Bitcoin must close above $21.9K to avoid fresh BTC price crash

Bitcoin (BTC) found strength at $22,000 into July 24 with bulls still aiming for a solid green weekly close.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Classic levels for end-of-week price focus

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD halting a weekend drop at $21,900 to return towards the $23,000 on the day.

The pair held a trading range closely focused on key long-term trendlines, which analysts had previously described as essential to reclaim.

These included the 50-day and 200-week moving averages (MAs), the latter particularly important as support during bear markets but which had acted as resistance since May.

“Bullish that we perfectly held the 13d ema + horizontal 21.9k,” popular Twitter trading account CryptoMellany argued in part of her latest update of July 24:

“I think we’ll hang around 22.5k for today’s weekly close, new week starting with action down to 21-21.6k and then up for the rest of the week, forming a bull flag.”

The 50-day and 200-week MAs stood at $22,370 and $22,690, respectively, at the time of writing, with spot price at $22,670.

BTC/USD 1-day candle chart (Bitstamp) with 50, 200-day moving average. Source: TradingView

Continuing, fellow trader and analyst Jibon described the upcoming weekly close as “very very important.” An accompanying chart singled out $21,944 and $22,401 as the lines in the sand for a “bad” or “good” close.

Earlier in the week, Jibon had warned that such a “bad” result could be the start of a retracement to new macro lows for Bitcoin — as low as $12,000 — which continued strength could fuel a relief rally as high as $40,000.

If it were to close at current levels, BTC/USD would seal its highest levels since mid-June.

BTC/USD 1-week candle chart (Bitstamp). Source: TradingView