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Bitcoin (BTC) Price Analysis for July 29



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Denys Serhiichuk

Does Bitcoin have any power left to keep the growth going to $25,000?

Bulls keep dominating as most of the coins remain in the green zone.

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has risen by almost 4% over the last 24 hours.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) is trading in the middle of the narrow channel between the support at $23,452 and the resistance at $24,445.

If buyers can hold the price above $24,000, the breakout of $24,000 may lead to the test of the $25,000 mark soon.

BTC/USD chart by TradingView

On the bigger time frame, Bitcoin (BTC) is also looking bullish as bears could not seize the initiative after the false breakout of the $24,280 mark. If the daily candle closes near this level, there are high chances to get to the $25,500 area within the next few days.

BTC/USD chart by TradingView

From the midterm point of view, Bitcoin (BTC) keeps rising after the false breakout of the mirror level at $22,000. In this case, the more likely scenario is the test of the nearest resistance at $25,400 until the end of the upcoming month.

Bitcoin is trading at $24,055 at press time.



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