Bitcoin (BTC) faces fresh downside risks over the weekend as the market prepares for the July 23 candle close.
Bitcoin ‘Still Likely’ To $19,000-$23,000
Data from Cointelegraph Markets Pro and transaction view It shows BTC falling below $30,000, which is currently set as an intraday resistance level.
A brief dip to $29,640 on July 22 was followed by a timely recovery by the daily close, but traders remained fearful of worse to come.
— Crypto Chase (@Crypto_Chase) July 22, 2023
“There’s a double top rejection in BTC right now, so we need to really book the levels down, in case it goes down,” noted trader Crypto Tony said. warn The latest analysis of the three-day chart by Twitter followers.
“Those two levels are $25,000 and $20,000, which are key psychological levels. Make notes.”
Trader and analyst Nebraskan Gooner acknowledged that BTC price action “seems likely” to be lower, noting that BTC/USD has fallen below the tight range it has been in for the past month.
It’s been below that range for a few days now…
Downside seems possible. pic.twitter.com/c59Z01kJpK
— Nebraskangooner (@Nebraskangooner) July 22, 2023
Others braced for volatility to re-enter the market, but would not say whether bitcoin would eventually break or fall to levels it tested earlier this year.
Among them is popular trader and analyst Toni Ghinea, who expects a make-or-break decision in the coming week for the recent narrow price range.
“I expect big volatility in BTC next week. 31-32k is resistance. 29k is support. Keep it simple,” he said Summarize.
“Don’t get ecstatic if there is a breakout above. We’re really at the top. Next key zone is 27-28k if nukes. If it holds, prepare to buy on pullbacks. Still possible if dip below 19-23k. Play layer by layer. That’s it.”
Earlier, Cointelegraph reported on the importance of various trendlines as support and resistance.
A key week ahead for the Federal Open Market Committee (FOMC)
The week ahead should provide plenty of potential volatility indicators as the market digests macroeconomic policy cues.
Related: BlackRock ETF Will Be Bitcoin’s ‘Great Rubber Stamp’ – Charles Edwards
The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) will meet before the monthly close of Bitcoin to decide on interest rates.
As Cointelegraph reported, following the previous pause, there is near unanimous forecasts for a resumption of rate hikes this month.
according to According to CME Group’s FedWatch tool, the probability was 99.2% as of July 23.
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This article does not contain investment advice or recommendations. Every investment and transaction involves risk, and readers should do their own research when making a decision.
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