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<p>After reintegrating $60,000, Bitcoin continued its rise by more than 13%. Let’s analyze the future prospects of BTC’s price together.</p>
<h2 id="h-situation-du-cours-du-bitcoin-btc">Current Status of Bitcoin (BTC) Price</h2>
<p>At the time of writing this text, Bitcoin’s price is trading around $66,700. Thus, Bitcoin seems to be experiencing a slight downward correction. Nevertheless, Bitcoin has reintegrated the lower part of the range dating back to March around $60,300, as well as its 50-day and 200-day moving averages, which is convincing for the continuation of its medium to long-term trend. On the price dynamics side, it seems to continue to improve despite recent declines. This is reflected in the BTC price itself as well as the oscillators. All of these elements confirm a return of interest from buyers in the crypto market.</p>
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<p>At the time of writing this text, the <a href="https://www.cointribune.com/en/crypto-markets/bitcoin-btc-en/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> is trading around $66,700. Thus, Bitcoin seems to be experiencing a slight downward correction. Nevertheless, Bitcoin has reintegrated the lower part of the range dating back to March around $60,300, as well as its 50-day and 200-day moving averages, which is convincing for the continuation of its medium to long-term trend. On the price dynamics side, it seems to continue to improve despite recent declines. This is reflected in the BTC price itself as well as the oscillators. All of these elements confirm a return of interest from buyers in the crypto market.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXct-TwLsp4fw-855MCcfWW1mFDMGQ0N_Wl3hwHz7nAsQOLPqAHk6f11z0Q8VIe68M4T03US7LS-xqaW4tvN8PSqoNidppcAF_kHWmcXkutXNFcHqUytkcKxeaAs7QlHiDo9uahcjDtY0bl7-7Z3ITSI1rsd?key=ssCSF46wtay62nM1s-mmuw" alt="">
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  Daily BTCUSD Chart
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<p><em>The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today, he is a trainer at </em><a href="https://www.family-trading.com/" target="_blank" rel="noopener noreferrer nofollow"><em>Family Trading</em></a><em>, a community of thousands of proprietary traders active since 2017. You will find Lives, educational content, and mutual support around financial markets in a professional and friendly atmosphere.</em></p>
<h2 id="zoom-on-derivatives-btcusdt">Zoom on Derivatives (BTCUSDT)</h2>
<p>The open interest of Bitcoin perpetual contracts increased by more than 15% last week, adding nearly $1.7 billion in new positions. This rise, combined with an increase in underlying value, a positive funding rate, and insignificant liquidations, indicates that the majority of speculators anticipate an increase in Bitcoin’s price.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXenLgJF-sVwCL-Fbpd2zIk6BD8eKfqE_j_sYqQI68znfICvQCXod7Ud7ufIoRbkldzRjifbcbdO2bLTucsspQRghRU_KXYBEDn8GU08SxzNOyIsDEdBJmOBxkiLmWWn9rjqGPsEMgnT81bxFkTIKTcoAGc?key=ssCSF46wtay62nM1s-mmuw" alt="">
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  Bitcoin Open Interest / Liquidations &amp; Funding rate
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<p>The liquidation heatmap of recent months indicates that BTC/USDT has come into contact with the liquidation zone around $67,500. This situation was noted in the <a href="https://www.cointribune.com/en/bitcoin-up-20-bullish-rally-underway-analysis-of-16-july-2024/" target="_blank" rel="noopener noreferrer nofollow">July 16th analysis</a>. It seems that the cryptocurrency has sparked selling interest at this level, pushing its price downward. Currently, the most notable liquidation zone above the current price is just above $72,200. Before that, the liquidation zone just above $70,000 is notable. Below the current price, subtle zones identified around $62,200 and $56,200 can be noted. If the market approaches these levels, we could witness a massive trigger of orders, potentially increasing the cryptocurrency’s volatility. These zones, therefore, represent major points of interest for investors.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeb5VpkUUSa0ub9y9vdWf4Z7z26zsHnoS3DckMqL0Hmy1toSXcS5qDaSTsmuHlpIclO417Piy04Ke2NbOs127DxM3-6dhUFcetFgSLbSu21w0mDio7jVZIKbiT1eiwkyLZSFZ74FOr_8q0z-y7_fhmlnGo1?key=ssCSF46wtay62nM1s-mmuw" alt="">
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  BTC Liquidation Heatmap (3 months)
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<h2 id="hypotheses-for-bitcoin-btc-price">Hypotheses for Bitcoin (BTC) Price</h2>
<ul>
 <li>If Bitcoin’s price stays above $62,500, a bullish continuation breaking $68,500 could be anticipated. The next resistance to consider would then be around $71,700. If the upward movement continues, it could imply reaching the ATH of BTC at $73,750. At this point, this would represent an over 10% increase.</li>
</ul>
<ul>
 <li>If Bitcoin’s price fails to stay above $62,500, a return around $60,300 could be envisaged. The next support to consider, if the downward movement continues, would be just below $58,000. Lower, the $56,500 support can be noted. At this point, this would represent about a 15% decrease.</li>
</ul> 
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"INDEX:BTCUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script>
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"INDEX:BTCUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script>
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 <div class="tradingview-widget-copyright"><a href="https://fr.tradingview.com/symbols/BTCUSD/?exchange=INDEX" rel="noopener noreferrer nofollow" target="_blank"><span class="text-primary-color">BTCUSD chart</span></a> by TradingView
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<h2 id="conclusion">Conclusion</h2>
<p>Despite a slight downward correction earlier this week, Bitcoin shows positive signs for the continuation of its medium to long-term trend. The price dynamics remain favorable, and buyer interest in the crypto market is confirmed. However, it will be crucial to closely observe the price reaction at different key levels to confirm or invalidate the current hypotheses. It is also important to remain vigilant against potential “fake outs” and market “squeezes” in each scenario. Finally, let us remember that these analyses are based solely on technical criteria and that cryptocurrency prices can also evolve quickly based on other more fundamental factors.</p>

Bitcoin Rises for the Second Consecutive Week: Analysis of July 23, 2024

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