BTC bearish period ended?
Bitcoin is trying to record its best monthly gain since last October, gaining by 3.27% to $23,448.70. Earlier today, BTC could test the 24,500 USD as well.
On 26 July, Bitcoin started its latest uptrend; however, the market volume is not increasing as fast as the price. From the technical point of view, it is not faced with solid resistance yet. 200 Weekly Moving Average at 27,000 is the primary and strong resistance at the moment. Any real bullish trend needs to be tested above this level.
The gains in the BTC chart, in line with the leading indices, strengthened on Wednesday after that FED statement, and Chairman Powell's comment were less hawkish than expectations.
From the technical point of view, 20 Daily Moving Average at $21,900 is the key support at the moment. Candles are also forming between the middle and upper lines of Bollinger Bands to confirm the uptrend for now. Above this level, 25,300 USD is the first resistance before facing the primary resistance at 27,000 US dollars.
