VOT Research Desk
The price of bitcoin has recently made an enormous surge that has gotten beyond a pressing obstacle.
Despite how great this run-up has been, BTC still needs to face another resistance level that will probably offer significant difficulty. Over the past 11 days, the price of bitcoin has increased by about 9%.
This change follows days of tight, aimless consolidation. Although BTC has risen over the lows of June 18 at $17,593, it must continue to do so in order to make a sustained upward advance.
Before any significant rise starts after the previous gain, a pullback to the intermediate support of $17,303 seems likely.
The price of Bitcoin will rise during this pullback to the 2022 Point of Control (POC), the highest traded level at $19,089. For the price rally of bitcoin to change from a short-term move to a longer-term bear market rally, it will be essential to go above this barrier.
Investors must therefore exercise patience. On the other hand, a daily candlestick close below $15,551 will result in a lower low and tip the scales in favor of the bears. The bullish argument for Bitcoin will be refuted by this outcome.
The upper boundary of the potential macro bottom, which extends up to $11,898, is the $13,575 support level. If this happens, the price of Bitcoin may return to this level.
