Bitcoin ready to attack key trendline, says data as BTC price holds $20K

Bitcoin (BTC) consolidated higher on July 16 after the Wall Street trading week finished with modest gains for U.S. equities. Out-of-hours trading meant that the classic scenario of breakouts and fakeouts on thin liquidity could accompany Bitcoin into the weekly close. Key resistance clustered around the $22,000 mark should bulls attempt to nudge the market higher. A new indicator, the Energy Gravity Model, covering Bitcoin production costs showed that miners were likely able to pay comparatively low amounts for energy in order to mine at a profit at current BTC spot prices. 14,000 BTC was transferred from miner wallets on July 15, Binh Dang showed, and while not specifically indicative of selling, the phenomenon was worth tracking. Analysts at CryptoQuant sounded the alarm over a potential sell-off Source