A key analyst says the Bitcoin chart will “confirm that the bottom has arrived” by July 15.
Key chart crossover seen as end of market losses
On July 6, popular analyst Wolf examined key moving average data as proof that the BTC price will not fall. Amid repeated calls for Bitcoin to revisit levels not seen since Q4 2020, a simple historical trend says BTC/USD is now seeing its latest macro lows.
Analyzing the 3-day chart, Wolf argued that the 100-day moving average (MA) that crosses the 200MA will act as a price floor signal, just like the previous bear markets. The analyst wrote:
The negative 3-day MA100 will surpass the positive 3-day MA200 by mid-July, confirming the bottom has arrived.
Specifically, the transit of the two MAs should confirm the future trajectory in just one week. If Bitcoin avoids a drop in the meantime, $17,600 will remain the last long-term BTC price floor.
Despite historical precedents, such an outcome is still far from certain.
Before July 15, the crypto market has to weather a macroeconomic storm that has proven deadly. July 13 will be of particular interest to market participants. In addition, this date indicates that the US Consumer Price Index (CPI) data for the month of June will be announced. cryptocoin.com We have covered the details in this article. As a result, inflation is already at a 40-year high. CPI readings showed a consistent upward trend throughout 2022.
Moving averages pile up as resistance for Bitcoin
Meanwhile, Bitcoin is approaching weekly highs, circling $20,500 on July 7. On July 6, analyst Keith Alan updated his BTC analysis. The analyst has flagged various other daily, weekly and monthly MAs as areas of interest should Bitcoin manage to maintain the upward momentum. Keith Alan says in his analysis:
Continued rejections at the 21-day MA indicate that there is not enough bullish sentiment to push it up. This brings downside targets into focus.
However, the MAs are pointing in different directions should a resistance/support reversal (R/S) occur. He noted that the 50-month MA will kick in, followed by the 200-week MA, which sets a foundation.
As of July 7, the 21-day MA, 50-month MA, and 200-week MA stood at $20,300, $21,570 and $22,560, respectively, according to TradingView data.
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