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Technical Analysis for BTCUSD for 29th July 2022

Bitcoin Bulls Blooming, is BTC Back on Track to $30k?

Past Performance of BTC

The confirmation of July 27 gains yesterday hints that Bitcoin buyers are determined and the short to medium-term macro conditions support bulls. Currently, BTC is up four percent against the USDT and is likely to blast above $24.3k in the short term as prices bottom up after steep losses in H1 2022.

Bitcoin Technical Analysis

Presently, prices are firm and buyers are confident, boosted by improving trader sentiment and changing macro factors. Amid this revival, BTC traders may find entries to double down provided prices trend above the $22k reaction level. Alternatively, a solid close above $24.3k may provide an impetus for the next leg up with targets at $28k and later $30k. This outlook will change should BTC tank below $20k, unwinding the reinvigorating gains of July 27.

What to Expect from BTC

From the BTCUSDT price chart, buyers are upbeat and the short-term trend is defined. Further gains will lift BTC to new July 2022 highs, setting the stage for a possible rally back to early June 2022 territory.

Resistance level to watch: $24.3k

Support level to watch: $22k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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