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Bitcoin Price Hit a 2-Week Peak, but Bigger Tests Lie Ahead

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The gradual price recovery that began in early July continued over the past 12 hours or so, as bitcoin jumped to $64,000 for the first time in almost two weeks.

Although it was stopped there for now, analysts seem more confident that the overall market environment has improved and outlined the cryptocurrency’s next big resistance lines.

What’s Next?

It was less than a week ago, on July 1, when the largest digital asset slipped below $58,000 for the first time in nearly two years as the bear-dominated price moves continued to dominate. However, after losing roughly $25,000 in a month and a half, the bulls finally reemerged and halted the freefall.

Bitcoin rebounded in the following days, which culminated earlier this morning with a jump to $64,000 on most exchanges. This $6,000 increase in days meant that BTC had tapped its highest price tag since June 23.

Michaël van de Poppe weighed in on the asset’s performance over the weekend, calling it “solid price action.” He believes bitcoin needs to paint a higher low and reassured that even another correction to $59,000 would be considered mild and weak at this point. However, BTC’s breakout could begin if it maintains above $61,000-$61,500, which could open the door for a run toward $70,000.

Merlijn The Trader outlined $67,000 as the most crucial level for BTC. He explained that the cryptocurrency needs to decisively reclaim it, which would solidify the escape from its bear market phase. If reclaimed, the analyst said he will turn bullish as the trend will flip. However, another rejection there would probably mean more downside first.

Fear and Greed Index Improves

The metric measuring the overall market sentiment toward BTC dropped hard over the past few weeks alongside the asset’s price. It dumped to ‘extreme fear’ levels of around 11 on July 1 when the cryptocurrency bottomed (for now) at $57,700.

However, it has followed bitcoin’s gradual price recovery and now sits at 24. Although fear continues to dominate investors’ feelings, the swift rebound highlights early signs of potential market reversal, as the metric hasn’t been at 24 or above in over a month.

Bitcoin Fear and Greed Index. Source: Alternative.me
Bitcoin Fear and Greed Index. Source: Alternative.me

 

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