Bitcoin preserved a key long-term trend line as support for a third week as US-Iran war tensions delivered new five-week highs in oil prices.
Bitcoin (BTC) starts the last full week of July holding key support while macro clouds continue to gather.
In a familiar move, Bitcoin saw sell-side pressure soon after the weekly close going into Monday morning, with local lows reaching $63,700, data from TradingView confirms.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Despite this, traders are becoming increasingly optimistic on shorter time frames as range lows continue to hold.
“Wouldn’t surprise me if we see some further relief this week - towards 65-67k,” trader Jelle predicted in his latest analysis posted Monday morning on X.
Trader Daan Crypto Trades noted that BTC/USD had sealed its third consecutive weekly close above the 200-week simple moving average (SMA), currently at $63,322.
“To really get this interesting you want to see a strong push higher now to retrace that last leg down and get back above the Weekly 200EMA,” he told X followers, referring to the 200-week exponential moving average (EMA) at $68,521.
BTC/USD one-week chart. Source: Daan Crypto Trades/X
Others doubled down on bullish conviction, with trader Roman again flagging multiple bullish divergences across BTC price metrics, including the relative strength index (RSI), a classic leading indicator.
Contrasting the optimism was seasonality, with BTC price cycle history demanding another year of bear-market moves.
“Bitcoin is more than halfway through its second year in the current BTC Four Year Cycle. 2025 proved to be the year of the $BTC Bull Market peak. And 2026 has proven itself to be the year of the Bitcoin Bear Market,” trader and analyst Rekt Capital summarized.
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