Bitcoin price holds $23.5K, leading bulls to say ‘it’s different this time’

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Much like Stockholm syndrome the place captives develop a psychological bond with their captors, crypto winters have a manner of flipping even probably the most bullish cryptocurrency supporters bearish in a brief time frame.

Proof of this actuality was on full show on July 19 after the restoration of Bitcoin (BTC) again above $23,000 was met with widespread warnings that the transfer was merely a fakeout earlier than the market heads for brand spanking new lows

Whereas the potential for new lows being set sooner or later can’t be dominated out, right here’s a have a look at analysts’ opinions on how this BTC breakout might be totally different than most traders count on.

This time “it is totally different”

The pointed message of “this time is totally different” was supplied by pseudonymous Twitter person Dealer XM, who posted the next chart outlining why BTC is poised to go increased.

BTC/USD 4-hour chart. Supply: Twitter

As highlighted on the chart above, BTC worth didn’t retest of the vary low at the same time as 4 retests of the vary excessive came about, and this implies that patrons are actually stronger than sellers.

In response to the publish from Dealer XM, Twitter person Justiinape replied “$27K-$28K appears imminent.”

Dealer XM said,

“Agree my man, transfer to $27-28K then months of consolidation. Let’s take pleasure in this transfer earlier than the lengthy hibernation.”

The subsequent main resistance is at $27,100

Additional proof that BTC may head increased was equipped by the on-chain knowledge agency Whalemap, which posted the next chart highlighting the dearth of shopping for demand between $23,000 and $27,000.

Bitcoin quantity profile. Supply: Twitter

Whalemap stated,

“$27,100 needs to be the primary resistance on our manner up. Massive hole in provide between present costs and $27K.”

Associated: Bitcoin price moves toward $24K and traders expect further upside, after a support retest

Shorts get REKT

Proof that crypto merchants had been lulled into a very bearish outlook was supplied by cryptocurrency analyst Dylan LeClair, who posted the next chart displaying the impact that Bitcoin’s transfer above $23,000 had on the futures traders.

BTC/USD 2-hour chart. Supply: Twitter

As highlighted on the chart, there was a considerable amount of Bitcoin brief positions opened between June 15 and July 15 and these merchants now discover themselves on the shedding aspect of the commerce.

LeClair stated,

“Tens of hundreds value of BTC brief open curiosity at the moment underwater.”

Whereas Bitcoin reversing course and heading decrease as soon as once more stays a chance, the present momentum suggests additional upside within the brief time period.

The general cryptocurrency market cap now stands at $1.055 trillion and Bitcoin’s dominance price is 42.1%.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, it is best to conduct your personal analysis when making a choice.