In recent analyses, Bitcoin appears to maintain critical support levels in the short term. Some analysts in the market evaluate that if close resistances are overcome, the price may move to higher levels in late July and early August. In this scenario, the region above $70000 and $80000 stands out.
Critical support and resistance levels
Cryptocurrency analyst Michaël van de Poppe states that Bitcoin maintains the $61000 level as an important support. According to the analyst, the fact that the price has also moved the major moving averages back to the support position indicates that the upward momentum may continue. Van de Poppe thinks that if this structure is preserved, a new acceleration may be seen in the coming period.
Michaël van de Poppe stated that Bitcoin remained strong at the $ 61,000 level and made the important moving averages support again, and emphasized that this indicates additional momentum in the coming period.
The analyst’s first target coincides with the regions where order density increases in the market. CoinGlass data shows that $67000 and above is a notable resistance area in terms of large investor orders. On the other hand, the support zone is centered between 63500 and 63800 dollars. CoinGlass is known as a data platform that tracks liquidity and derivative market data from different exchanges.
| Indicator | Level |
|---|---|
| critical support | 61000 dollars |
| Close support zone | 63500 to 63800 dollars |
| prominent resistance | $67000 and above |
| Up target scenario | Above $70000 and $80000 |
However, not all market participants are equally optimistic. The weak trading volume in the spot market raises questions about the permanence of the recent rise. Some commentators warn that a price move above the value area could also result in a short-lived move rather than a permanent breakout.
Exitpump notes that the latest rise should not be viewed too optimistically, as the move could turn into an unsuccessful attempt on the value area.
Macro data strengthens the search for direction in the market
QCP Capital, on the other hand, thinks that the crypto market needs stronger confirmation for a new upward wave. The company evaluates that a trigger from the macroeconomic front may turn digital assets upward. QCP Capital stands out as a Singapore-based transaction company working on digital assets and derivative markets.
The US inflation data to be announced this week and the US Federal Reserve interest rate decision at the end of the month are in the focus of the markets. The latest data, which came below expectations, brought Bitcoin closer to the $ 65,000 level again. It is considered that if macro data and company balance sheets continue to support risk appetite, investors may turn to digital assets that lag behind the broader stock rally.
On the other hand, some analysts also remind that the strong trend in July may reverse in August. In this view, Bitcoin may re-exhibit the more cautious market behavior seen in past cycles. Therefore, despite short-term optimism, it remains important to closely monitor support and resistance zones.
