Bitcoin’s back with a vengeance! Surging a monstrous 9.07% this week – its best performance since May – the digital gold ripped from $109,231 to a blistering $119,400. But the rally didn’t stop there. Fresh records were shattered, blasting past $123,000. Is this just the beginning of Bitcoin’s next moonshot?
Forget sideways trading! Crypto explodes this week, smashing through May’s chains! The Fear & Greed Index screams “72!” Institutional whales are diving in, fueling a confidence frenzy across the digital landscape. Bull market back on the menu?
Bitcoin bulls are stampeding on Myriad, the prediction market fromDecrypt‘s parent company, Dastan! Forget cautiously optimistic – traders are screaming “to the moon!” Odds of Bitcoin holding above $100K for all of July have skyrocketed to a massive 91%, a jaw-dropping leap from just 70% a few days prior. But the real kicker? Myriad users are betting big on a Bitcoin blitz, pricing in a 76% likelihood that BTC will smash through $125K before retreating to a “mere” $105K. Is this euphoria justified, or are we about to witness a spectacular correction? Myriad’s crystal ball is flashing green – for now.
Bitcoin’s recent dip has Myriad users feeling the chill. Despite the digital currency dancing near $119K, sentiment suggests stormy weather ahead. Traders are betting against a sunny close to the week, with only a 40% chance they see Bitcoin breaking $122K. Are the bulls taking a break, or is this just a prelude to another climb?
What does the macro picture say for BTC?
Bitcoin just wrapped up its most impressive week since May, but beneath the surface, the economic waters are choppy. Oil’s back in the green, with West Texas Intermediate hovering around $67, and gold’s glitter isn’t fading, still commanding over $3,300 an ounce. What does it all mean? Think inflation jitters and global unrest, the kind of environment where Bitcoin, the digital rebel, often thrives as investors seek refuge.
The S&P 500 flirts with 6,259, painting traditional markets green and fueling a silent revolution in crypto. As Wall Street parties near record highs, Bitcoin eyes its chance, poised to leverage the bullish mood. This isn’t just about Bitcoin following the herd; it’s about it carving its own path, proving its dual nature as a high-octane growth engine and a sanctuary in a diversified portfolio. The message is clear: risk is on, and Bitcoin is ready to ride the wave, or perhaps, create its own.
BTC price: Weekly charts confirm bullish trend
Bitcoin price data. Image: TradingView
Bitcoin’s weekly chart just screamed “bull run!” Closing at a staggering $119,913, Bitcoin didn’t just nudge past resistance at $110,530, it blasted through it. Technical indicators are flashing green across the board, hinting that this rally is far from over. Buckle up, because Bitcoin’s trajectory points firmly north.
Bitcoin’s weekly RSI just punched through 70, flashing “overbought!” But don’t panic-sell just yet. This isn’t your garden-variety overbought signal. Think of it as Bitcoin flexing its muscles, demonstrating serious buying power. The RSI, our momentum gauge, maxes out at 100. A reading above 70 usually screams “bubble,” but Bitcoin’s been ignoring the warning signs all week. This isn’t a fleeting pump; it’s sustained demand, a bullish beast refusing to be tamed.
Bitcoin’s engines are firing! The Average Directional Index (ADX) has surged past the critical 25 mark, clocking in at a robust 27. This isn’t just a flicker of momentum; it’s a blaring siren confirming a powerful, established trend. Forget wishful thinking – the ADX, our trusty trend barometer, reveals that Bitcoin’s recent surge has solidified into a force to be reckoned with. Above 25? Buckle up. History suggests this is where strong trends dig in their heels and keep running. Consider this your green light.
After weeks of Bitcoin’s stagnant dance, trapped in a tight price range, a surge of bullish energy has finally broken through. The agonizing wait, marked by a listless ADX and a stubbornly balanced RSI, left traders guessing. But now, the silence is broken. Barring unforeseen turbulence, the bulls are back in charge. Even the usually volatile daily charts are singing a bullish tune.
Forget the whispers, the weekly EMA chart is screaming “bull market.” The 50-week EMA isn’t just above the 200-week EMA; it’s soaring, creating a bullish chasm that traders drool over. This isn’t your garden-variety uptrend – think sustained buying pressure relentlessly pushing prices higher. And the expanding gulf between those EMAs? That’s the engine room, folks, showcasing an uptrend that’s not just strong, but accelerating with each passing week. Buckle up.
After weeks of coiled tension, the Squeeze Momentum Indicator has finally sprung! The weekly chart flashes “off,” signaling the end of volatility’s vise-like grip and unleashing an explosive upward surge. This isn’t just a pop; the 9% weekly leap suggests a true trend ignited, fueled by the market’s successful release of pent-up energy. Consolidation’s chains are broken – prepare for liftoff!
Bitcoin price: What comes next?
Bitcoin’s blazing a new trail, leaving technical analysis in the dust. Forget the usual chart gazing – we’re in uncharted territory. Fibonacci extensions hint at potential ceilings, but if Bitcoin shatters its all-time high, prepare for a wild ride. Resistance may be futile until around $126,000, with a possible pit stop before a surge towards $134,000. Buckle up.
Imagine price charts whispering secrets, hinting at future turning points. That’s the power of Fibonacci retracements and extensions. Retracements pinpoint likely support and resistance levels between established price swings – think of them as natural pause points in a trend. Extensions, on the other hand, boldly project where the next potential price hurdles might emerge, assuming the prevailing trend holds its course. They’re like mapping the terrain of tomorrow’s market battles.
The $126,554 and $134,371 Fibonacci extension targets visible on the chart below.
Think of $115,575 as the first line of defense – a former resistance level now acting as immediate support. But the real fortress lies further down, around $110,500. That’s where the bulls are likely to make a stand.
Myriad Markets is betting on Bitcoin’s next big move, and their odds paint a fascinating picture. Forget pie-in-the-sky dreams of hitting a Fibonacci extension ceiling at $125K. While possible, the smart money’s eyeing a dip. A fall below the $110,500 support level a line in the sand held since June could trigger a slide to $105K. This isn’t wishful thinking; it’s a projection based on past performance. So, while a bullish surge remains a tantalizing “what if,” the charts whisper a bearish tale rooted in reality.
Bitcoin price data. Image: TradingView
Bitcoin’s weekly chart whispers a bullish tale. A mountain of buy orders piled up between $90,000 and $110,000, forging bedrock beneath the current rally. Above $120,000, the path thins. Expect a swift ascent once Bitcoin firmly plants its flag at these altitudes, suggesting a rapid climb due to the relatively weak selling pressure overhead.
For chart-watching traders, trend whispers lie in the ADX: above 25 weekly signals continuation. But beware the siren song of the RSI near 80 – weekly divergence hints at impending storms. Savvy traders build their defenses, anchoring stop-losses to the ghosts of all-time highs, then scaling them skyward with each new price surge. This shields against the inevitable retreat after the peak.
After all, nobody will blame you for taking a little profit here to buy a bottle of champagne.
Disclaimer
Think of this as food for thought, not a financial feast. The author’s insights are purely for informational purposes, and shouldn’t be swallowed whole as investment or other advice.
Thanks for reading Bitcoin Is on a Historic Run: Can BTC Keep It Up?
