Bitcoin (BTC) touched $24,000 on July 20 on Wall Street as the good times continued in the cryptocurrency markets.
BTC/USD 1-day candle chart (Bitstamp). Source: TradingView
Bitcoin price rally ‘entirely macro-driven’
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair is passing through its last milestones after a brief consolidation.
The pair’s 24-hour gains remained around 8% and weekly returns near 25% as Bitcoin and altcoins benefited from a lower US dollar and a rally in stock markets.
Bitcoin’s rally has seen bulls reclaim key trendlines they lost in June, but the jury is out on whether the newfound strength can continue beyond the current weekly candle.
Analyst Venturefounder commented, “Bitcoin’s rally looks good? Yes. But BTC won’t be proud of this rally.”
“Bitcoin and Nasdaq correlation remains at 91% (historic high), and both are looking at Fed policies, interest rate expectations, economic recession and DXY USD for guidance. All driven holistically.”
However, the US Dollar Index (DXY) showed no signs of its own successful recovery on the day, as it was rejected at 107 after the local low.
US Dollar Index (DXY) candlestick chart. Source: TradingView
Meanwhile, popular trader and analyst Josh Rager has called for a “confident” direction to the $30,000 region for Bitcoin to truly flip from bearish to bullish.
The scale forecasts up to $120,000 in 2023
Zooming out, one of the Bitcoin price indicators has led TechDev to believe that BTC/USD will hit a new all-time high before the next block support halves in 2024.
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TechDev has flagged the Bitcoin True Strength Index (TSI), a metric that uses several basic calculations to determine how overbought or oversold an asset is at a given price.
He said that the price drop since its last all-time high in November 2021 is still on trend, hence the possibility of repeating historical patterns.
In addition, the ongoing recovery in the Bitcoin Relative Strength Index (RSI) has drawn the attention of the creator of the stock model to the flow PlanB.
The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
