Bitcoin (BTC/USD) Extends Bullish Rally As It Remain Poised for New Discovery
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Bitcoin Price Prediction – July 17
Bitcoin (BTCUSD) market is showing robust bullish momentum, confirming a decisive upward extension from its recent consolidation. Price action is consistently trading above both the 9-period and 21-period Moving Averages, with these averages sloping upwards in parallel, reinforcing the strength of the current uptrend. Bitcoin has successfully broken out above the $118,890 resistance, which is now expected to act as a critical support level.
BTC/USD Market Key Levels:
Resistance levels: $123,350, 120,000
Support levels: $118,890 $111,890, $105,300
BTC/USD – Daily Chart
The daily chart for BTC/USD provides a clear illustration of the recent bullish breakout and subsequent upward momentum. After consolidating around the $111,898.0 to $118,898.0 range, Bitcoin has staged a powerful rally, decisively breaching the upper boundary. The price is currently trading around $120,086.0, holding firmly above the newly established support at $118,890
What is the projection for BTCUSD market?
The projection for the BTCUSD market is unequivocally bullish in the short to medium term. With the asset successfully breaking out of its previous consolidation range and trading above key support levels, the path is clear for further appreciation towards new price territories.
A sustained close above the current levels and a break of $123,357.1 resistance would confirm a strong continuation of the rally, attracting further capital inflows. Traders should consider any healthy retracement towards the $118,890 or $111,890 levels as potential buying opportunities, as these areas are expected to act as strong demand zones.
BTC/USD – 4 Hour Chart
On the 4-hour chart, the exponential moving averages (MA Cross 9, 21) demonstrate a strong bullish alignment, with the shorter-period MA consistently staying above the longer-period MA, indicating persistent buying interest. The MACD histogram bars remain positive and expanding, reflecting the ongoing strength of the upward movement. The resilience shown in holding above recent breakout levels suggests that market participants are eager to accumulate on any minor dips, reinforcing the prevailing bullish sentiment. This robust technical setup points towards further upside as market participants seek new price discovery.
Bitcoin (BTC) Current Statistics
Current price: $120,080
Market Capitalization: $2,300,000,000,000
Trading Volume: $30,000,000,000.
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