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Bitcoin holds key support near $63,700 as traders target 65k to 67k
BTC logged its third straight weekly close above the 200-week simple moving average at about $63,322, while some traders looked for a push back toward the 200-week exponential moving average near $68,521.
Cointelegraph reports that Bitcoin started the last full week of July holding a key long-term support level for a third week, even as sell-side pressure showed up after the weekly close. TradingView data cited by the outlet showed local lows around $63,700.
The story says traders have been watching shorter time frames for signs of relief, with one analyst saying he would not be surprised to see Bitcoin move toward a $65,000 to $67,000 zone this week. It also notes that BTC/USD has closed above the 200-week simple moving average for a third consecutive week, with that indicator at about $63,322.
Cointelegraph adds that other technical signals are being weighed alongside the macro backdrop. One trader cited by the outlet said a stronger advance could help Bitcoin retrace its prior decline and move back above the 200-week exponential moving average near $68,521, while another flagged bullish divergences in metrics including the relative strength index.
The update also points to seasonality and geopolitical risk as offsetting factors. Cointelegraph reports that one analyst framed the current down cycle as more than 70% complete, and it links the week’s risk sentiment to escalating US-Iran tensions that have driven new five-week highs in oil prices.
Latest closeBitcoin $65,132.37 ▲0.7%