Bitcoin sellers in ‘disbelief’ or BTC price wouldn’t still be at $41K — Analyst
A small number choose to cover all their bases as BTC/USD clinches a July close above $41,000.
Bitcoin (BTC) closed July above $41,000 in a “bullish engulfing” candle that dramatically upends its previous downtrend.
Bitcoin refuses to flip bearish
After seeing three straight monthly red candles in a row, BTC/USD held onto late gains to post a monthly close that few had anticipated.
Despite the dip to $29,000, bears failed to stay in the driving seat as July drew to a close as resistance levels fell and sentiment improved.
A bullish engulfing pattern is a chart pattern that forms when a small red candle is followed by a large green candle, i.e. July, the body of which completely covers or engulfs the body of the previous candle (June).
On-chain data shows that some long-term holders (LTHs) are in fact selling as BTC/USD rises, something that analyst Lex Moskovski believes corresponds to the “disbelief” stage of a classic market cycle.