25 Jul 2022

Bitcoin has established a strong consolidation range

Bitcoin keeps trading in its narrow and strong consolidation range, hovering between $18k and $24k for more than one month.
The bitcoin price steadily increased over the past two weeks but met resistance at $24k. After not managing to establish itself above this level, the bitcoin price fell to $21k.Bitcoin is in a local falling trend but has strong support at $19k, a price level it has rebounded from on multiple occasions over the past month.If bitcoin were to fall below $19k, the next support level is at $17.5k, which has served as the low of this bear market.
Source: Tradingview (Coinbase)
The mentioned support levels are technically strong, but we should also keep in mind the $14k support level, which was the peak in 2019.If bitcoin manages to regain last week’s positive momentum and break out, the nearest important resistance area is at $28k, representing the yearly bottom in 2021 and important support in May.
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