Bitcoin Bulls Defiant: Are Smart Traders Loading And Targeting $74,000?

Bitcoin closed lower yesterday, but unlike the day before, the bar had a long lower wick pointing to strength. In the days ahead, traders might consider bull entries and double down on dips, considering that the dominant trend is upward.

Notably, prices are still inside last week’s range. For this reason, every dip above the 20-day moving average is attractive for aggressive buyers targeting this week’s highs. However, if sellers push on, any drop below $60,000, reversing July 15 gains, cancels this bullish outlook.

As mentioned earlier, buyers have the upper hand. The coin is within a bullish breakout formation after gains of July 15. As it is, Bitcoin is up 23% from July lows, pushing gains in the last day and week to roughly 5%.

Traders are closely monitoring the following trending Bitcoin news:

• Despite recent losses, permanent holders have been accumulating. By the third week of July, they have added roughly 260,000 BTC. Notably, and for the avoidance of doubt, these addresses are not spot Bitcoin ETF issuers or miners.
• The contraction of Bitcoin prices roughly coincides with swelling USDT activity. In the past, every time billions flow into stablecoins, mostly USDT, BTC, and crypto prices tend to swell.

Bitcoin Price Analysis

BTC/USD is firm, rejecting losses of early this week.

As it is, the uptrend remains since the coin is moving inside last week’s range.

Since Bitcoin is still above $60,000 and $62,000, retesting the 38.2% Fibonacci retracement level of the July 2024 trade range, bulls have the upper hand.

In line with this, aggressive buyers may look to buy on dips, expecting a retest of $69,000 in the days to come.

However, conservative traders, on the other hand, can wait for a clean close above $70,000 and the July 21 high before committing. In that event, the first target would be $74,000.