Autor Cointelegraph By Jordan Finneseth

Similar to Stockholm syndrome where captives develop a psychological bond with their captors, crypto winters have a way of flipping even the most bullish cryptocurrency supporters bearish in a short period of time.Evidence of this reality was on full display on July 19 after the recovery of Bitcoin (BTC) back above $23,000 was met with widespread warnings that the move was merely a fakeout before the market heads for new lows $BTCNot bad. But keep in mind that this still can turn into a classical fake out.My general thesis still remains, bear market rally pic.twitter.com/VxnH4mo6hW— Jimie (@Your_NLP_Coach) July 19, 2022While the possibility of new lows being set in the future can’t be ruled out, here’s a look at analysts’ opinions on how this BTC breakout could be different than most investors expect.This time “it’s different”The pointed message of “this time is different” was offered by pseudonymous Twitter user Trader XM, who posted the following chart outlining why BTC is poised to head higher. BTC/USD 4-hour chart. Source: TwitterAs highlighted on the chart above, BTC price did not retest of the range low even as four retests of the range high took place, and this suggests that buyers are now stronger than sellers. In response to the post from Trader XM, Twitter user Justiinape replied “$27K-$28K seems imminent.” Trader XM said, “Agree my man, move to $27-28K then months of consolidation. Let’s enjoy this move before the long hibernation.”The next major resistance is at $27,100Further evidence that BTC could head higher was supplied by the on-chain data firm Whalemap, which posted the following chart highlighting the lack of buying demand between $23,000 and $27,000. Bitcoin volume profile. Source: TwitterWhalemap said, “$27,100 should be the first resistance on our way up. Big gap in supply between current prices and $27K.”Related: Bitcoin price moves toward $24K and traders expect further upside, after a support retestShorts get REKTProof that crypto traders had been lulled into an overly bearish outlook was provided by cryptocurrency analyst Dylan LeClair, who posted the following chart showing the effect that Bitcoin’s move above $23,000 had on the futures traders. BTC/USD 2-hour chart. Source: TwitterAs highlighted on the chart, there was a large amount of Bitcoin short positions opened between June 15 and July 15 and these traders now find themselves on the losing side of the trade. LeClair said,“Tens of thousands worth of BTC short open interest currently underwater.” While Bitcoin reversing course and heading lower once again remains a possibility, the current momentum suggests further upside in the short term.The overall cryptocurrency market cap now stands at $1.055 trillion and Bitcoin’s dominance rate is 42.1%.The views 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 conduct your own research when making a decision.

Crypto fans are rejoicing at the sight of green across the market on July 19 as the months of “down only” price action has finally come to an end after the market flashed its first substantial relief rally in at least a month. Data from Cointelegraph Markets Pro and TradingView shows that much of the newfound excitement is the result of Bitcoin (BTC) breaking above resistance at $23,000 to hit a daily high of $23,447, its first meaningful move above the 200-week moving average. BTC/USDT 1-day chart. Source: TradingViewWhile many have been quick predict a climb to the mid-$30,000 range, a few analysts caution that it could be another fakeout pump. Let’s take a look at traders’ perspectives on Bitcoin’s move toward $33,000.Bitcoin needs a weekly candle close above $22,800The move back above the 200-week MA has been a point of focus for cryptocurrency analyst Rekt Capital, who posted the following chart commenting that “For the first time in weeks, BTC is putting in a decent effort to try to reclaim the 200-week MA as support.”BTC/USD 1-week chart. Source: TwitterThe 200-week MA has been a highly watched metric in recent weeks because it has served as a reliable bear market indicator that has historically provided insight into when a bottom has been set. Rekt Capital said,“#BTC needs to Weekly Candle Close above $22800 to successfully confirm a reclaim of the 200-week MA as support.”There’s still room for a pullback to $18,000Further insight into what would need to happen to confirm a bullish perspective on the gains seen on July 19 was offered by Phoneix ICF, who provided the following chart highlighting the next major level of resistance to keep an eye on. BTC/USDT 1-day chart. Source: TwitterPhoenix ICF said, “Wait for the 1d candle to close above $23K and then place long bets. If that’s not the case, we’ll see it below $18K soon. Be patient & avoid emotional trading.”Related: Technicals suggest Bitcoin is still far from ideal for daily paymentsTraders expect resistance at $28,400The importance of the current price level was further explored by technical analyst Crypto Patel, who posted the following chart outlining the possible paths that BTC could take in the event of a sharp directional move from the current supply zone found between $21,700 and $22,800.BTC/USDT 1-day chart. Source: TwitterCrypto Patel said, “Scenario 1:- If Break $22,900 Level then Ready for Long with $28,400 TP [take profit]. Scenario 2:- But If failed to hold $$22,800 then High Possibility to test $12K Level.”Based on the current Bitcoin price, the chart above predicts a possible run-up to the resistance area near $28,400, followed by a consolidation or pullback before BTC attempts to take out the resistance found at $32,300. The overall cryptocurrency market cap now stands at $1.062 trillion and Bitcoin’s dominance rate is 42.1%.The views 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 conduct your own research when making a decision.