bitcoin (BTC) hit a rapid six-week high on July 29 as the aftermath of the latest macro developments boosted risk assets.
Monthly Close Could Seal 20% Gains
After consolidating approximately $23,000the bulls got a second wind to propel the market higher thanks to the latest rake hikes from the US Federal Reserve and GDP data confirming that the US was now in recession.
Risk assets outperformed across the board, with Bitcoin and altcoins joining gold in giving traders and analysts reason to be positive about the outlook.
Gold #GOLD $GLD $GC_F held the lower boundary of a 23-month rectangle (yellow) that will act as a handle for a massive C&H. The bull market has begun. Prices are heading north. Goal directed to $3,000+ over the next two years pic.twitter.com/ympPpf7ojP
— Peter Brandt (@PeterLBrandt) July 28, 2022
“This is getting interesting”, Material Indicators on-chain monitoring resource tweeted in an update on his short and long signal thread for the BTC/USD daily chart on June 28. He was considering the potential for Bitcoin to hit a higher high (HH) next:
“All Trend Precognition signals print Long on the D chart, plus the unwinding of 21-DMA and 50-DMA. If BTC can make an HH, there is little friction with the next HH, then the macro channel enters the YES range is always a bear market rally.
Material Indicators added that $25,000 would also be a key price level to watch if the high at $24,300 holds for a daily close.
“If this rally can get above $25,000, then $28,000 is concentrating very quickly,” is part of another article Lily.
“The ATH’s parabolic downtrend is interrupted,” Blockware chief analyst William Clemente said. abstract in an ironic alternative, take the current BTC price action in 2022.
Compared to the same point last week, BTC/USD was up a modest 4% at the time of writing. Two days away from July’s weekly close, the pair was on track to seal monthly gains of over 20%, according to data from Coinglass confirmed.
ETH Eyes Key Support Recovery Above $1,700
The picture on altcoins was also pink that day, with Ether (ETH) breaking above $1,700 to challenge the highs of the week of June 6.
— Material Indicators (@MI_Algos) July 29, 2022
While Material Indicators toyed with the idea of a new retracement and a low well below $1000, others acknowledged the strength of the short-term price action on altcoins.
“$ETH as well as many Altcoins made successful retests of former resistance on new supports and have since rebounded strongly,” said popular trader and analyst Rekt Capital. reacted.
Strong rebound from $ETH following a successful retest
ETH is slowly approaching its next immediate resistance (upper orange box)
—Rekt Capital (@rektcapital) July 28, 2022
Further analysis demanded that ETH/USD recover a support zone beginning at around $1,730 to continue.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.