As bulls refused to let go of the $30,000 support, Bitcoin (BTC) was targeting new month-to-date lows at the July 18 Wall Street open. This week, crypto-related topics such as crypto alerts podcast, crypto.com twitter, and high street crypto have been trending on Twitter and other web 3.0 social media.
BTC price: Heavy resistance risks weekly downtrend
Cointelegraph Markets Pro and TradingView data showed BTC price action dropping after a rebound from $29,675 — its worst level this July.
The relative strength index (RSI) and other signs of upward momentum offered little hope for those hoping to see the range highs again.
“After wicking beyond the ~$30600 resistance, BTC has been rejected and lost the Higher Low,” trader and analyst Rekt Capital commented about the one-week chart.
Other traders were more optimistic, looking for the 2023 uptrend to return. “While Bitcoin consolidates below resistance, the RSI is almost fully reset. If you can find some buyers here at support, we can go for another test of the major resistance level,” Jelle, a popular crypto trader, said in a crypto alerts podcast.
The RSI “reset” brought the daily metric to levels last seen in mid-June, when BTC/USD was trading around $26,000.
Bitcoin range lows in line for a “sweep”
Scott Melker, a trader and podcast host also known as “The Wolf of All Streets,” is anticipating $28,600 as a potential bottom target. He posted on Twitter on July 17, citing a “massive overbought bearish divergence” as a signal of a potential top.
Melker believes that Bitcoin’s range lows could be tested, but he’s not sure if this will be enough to set a local floor. He said that his last buy was a similar test of $25,212, which required patience.
As crypto alerts and web 3.0 social media continue to be popular this week, Melker’s opinion on the high street crypto market is something to keep an eye on. With my AI and Crypto.com Twitter also providing insights, the crypto daily market is definitely something to watch.
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