Bitcoin (BTC) hit a six-week high on July 29 and is currently hovering around the $24,000 mark.
Data from Cointelegraph Markets Pro and TradingView shows local highs at $24445 for BTC/USD on Bitstamp, the best since June 13.
After consolidating around $23,000, the bulls got a second wind, giving traders and analysts reason to be optimistic about growth.
The Material Indicators network monitoring resource tweeted a short and long update for the June 28 BTC/USD daily chart:
All trend definition signals are showing long positions on the D chart, as well as the unwinding of the 21-DMA and 50-DMA. If BTC can form an HH, there will be some friction for the next HH, and then the macro channel enters the YES range, and it is still a bear market rally.
Material Indicators added that $25,000 would also be a key price level to watch for if the top high of $24,300 holds at the close of the day.
If the rally can exceed $25,000, then $28,000 will come to the forefront very quickly, one of the posts said.
Lead Blockware analyst William Clemente summarized that the parabolic downtrend from ATH has been interrupted.