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Bitcoin (BTCUSD) Bulls Offers a Suitable Pullback

Johnathon Fox
07/15/2024 | UPDATED ON: 07/15/2024

Bitcoin (BTCUSD) Price Forecast: July 15
Today, the Bitcoin bulls offer a suitable pullback as the crypto gains momentum, influencing a quick reversal rally. However, with an intraday gain, the price is poised to break out above the current level at $60356.45 to hit the $73709.99 previous barrier if the bulls could add more strength to their buying pressure. The target may rise as high as $80000.00 upper resistance level, bringing more investment opportunity to the crypto market.

Key Levels:
Resistance Levels: $59000.00 $60000.00, $61000.00
Support Levels: $48000.00, $47000.00, $46000.00

BTC (USD) Long-term Trend: Bearish (Daily Chart)
The BTCUSD is gathering momentum to remain stable at the upside, offering a suitable pullback to begin the bullish correction pattern on the higher time frames. The coin price is trending below the supply levels, indicating a bearish momentum.
Bitcoin (BTCUSD) Bulls Offers a Suitable Pullback
The crypto has been slowed down recently due to the persistent bearish pressure in the past sessions. However, the trend will change as the bulls offer a suitable pullback to begin the up-north trip.

With the positive sentiment, the Bitcoin bulls offer a suitable pullback to the $60356.45 resistance value below the moving averages as a pullback as the daily chart opens today, signaling a possible extended correction.

Further, an increase in the buying pressure might lead the price of Bitcoin to hit the $73709.99 previous high and drive buyers to target the $80000.00 upper resistance soon.

Additionally, there is a tendency for the coin to continue the up-north journey, as indicated by the daily signal pointing upwards. If the support level holds, the bulls may target the $80000.00 upper resistance in the coming days as it offers a suitable pullback in its long-term perspective.

BTC (USD) Medium-term Trend: Bullish (4H Chart)
The BTCUSD pair offers a suitable pullback on the medium-term outlook and remains strong above the resistance levels. This is due to the high inflows from the buy traders.
Bitcoin (BTCUSD) Bulls Offers a Suitable Pullback
During the previous action, the high bullish impact on the crypto at the $58898.00 supply level has sustained its firmness above the supply levels in its recent high.

Today, the bulls pushed the Bitcoin price to a $60356.45 high level above the moving average lines as the 4-hourly chart opens, indicating a growing interest among coin buyers.

The Bitcoin price looks promising as the bulls offer a suitable pullback and remain strong above the resistance levels. If the bulls should increase their price action, and bullish momentum is sustained far above the $66455.52 previous resistance trend lines, the potential rally could be prolonged.

Additionally, the daily stochastic remains upward. It means that the bullish momentum may continue. As a result, the market participants may witness a new recovery rally to reach the $80000.00 high mark soon as the crypto buyers offer a suitable pullback and remain strong above the resistance levels in its medium-term time frame.

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About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

View all posts by Johnathon Fox →
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