Bitcoin Technical Analysis Report | 25th-July-2022

Bitcoin is trading at around a 4% fall in price with over a 9% increase in the volume at $ 27.8 billion. If the asset is able to break out of its overhead resistance then it might just pull ETH, and BCH AXS to continue their uprising trend more strongly. Many analysts expect a weekly close above the 200-week moving average to attract more buying, but a break below it could signal that the bears are back in the game. Although the near-term outlook appears uncertain, analysts are suggesting that Bitcoin has been in an accumulation zone since May.

BTC’s dominance is around 42.8% and its trading with over a 7% increase over the week.

At the time of writing, BTC was trading at $21,800.

Bitcoin (BTC) Chart| 25th July 2022
Bitcoin (BTC) Chart

BITCOIN after making the low of $17,567 started consolidating and was trading in a broad range from $18,000 to $23,000. The asset finally gave a breakout above the range and made the weekly high of $24,287. However, the prices failed to sustain and give a close above $23,500. On a daily time frame, we can see that all the three bottoms have formed a ‘Higher Lows and Higher Highs’ indicating a reversal. Currently, BTC is trying to take support at its 20-Day Moving Average and is making a small bullish flag. If it holds and sustains above the support then we expect the prices to surge further up to $28,500 whereas $17,500 will act as strong support, a break below that would negate the analysis.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2
$15,500$17,500BTC$23,500$28,000

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurre ncies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.

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