On July 18, Bitcoin continued its efforts to reclaim the $65,000 mark, a critical level for analysts.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price action showed consolidation during the Asian trading session and Wall Street open.
After reaching $66,000 the previous day, BTC/USD tested the resilience of its recent gains, as the short-term holder (STH) realized price came into focus.
Cointelegraph noted that this bull market trendline, just above $64,000 as of July 18, had previously been lost as support for the first time in nearly a year.
Popular trader and analyst Rekt Capital highlighted the significance of the current zone for BTC/USD, emphasizing the need for firm support confirmation.
“Bitcoin is not quite ready just yet for a successful retest of the ~$65,000 level as new support,” he noted on X, sharing an explanatory chart.
He added that Bitcoin would require a retest similar to a previous instance (blue circle) to confirm a break back into the $65,000-$71,500 region.
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He warned that BTC/USD “risks rejection” if the $65,000 area remains unconquered on daily timeframes.
Trader and analyst Scott Melker, known as the “Wolf Of All Streets,” pointed to positive low-timeframe relative strength index (RSI) signals for clues on the market’s next direction.
“Bearish divergence cancelled. Nice,” he commented on X. “We now have confirmed hidden bullish divergence (blue), which is a continuation signal.”
Crypto trader and educator XForceGlobal employed Elliott Wave analysis and expressed confidence in an upward continuation following consolidation.
“Overall, we are looking for the continuation of a bullish trend if the buy pressure continues to at least finish the first wave 1 of the intermediate degree in orange to gain more confidence that we are finally going to break ATH, going into the conclusion of a primary wave 5 of the highest degree,” they stated in updated chart commentary.
Adding to the bullish sentiment, a proprietary trading indicator from DecenTrader, Predator, produced its first green “bullish” signal on three-day timeframes since early February.
This indicator uses various inputs to generate “green” and “red” signals across multiple timeframes. “Predator has spoken,” DecenTrader remarked on X.
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