Bitcoin Bull Run 'getting Interesting' As BTC Price Hits 6-week High

Bitcoin (BTC) delivered a swift six-week high into July 29 as the aftermath of the latest macro developments boosted risk assets.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Monthly close could seal 20% gains

Data from Cointelegraph Markets Pro and TradingView captured local highs of $24,445 for BTC/USD on Bitstamp, its best since the week beginning June 13.

After consolidating around $23,000, bulls got a second wind to propel the market higher on the back of the United States Federal Reserve’s latest rake hikes and GDP data confirming that the U.S. was now in a recession.

Risk assets outperformed across the board, with Bitcoin and altcoins joining gold in giving traders and analysts cause for positivity on the outlook.

Gold #GOLD $GLD $GC_F held the lower boundary of a 23-month rectangle (yellow) that will serve as the Handle for a massive C&H. The bull market has started. Prices head north. Target headed to $3,000+ over next couple of years pic.twitter.com/ympPpf7ojP

— Peter Brandt (@PeterLBrandt) July 28, 2022

“This is getting interesting,” on-chain monitoring resource Material Indicators tweeted in an update on its short and long signal thread for the daily BTC/USD chart June 28. It eyed the potential for Bitcoin to make a higher high (HH) next:

“All Trend Precognition signals printing Long on the D chart, plus the 21-DMA and the 50-DMA unwinding. If BTC can make a HH there is little friction to the next HH, and then the macro channel comes into range YES, this is still a bear market rally.”

Material Indicators added that $25,000 would also be a key price level to watch should the higher high at $24,300 hold for a daily close.

“If this rally can push past $25k, then $28k comes into focus very quickly,” part of a further post read.

“Parabolic downtrend from ATH broken,” Blockware lead insights analyst William Clemente meanwhile summarized in a wry alternative take on current BTC price action in 2022.

Versus the same point last week, BTC/USD was up a modest 4% at the time of writing. With two days left before the July weekly close, the pair was on track to seal monthly gains of over 20%, data from Coinglass confirmed.