on statistics for the last ten years for July and the second half of the year, the Transfero team believes in recovery, even though they know that there are targets of around US$ 15,000 in the short term – which can happen only if the lateralization mentioned at the beginning of this article is broken downwards.
On the other hand, if bitcoin’s price breaks through the US$ 22,000 level, it will most likely seek US$ 26,000.
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