Bit of a Bounce
On July 22, Bitcoin (BTC) managed to pull off a remarkable leap above $23,000, making traders all twitchy with excitement. After a nerve-wracking dip toward $22,000, it seems BTC decided to put on its big-boy pants. But because this is crypto, there are always conditions attached.
Pricing Pedantics
Recent data from reputable sources show BTC/USD has entered a rather critical fighting ring for bulls. Currently, the 50-day and 200-week moving averages loom large, acting more like a grumpy coach than supportive allies. Analysts are keeping their eyes glued to the weekly candle close to see if Bitcoin can achieve that hard-fought uptrend, which, at one point, was showing off weekly gains of up to 25%.
The Numbers Game
According to noted trader and analyst Rekt Capital, for BTC to really shine, it needs a weekly close above the magic number of $22,800. Fellow trader Jibon isn’t playing games either; he has set his sights on $22,401 as an essential threshold. Without a weekly close above these levels, it’s hard to predict where the next ride on the Bitcoin rollercoaster will take us.
“Next Week Decision Time,” he tweeted. Will BTC rise to a fantastic $30-40K or take a nosedive to $12-15K?
Bear Market Blues
While we sit perched on the edge of our seats, Jibon insists that although there is potential for a relief rally, Bitcoin is “still in a bear market,” with the gloom expected to linger well into 2023. So, grab your popcorn—this show is expected to be a wild one!
Coming Attractions
In a market update, trading firm QCP Capital expressed a general skepticism about Bitcoin and altcoins finding a sustainable upward trajectory. With the imminent Federal Reserve’s FOMC meeting slated for July 27, there’s palpable tension in the air. Traders are currently betting on a 75-basis-point interest rate hike instead of a more drastic measure, which is causing market volatility to simmer like a pot about to boil over.
As USD consolidates below its 20-year highs, analysts are keenly watching the relationship between the U.S. dollar index (DXY) and BTC. Rickus, a popular commentator, put it succinctly: “It will be a good day when this finally breaks.”
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