Bitcoin price has cooled off from its recent highs, but analysts still anticipate a “push higher” as multiple BTC metrics flash bullish.
According to analysts, Bitcoin has shown a number of bullish signals on multiple timeframes, suggesting that the “push higher continues” following a 10% rally over seven days.
Despite the recent drawdown, which saw Bitcoin’s price lose 16% of its value between July 1 and July 5, setting a low at $53,499, “Bitcoin has rallied ~21%,” Glassnode co-founders Negentropic wrote in a July 18 X post.
They were referring to Bitcoin’s meteoric rise over the weekend, which reached a high of $66,139 on July 17.
Negentropic highlighted that the rally has seen the price of the pioneer cryptocurrency flip several levels into support, including the 200-day exponential moving average (EMA) currently at $58,448 and the $62,600 area embraced by both the 50-day and 100-day EMA.
The analysts said that they remain bullish as they set their eyes on the “next likely level of 69K before 74K and onward.”
BTC/USD daily chart. Source: Negentropic
Negentropic also observed that the daily relative strength index (RSI) “broke the downside momentum after a bullish divergence,” which suggested strength among buyers.
Analyst and podcast host Scott Melker, known as the “Wolf of All Streets,” made similar observations on lower time frames, saying that the four-hour RSI signals a clue as to where the market would head next.
