The price of Bitcoin is set for a weekly candle closure above $11,500 for the first time since August 2019. The price of Bitcoin (BTC) is hovering at $11,300 and is nearing a pivotal technical level, which some traders are arguing makes $11,500 “the most important” level to confirm a new bull cycle for BTC.
If Bitcoin stays above $11,500 by Aug. 10, it would be the highest weekly close for BTC price since mid-2019. The weekly candle in August 2019 closed slightly above $11,500. In other words, a close above this level would print the best weekly candle since the 2017 bull run.
Meanwhile, traders are closely observing the upcoming weekly candle closure because many believe it could decide whether the bull market continues. Until BTC cleanly breaks out of $11,500, technically, there is strong overhead resistance. One pseudonymous trader said:
When the price of Bitcoin hit $12,000 on Aug. 2, some investors argued that BTC already broke its market structure. If so, BTC theoretically has room to surge to higher resistance levels at $14,000 and $17,000.
Sven Henrich, a trader at NorthmanTrader, believes Bitcoin could head toward $17,000. For the technical case for a prolonged rally to be intact, Henrich said BTC has to remain above $10,500.
As long as the price of Bitcoin stabilizes above $10,500, Henrich said a rally to $17,000 is possible, even if BTC then retraces. He said:
“Firstly note that a breakout is bullish if it can be successfully defended, meaning as long as $BTC can remain above the breakout trend line it has significant technical room higher… But note that inside the larger wedge consolidation a potentially much more bullish pattern has emerged, that of a potential inverse which would point to near 17,000.”
In the near-term, analysts point toward various macro factors that could boost the sentiment around Bitcoin. Most notably, the value of the United States dollar is depreciating.
Overall, trading volumes across various markets, including retail and institutional, are increasing. For example, the open interest of the CME Bitcoin futures market has just hit a record high. Despite mass liquidations on Aug. 2, BTC has remained relatively stable above the key technical support level at $10,500.
While more factors seemingly buoy the bull case for Bitcoin, there are two risks BTC faces in the short term. First, until $12,000 clearly breaks, the risk of overhead resistance remains. Second, several technical metrics, including funding rates and greed index (currently at 75% or “greed”), hint at an overheated rally.
However, it is uncertain whether positive on-chain metrics, such as the number of “HODLers” reaching an all-time high, can offset potential risks. For now, until BTC’s weekly candle closes above $11,500, the market remains cautiously optimistic as attention shifts to the U.S. dollar and stocks.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||68.4%||61||$41 980.08||-1.11%||-4.28%||$794 870 257 509|
|2||ETH||Ethereum predictions||62.4%||77||$3 127.51||-1.56%||-7.18%||$372 891 153 254|
|3||USDT||Tether predictions||93.2%||1||$1.000642||0.01%||0.03%||$78 364 852 449|
|4||BNB||Binance Coin predictions||71.6%||59||$468.87||-0.82%||-3.49%||$77 417 695 076|
|5||USDC||USD Coin predictions||92%||1||$1.000502||0.01%||0.07%||$46 059 036 016|
|6||ADA||Cardano predictions||75.2%||51||$1.35||-9.44%||4.09%||$45 439 167 051|
|7||SOL||Solana predictions||62.4%||82||$136.95||-2.75%||-10.10%||$43 024 397 105|
|8||XRP||XRP predictions||66.8%||66||$0.743925||-1.72%||-6.81%||$35 457 804 798|
|9||LUNA||Terra predictions||74%||56||$81.82||1.09%||1.03%||$29 241 624 904|
|10||DOT||Polkadot predictions||72%||51||$24.32||-3.59%||-11.19%||$24 016 391 066|
|11||DOGE||Dogecoin predictions||76.8%||46||$0.164050||-1.35%||2.27%||$21 764 580 700|
|12||AVAX||Avalanche predictions||60.8%||81||$83.70||-3.03%||-11.85%||$20 451 218 237|
|13||MATIC||Polygon predictions||70.4%||59||$2.06||-4.40%||-12.66%||$15 255 717 058|
|14||SHIB||SHIBA INU predictions||71.2%||61||$0.000028||-2.66%||-14.36%||$15 131 590 866|
|15||BUSD||Binance USD predictions||91.2%||1||$0.999482||-0.12%||-0.01%||$14 344 134 549|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2022 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.