Bitcoin Price Exhibits ‘Explosive Move,’ Reapproaching Record High

Bitcoin’s price trajectory has ignited a vigorous resurgence, with the cryptocurrency inching closer to its previous zenith of $69,000. Data from Cointelegraph Markets Pro and TradingView reveals that over the weekend, BTC experienced a significant uptick, achieving new highs for July.

The dominant cryptocurrency has maintained its upward momentum during after-hours trading, reflecting a 10.4% increase week-to-date and a 6.6% rise for the month of July, as corroborated by CoinGlass.

Market Sentiment Soars with Renewed Optimism

The market’s buoyant sentiment is palpable. Esteemed trader Benjamin Cowen expressed optimism, suggesting that the 20-week simple moving average (SMA) at $65,650 could serve as a pivotal support level moving forward. Cowen remarked on X, “BTC’s explosive rebound from the lower trend line above its Bull Market Support Band (BMSB) is noteworthy.”

Cowen referred to the Bitcoin bull market support band, a critical zone encompassing the 20-week SMA and the 21-week exponential moving average (EMA). Historically, as reported by Cointelegraph, BTC/USD has consistently traded above this band during its bull market phases.

Bitcoin’s Resilience Amid Market Fluctuations

Trader and analyst Rekt Capital highlighted the minimal impact of Bitcoin’s correction since the March highs. He noted that on monthly timeframes, BTC/USD has adeptly retested its former 2021 all-time high as a support level, signaling a robust resistance/support flip.

“Phenomenal retest of the old All Time High resistance (red) as new major support (green),” Rekt Capital commented, supported by a detailed chart. He emphasized, “Bitcoin has consistently reaffirmed this crucial region as new support for five consecutive months.”

Crypto Sentiment Nears ‘Extreme Greed’

Further underscoring the extent of the cryptocurrency market’s recovery, the Crypto Fear & Greed Index has surged to its “greediest” level in over a month, standing just shy of “extreme greed” at 74/100. Merely a week prior, the Index languished at 25/100, reflecting a state of “extreme fear” among traders.

This dramatic shift in sentiment signifies a renewed confidence in the market, with investors increasingly optimistic about Bitcoin’s potential to reclaim and surpass its previous all-time high.