08 Aug 2022

Another higher low for bitcoin last week

The technical trend for bitcoin continues, with another higher low printed last week. The resistance in the lower $24k area was once again tested yesterday. Will it break this week?
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Bitcoin’s steady climb continues. The price bottomed at ~$22,400, which marked another higher low and the bullish technical trend for bitcoin continues.As suggested last week, this July resistance level could now have been flipped to support.The resistance in the lower $24k area still holds and was tested for the third time yesterday.A tight range between ~$22.5k-$24k could now have been established. The direction out of this range will be telling for the short-term outlook for bitcoin.As mentioned last week, a break up above the $24k resistance level could see us move towards the $27k-$28k level.
Source: Tradingview (Coinbase)
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