{"id":12316,"date":"2022-07-20T00:19:41","date_gmt":"2022-07-20T00:19:41","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-price-holds-23-5k-leading-bulls-to-say-its-different-this-time\/"},"modified":"2022-07-20T00:19:43","modified_gmt":"2022-07-20T00:19:43","slug":"bitcoin-price-holds-23-5k-leading-bulls-to-say-its-different-this-time","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-price-holds-23-5k-leading-bulls-to-say-its-different-this-time\/","title":{"rendered":"Bitcoin price holds $23.5K, leading bulls to say \u2018it\u2019s different this time\u2019"},"content":{"rendered":"
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Similar to Stockholm syndrome where captives develop a psychological bond with their captors, crypto winters have a way of flipping even the most bullish cryptocurrency supporters bearish in a short period of time.<\/p>\n

Evidence of this reality was on full display on July 19 after the recovery of Bitcoin (BTC) back above $23,000 was met with widespread warnings that the move was merely a fakeout before the market heads for new lows <\/p>\n

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$BTC<\/a><\/p>\n

Not bad. But keep in mind that this still can turn into a classical fake out.<\/p>\n

My general thesis still remains, bear market rally pic.twitter.com\/VxnH4mo6hW<\/a><\/p>\n

\u2014 Jimie (@Your_NLP_Coach) July 19, 2022<\/a><\/p><\/blockquote>\n

While the possibility of new lows being set in the future can\u2019t be ruled out, here\u2019s a look at analysts’ opinions on how this BTC breakout could be different than most investors expect.<\/p>\n

This time “it’s different”<\/h2>\n

The pointed message of \u201cthis time is different\u201d was offered by pseudonymous Twitter user Trader XM, who posted<\/a> the following chart outlining why BTC is poised to head higher. <\/p>\n

BTC\/USD 4-hour chart. Source: Twitter<\/em><\/figcaption><\/figure>\n

As highlighted on the chart above, BTC price did not retest of the range low even as four retests of the range high took place, and this suggests that buyers are now stronger than sellers. <\/p>\n

In response to the post from Trader XM, Twitter user Justiinape replied \u201c$27K-$28K seems imminent.\u201d <\/p>\n

Trader XM said<\/a>, <\/p>\n

\u201cAgree my man, move to $27-28K then months of consolidation. Let’s enjoy this move before the long hibernation.\u201d<\/p><\/blockquote>\n

The next major resistance is at $27,100<\/h2>\n

Further evidence that BTC could head higher was supplied by the on-chain data firm Whalemap, which posted<\/a> the following chart highlighting the lack of buying demand between $23,000 and $27,000. <\/p>\n

Bitcoin volume profile. Source: Twitter<\/em><\/figcaption><\/figure>\n

Whalemap said, <\/p>\n

\u201c$27,100 should be the first resistance on our way up. Big gap in supply between current prices and $27K.\u201d<\/p><\/blockquote>\n

Related: <\/em><\/strong>Bitcoin price moves toward $24K and traders expect further upside, after a support retest<\/em><\/strong><\/p>\n

Shorts get REKT<\/h2>\n

Proof that crypto traders had been lulled into an overly bearish outlook was provided by cryptocurrency analyst Dylan LeClair, who posted<\/a> the following chart showing the effect that Bitcoin\u2019s move above $23,000 had on the futures traders. <\/p>\n

BTC\/USD 2-hour chart. Source: Twitter<\/em><\/figcaption><\/figure>\n

As highlighted on the chart, there was a large amount of Bitcoin short positions opened between June 15 and July 15 and these traders now find themselves on the losing side of the trade. <\/p>\n

LeClair said,<\/p>\n

\u201cTens of thousands worth of BTC short open interest currently underwater.\u201d <\/p><\/blockquote>\n

While Bitcoin reversing course and heading lower once again remains a possibility, the current momentum suggests further upside in the short term.<\/p>\n

The overall cryptocurrency market cap now stands at $1.055 trillion and Bitcoin\u2019s dominance rate is 42.1%.<\/p>\n

The views and opinions expressed here 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.\n<\/p>\n<\/div>\n