Bitcoin (BTC) hit $24,000 at the Wall Street open on July 20 as the good times for the cryptocurrency markets continued.

1-day BTC/USD candlestick chart (Bitstamp). Source: Trading View

BTC price rally “it all depends on macros”

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Data from Cryptooshala Markets Pro and trade view showed that BTC/USD passed its last frontier after a short consolidation.

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The pair’s 24-hour gains remained at almost 8% and the weekly yield was around 25% as bitcoin and altcoins benefited from the decline in the US dollar and rising stock markets.

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Bitcoin’s rally has seen bulls recover key trendlines lost in June, but the jury is out on whether the newfound strength can be sustained past the current weekly candle.

“Bitcoin rally looks good? Yes. But BTC should not be proud of this rally,” Venturefounder analyst. commented.

“The correlation between BTC and NASDAQ is still at 91% (all-time high) and both of them look to Fed policy, interest rate and recession forecast and $DXY as a guide. It all depends on macroeconomics.”

However, the US dollar index (DXY) showed no signs of successful recovery during the day, deviating at 107 after a local bottom.

US dollar index (DXY) 1-hour candlestick chart. Source: Trading View

Meanwhile, popular trader and analyst Josh Rager demanded a “strong” clue to the $30,000 zone for Bitcoin to actually move from bearish to bullish.

Metric predicts up to $120,000 in 2023

Zooming out, one bitcoin price indicator led a TechDev analyst to believe that BTC/USD will see a new all-time high before its next block subsidy is halved in 2024.

100x bitcoin’s energy consumption would mean an ‘absurd’ BTC price of $20 million – developer

TechDev noted the True Strength Index (TSI) for bitcoin, a metric that uses several basic calculations to determine how much an asset is overbought or oversold at a particular price.

He argued that the decline in prices since the last all-time high in November 2021 remains trending and therefore there is a possibility of historical patterns repeating.

There is also a recovery in the Bitcoin Relative Strength Index (RSI). drew attention creator of the Stock-to-Flow PlanB model.

The views and opinions expressed here are solely those of the author and do not necessarily reflect those of Every investment and trading step involves risk, you should do your own research when making a decision.