{"id":475755,"date":"2022-07-20T02:23:11","date_gmt":"2022-07-19T23:23:11","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-holds-23-5k-leading-bulls-to-say-its-different-this-time\/"},"modified":"2022-07-20T02:23:11","modified_gmt":"2022-07-19T23:23:11","slug":"bitcoin-price-holds-23-5k-leading-bulls-to-say-its-different-this-time","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-holds-23-5k-leading-bulls-to-say-its-different-this-time\/","title":{"rendered":"# Bitcoin price holds $23.5K, leading bulls to say \u2018it\u2019s different this time\u2019"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a41288692915\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a41288692915\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-holds-23-5k-leading-bulls-to-say-its-different-this-time\/#%E2%80%9D_Bitcoin_price_holds_235K_leading_bulls_to_say_%E2%80%98its_different_this_time_%E2%80%9C\" >&#8221; Bitcoin price holds $23.5K, leading bulls to say \u2018it\u2019s different this time\u2019 &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-holds-23-5k-leading-bulls-to-say-its-different-this-time\/#This_time_%E2%80%9Cits_different%E2%80%9D\" >This time &#8220;it&#8217;s different&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-holds-23-5k-leading-bulls-to-say-its-different-this-time\/#The_next_major_resistance_is_at_27100\" >The next major resistance is at $27,100<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-holds-23-5k-leading-bulls-to-say-its-different-this-time\/#Shorts_get_REKT\" >Shorts get REKT<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_price_holds_235K_leading_bulls_to_say_%E2%80%98its_different_this_time_%E2%80%9C\"><\/span>&#8221; Bitcoin price holds $23.5K, leading bulls to say \u2018it\u2019s different this time\u2019 &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-28d77a7a>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.<\/p>\n<p>Evidence of this reality was on full display on July 19 after the recovery of Bitcoin (BTC) back above $23,000 was met with widespread warnings that the move was merely a fakeout before the market heads for new lows <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a><\/p>\n<p>Not bad. But keep in mind that this still can turn into a classical fake out.<\/p>\n<p>My <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> thesis still remains, bear market rally  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/VxnH4mo6hW\">pic.twitter.com\/VxnH4mo6hW<\/a><\/p>\n<p>\u2014 Jimie (@Your_NLP_Coach) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Your_NLP_Coach\/status\/1549425982561468416?ref_src=twsrc%5Etfw\">July 19, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nWhile the possibility of new lows being set in the future can\u2019t be ruled out, here\u2019s a look at analysts&#8217; opinions on how this BTC breakout could be different than most investors expect.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"This_time_%E2%80%9Cits_different%E2%80%9D\"><\/span>This time &#8220;it&#8217;s different&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The pointed message of \u201cthis time is different\u201d was offered by pseudonymous <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> user Trader XM, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TraderXM1\/status\/1549194054226874377\">posted<\/a> the following chart outlining why BTC is poised to head higher. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/f67dd1c6-9162-4647-a6e9-d37272e49b49.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 4-hour chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>As 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. <\/p>\n<p>In response to the post from Trader XM, Twitter user Justiinape replied \u201c$27K-$28K seems imminent.\u201d <\/p>\n<p>Trader XM <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TraderXM1\/status\/1549195594392027139\">said<\/a>, <\/p>\n<blockquote><p>\u201cAgree my man, move to $27-28K then months of consolidation. Let&#8217;s enjoy this move before the long hibernation.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"The_next_major_resistance_is_at_27100\"><\/span>The next major resistance is at $27,100<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Further evidence that BTC could head higher was supplied by the on-chain data firm Whalemap, which <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/whale_map\/status\/1549450291552075778\">posted<\/a> the following chart highlighting the lack of buying demand between $23,000 and $27,000. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/0a16d6ae-78ea-4d8e-a67d-d84884759206.jpg\"><figcaption style=\"text-align: center;\"><em>Bitcoin volume profile. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>Whalemap said, <\/p>\n<blockquote><p>\u201c$27,100 should be the first resistance on our way up. Big gap in supply between current prices and $27K.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin price moves toward $24K and traders expect further upside, after a support retest<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Shorts_get_REKT\"><\/span>Shorts get REKT<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Proof that crypto traders had been lulled into an overly bearish outlook was provided by cryptocurrency analyst Dylan LeClair, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DylanLeClair_\/status\/1549476383226839040\">posted<\/a> the following chart showing the effect that Bitcoin\u2019s move above $23,000 had on the futures traders. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/49e923ed-0a4c-469d-890e-4564b6820cb9.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 2-hour chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>As 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. <\/p>\n<p>LeClair said,<\/p>\n<blockquote><p>\u201cTens of thousands worth of BTC short open interest currently underwater.\u201d <\/p><\/blockquote>\n<p>While Bitcoin reversing course and heading lower once again remains a possibility, the current momentum suggests further upside in the short term.<\/p>\n<p>The overall cryptocurrency market cap now stands at $1.055 trillion and Bitcoin\u2019s dominance rate is 42.1%.<\/p>\n<p class=\"post-content__disclaimer\">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.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Evidence of this reality was on full display&#8230;<\/p>\n","protected":false},"author":1,"featured_media":475756,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvZGE5MDI5YTItYTY4Yy00Zjc1LWIyMTctMGVlYWYwYmZhZDUxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,74863,75150,73785],"class_list":["post-475755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrencies","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/475755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=475755"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/475755\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/475756"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=475755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=475755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=475755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}