Bitcoin (BTC) Price Analysis: BTC/USD Bulls Aiming for All-Time Highs as the Path of Least Resistance Is Northwards
- WBOYOriginal
- 2024-07-22 17:28:23888browse
Bitcoin rose yesterday on news of President Biden dropping out of the 2024 presidential race. Though prices have cooled off at press time, the uptrend remains, and buyers might consider taking advantage of the retracement to double down.
Bitcoin price rose on Friday as news hit the wires that President Biden will not be seeking re-election in 2024. BTC/USD fiyatı closed the session up 1%, adding to gains of 7% in the previous trading week. At press time, however, gains had cooled off somewhat.
Still, the uptrend on the daily chart remained intact, with prices now trading above prior resistance at $66,000. The path of least resistance is northwards.
As it is, Bitcoin stood stable at press time, up 1% on the day, but adding 7% in the previous trading week. At the same time, average trading volume was decent at $29 billion or so.
With prices rising and momentum remaining strong, Bitcoin is likely to continue posting impressive gains in the coming sessions.
Here’s a look at some trending Bitcoin news as buyers took charge:
Bitcoin Price Analysis
BTC/USD fiyatlandırması was firm at press time.
On the daily chart, prices are banding along the upper Bollinger Band, indicating strong upside momentum.
Given the clear trend and prices above $66,000, aggressive traders could consider buying the dip, targeting $72,000 in the near term.
This outlook holds as long as Bitcoin remains above the critical support level of $66,000.
Conservative traders may wait for a clear breakout above $72,000 before buying on dips, especially if the breakout bar has high trading volume.
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