Technical Analysis Still Shows Bullish Bias On Bitcoin

Bitcoin continues to show signs of life even as the stock market pulls back. For investors looking for Bitcoin to mature into a digital gold, this is very positive.

Another positive sign is the price action compared to mega cap technology stocks like Microsoft (MSFT) and Meta Platforms (META). On the exact day (July 5th) that those stocks topped (before they pulled back dramatically), Bitcoin put in its low and has rallied since. This is intriguing price action for the biggest market cap cryptocurrency.

Bitcoin did have one pull back during the latest week but tagged a key pivot line at $63,300 and jumped right back up. The pivot line should be treated as a bullish/bearish flip to investors. This means that as long as Bitcoin is above the line at $63,300, keep a bullish bias, If it breaks below, flip to a bearish bias.

If Bitcoin continues to rise, resistance will be watched at $70,000 then $73,800.

If Bitcoin falls below the key pivot line, support will be watched at $54,500 to $53,000.