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class="sc-7f46ca5-0 geAzVS news_content"><div class="heading"><a href="/news/dailyanalysis"><svg width="17" height="16" viewBox="0 0 17 16" fill="none" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M6.65685 15.0709L0.292892 8.70692C-0.0976315 8.31639 -0.0976315 7.68323 0.292892 7.2927L6.65685 0.928741C7.04738 0.538216 7.68054 0.538216 8.07107 0.928741C8.46159 1.31926 8.46159 1.95243 8.07107 2.34295L3.41421 6.99981L16 6.99981C16.5523 6.99981 17 7.44752 17 7.99981C17 8.55209 16.5523 8.99981 16 8.99981L3.41421 8.99981L8.07107 13.6567C8.46159 14.0472 8.46159 14.6804 8.07107 15.0709C7.68054 15.4614 7.04738 15.4614 6.65685 15.0709Z"></path></svg>Back</a><div class="sc-4fdbe080-0 a-DbXX title "><h1>Crypto Daily: Bitcoin flashed its first significant relief rally in at least a month</h1></div></div><div class="time_date_block"><ul class="time_date"><li>Jul 20, 2022</li><li>10:07</li><li>2 min reading</li></ul><div class="author_block"><div class="author_image"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2720%27%20height=%2720%27/%3e"/></span><img alt="Choise.com team" srcSet="/_next/image?url=%2Fpic%2Fauthors%2Fchoise-team.png&w=32&q=75 1x, /_next/image?url=%2Fpic%2Fauthors%2Fchoise-team.png&w=48&q=75 2x" src="/_next/image?url=%2Fpic%2Fauthors%2Fchoise-team.png&w=48&q=75" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/></span></div><div class="author_name"><span class="dynamic_author"></span>Choise.com team</div></div></div><div class="content"><div class="main_image"><img title="Crypto Daily: Bitcoin flashed its first significant relief rally in at least a month" alt="Crypto Daily: Bitcoin flashed its first significant relief rally in at least a month" fetchpriority="high" width="742" height="0" decoding="async" data-nimg="1" class="directus_image " style="color:transparent" srcSet="/_next/image?url=https%3A%2F%2Fwebinar.choise.com%2Fwp%2F2022%2F07%2Fcrypto_daily_analysis_wed.png&w=750&q=75 1x, /_next/image?url=https%3A%2F%2Fwebinar.choise.com%2Fwp%2F2022%2F07%2Fcrypto_daily_analysis_wed.png&w=1920&q=75 2x" src="/_next/image?url=https%3A%2F%2Fwebinar.choise.com%2Fwp%2F2022%2F07%2Fcrypto_daily_analysis_wed.png&w=1920&q=75"/></div><div class="content_block"><p>Given that the price of Bitcoin has been lingering above the $17,000–$20,000 range over the past few weeks, Bitcoin’s sharp downturn is likely to come to an end. The price is currently retesting the $23,000 resistance level after being rejected three times from the $20,000 support area.</p><h3>Bitcoin Advocates Rejoice</h3><p>The market flashed its first significant relief rally in at least a month, and crypto enthusiasts rejoiced at the sight of green on July 19 as the months of “down only” price action finally came to a stop.</p><p>According to TradingView data, Bitcoin’s breakthrough over resistance at $23,000 — its first appreciable move above the 200-week moving average — is largely responsible for the renewed optimism.</p><p>The price even broke the $23,500 level and settled above the 100 hourly simple moving average. A high was formed near $23,782 and the price is now consolidating gains. There was a minor downside correction below the $23,500 level.</p><p>Bitcoin traded below the 23.6% Fib retracement level of theupward movefrom the $21,403 swing low to $23,782 high. However, the bulls were active near the $23,000 support zone.</p><p>There is also a major bullish trend line forming with support near $22,750 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could face resistance near the $23,500 level. The next key resistance is near the $23,750 zone.</p><p><a href="https://www.newsbtc.com/wp-content/uploads/2022/07/Bitcoin-15.png"><img loading="lazy" class="alignnone size-full wp-image-496213" src="https://www.newsbtc.com/wp-content/uploads/2022/07/Bitcoin-15.png" sizes="(max-width: 1834px) 100vw, 1834px" srcSet="https://www.newsbtc.com/wp-content/uploads/2022/07/Bitcoin-15.png 1834w, https://www.newsbtc.com/wp-content/uploads/2022/07/Bitcoin-15-460x212.png 460w, https://www.newsbtc.com/wp-content/uploads/2022/07/Bitcoin-15-860x396.png 860w, https://www.newsbtc.com/wp-content/uploads/2022/07/Bitcoin-15-768x354.png 768w, https://www.newsbtc.com/wp-content/uploads/2022/07/Bitcoin-15-1536x708.png 1536w, https://www.newsbtc.com/wp-content/uploads/2022/07/Bitcoin-15-750x346.png 750w, https://www.newsbtc.com/wp-content/uploads/2022/07/Bitcoin-15-1140x525.png 1140w" alt="Bitcoin Price" width="1834" height="845" data-pin-no-hover="true"/></a></p><pre>Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener">BTCUSD on TradingView.com</a></pre><p>A close above the $23,750 resistance zone could set the pace for more upsides. In the stated case, the price may perhaps rise towards the $24,000 level. The next major resistance sits near the $24,500 level.</p><h3>Technical indicators</h3><p>Hourly MACD – The MACD is now gaining pace in the bullish zone.</p><p>Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.</p><p>Major Support Levels – $22,750, followed by $22,500.</p><p>Major Resistance Levels – $23,500, $23,750 and $24,000.</p><p> </p><p><a href="https://choise.com/news/dailyanalysis/crypto-daily-eth-bulls-push-rally">Ethereum also continues its rally</a>.</p><p>More real time crypto information — in our<b>Telegram Channel</b><a href="https://t.me/Choise_com_Chat">https://t.me/Choise_com_Chat</a></p></div></div><ul class="sc-a1a626b4-0 kElwJK"><li><a href="/news">News</a></li><li><a href="/news/dailyanalysis">Daily Analysis</a></li><li><span>Crypto Daily: Bitcoin flashed its first significant relief rally in at least a month</span></li></ul><div class="sc-ebb48054-0 gbxsVZ"><button aria-label="twitter" class="react-share__ShareButton" style="background-color:transparent;border:none;padding:0;font:inherit;color:inherit;cursor:pointer"><img src="/pic/share/twitter.svg" alt="Crypto Daily: Bitcoin flashed its first significant relief rally in at least a month"/></button><button aria-label="telegram" class="react-share__ShareButton" style="background-color:transparent;border:none;padding:0;font:inherit;color:inherit;cursor:pointer"><img src="/pic/share/telegram.svg" alt="Crypto Daily: Bitcoin flashed its first significant relief rally in at least a month - Telegram"/></button><button aria-label="facebook" class="react-share__ShareButton" style="background-color:transparent;border:none;padding:0;font:inherit;color:inherit;cursor:pointer"><img src="/pic/share/facebook.svg" alt="Crypto Daily: Bitcoin flashed its first significant relief rally in at least a month - Facebook"/></button></div></section></div></section></main><footer id="footer" class="sc-2692a5a1-0 dzeuoZ"><div class="sc-e7592e74-0 icIbuO center_block " width="1200px"><div class="top_block"><div class="content"><div class="description"><p>The Choise.com website and Choise.com mobile apps are owned by the company UAB Choise Services incorporated Lithuania.</p><p>Crypterium AS is incorporated in Estonia with the company number 14352837, registered office at 5 A. 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all</button></div></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"data":{"id":13764,"status":"published","sort":null,"user_created":"ca36dd59-e84f-4468-80da-d7762c746176","date_created":"2022-07-20T07:24:50.000Z","user_updated":null,"date_updated":null,"title":"Crypto Daily: Bitcoin flashed its first significant relief rally in at least a month","slug":"crypto-daily-bitcoin-rally","content":"\u003cp\u003eGiven that the price of Bitcoin has been lingering above the $17,000–$20,000 range over the past few weeks, Bitcoin’s sharp downturn is likely to come to an end. The price is currently retesting the $23,000 resistance level after being rejected three times from the $20,000 support area.\u003c/p\u003e\u003ch3\u003eBitcoin Advocates Rejoice\u003c/h3\u003e\u003cp\u003eThe market flashed its first significant relief rally in at least a month, and crypto enthusiasts rejoiced at the sight of green on July 19 as the months of “down only” price action finally came to a stop.\u003c/p\u003e\u003cp\u003eAccording to TradingView data, Bitcoin’s breakthrough over resistance at $23,000 — its first appreciable move above the 200-week moving average — is largely responsible for the renewed optimism.\u003c/p\u003e\u003cp\u003eThe price even broke the $23,500 level and settled above the 100 hourly simple moving average. A high was formed near $23,782 and the price is now consolidating gains. There was a minor downside correction below the $23,500 level.\u003c/p\u003e\u003cp\u003eBitcoin traded below the 23.6% Fib retracement level of theupward movefrom the $21,403 swing low to $23,782 high. However, the bulls were active near the $23,000 support zone.\u003c/p\u003e\u003cp\u003eThere is also a major bullish trend line forming with support near $22,750 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could face resistance near the $23,500 level. The next key resistance is near the $23,750 zone.\u003c/p\u003e\u003cp\u003e\u003ca href=\"https://www.newsbtc.com/wp-content/uploads/2022/07/Bitcoin-15.png\"\u003e\u003cimg loading=\"lazy\" class=\"alignnone size-full wp-image-496213\" src=\"https://www.newsbtc.com/wp-content/uploads/2022/07/Bitcoin-15.png\" sizes=\"(max-width: 1834px) 100vw, 1834px\" srcset=\"https://www.newsbtc.com/wp-content/uploads/2022/07/Bitcoin-15.png 1834w, https://www.newsbtc.com/wp-content/uploads/2022/07/Bitcoin-15-460x212.png 460w, https://www.newsbtc.com/wp-content/uploads/2022/07/Bitcoin-15-860x396.png 860w, https://www.newsbtc.com/wp-content/uploads/2022/07/Bitcoin-15-768x354.png 768w, https://www.newsbtc.com/wp-content/uploads/2022/07/Bitcoin-15-1536x708.png 1536w, https://www.newsbtc.com/wp-content/uploads/2022/07/Bitcoin-15-750x346.png 750w, https://www.newsbtc.com/wp-content/uploads/2022/07/Bitcoin-15-1140x525.png 1140w\" alt=\"Bitcoin Price\" width=\"1834\" height=\"845\" data-pin-no-hover=\"true\" /\u003e\u003c/a\u003e\u003c/p\u003e\u003cpre\u003eSource: \u003ca href=\"https://www.tradingview.com/symbols/BTCUSD/\" target=\"_blank\" rel=\"noopener\"\u003eBTCUSD on TradingView.com\u003c/a\u003e\u003c/pre\u003e\u003cp\u003eA close above the $23,750 resistance zone could set the pace for more upsides. In the stated case, the price may perhaps rise towards the $24,000 level. The next major resistance sits near the $24,500 level.\u003c/p\u003e\u003ch3\u003eTechnical indicators\u003c/h3\u003e\u003cp\u003eHourly MACD – The MACD is now gaining pace in the bullish zone.\u003c/p\u003e\u003cp\u003eHourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.\u003c/p\u003e\u003cp\u003eMajor Support Levels – $22,750, followed by $22,500.\u003c/p\u003e\u003cp\u003eMajor Resistance Levels – $23,500, $23,750 and $24,000.\u003c/p\u003e\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u003ca href=\"https://choise.com/news/dailyanalysis/crypto-daily-eth-bulls-push-rally\"\u003eEthereum also continues its rally\u003c/a\u003e.\u003c/p\u003e\u003cp\u003eMore real time crypto information — in our\u003cb\u003eTelegram Channel\u003c/b\u003e\u003ca href=\"https://t.me/Choise_com_Chat\"\u003ehttps://t.me/Choise_com_Chat\u003c/a\u003e\u003c/p\u003e","short_content":"The market flashed its first significant relief rally in at least a month, and crypto enthusiasts rejoiced at the sight of green on July 19 as the months of “down only” price action finally came to a stop.","seo_title":null,"seo_description":null,"seo_image":null,"seo_keywords":null,"old_image":"https://webinar.choise.com/wp/2022/07/crypto_daily_analysis_wed.png","image":null,"category":{"title":"Daily Analysis","slug":"dailyanalysis","id":82}}},"__N_SSP":true},"page":"/news/[category]/[slug]","query":{"category":"dailyanalysis","slug":"crypto-daily-bitcoin-rally"},"buildId":"qriaErzUhtHBBMFKK5TWH","isFallback":false,"gssp":true,"locale":"en","locales":["en"],"defaultLocale":"en","scriptLoader":[]}</script></body></html>