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Bitcoin (BTC) hit a three-day low on July 10th, as $ 21,000 gave way to short-term support.
Cointelegraph Markets Pro and TradingView BTC / USD has indicated that it will abandon some of its profits from the beginning of the week while aiming to limit the highest weekly profits since March.
The pair went around $ 20,850 at the time of writing, about $ 1,600 below the weekly peak on the 200-week moving average.
There was no continuation of the breakout, but Bitcoin gave some commentators the cause of cautious optimism before the start of the new week.
“The market is showing a bullish difference in higher timeframes and the sentiment is the same as a funeral,” said Cointelegraph contributor Michaellvan de Poppe. wrap up..
“There is a recipe for reversal, which can accelerate very quickly. Invest when no one is interested. Sell when everyone is interested.”
Meanwhile, popular trader Crypto Tony has entertained the idea of a new sideways phase before a deeper drop.
$ BTC / / $ USD -Play with ideas
If we start to reject more strongly and fail to regain the high range, we may start to take this form.Will engross everyone I can imagine pic.twitter.com/wwoa8vjMRv
Crypto Tony (@CryptoTony__) July 10, 2022
The turmoil in Sri Lanka increased tensions caused by the common global themes of energy, food and financial crises, and the macro situation remained uncertain.
All this crazy shit happening in the world, I can’t see how anyone can be macro bullish
Need new buyers and retailers.Without it, there’s no continuation … just chop
All pumps are an opportunity to get out of the outlet and buy lower$ BTC pic.twitter.com/npAKi1L8uw
Ninja (@Ninjascalp) July 10, 2022
After hitting a high for the first time in 20 years, the US dollar index (DXY), which ended support a week ago, attracted attention.
Meanwhile, those seeking golden buying opportunities at BTC have received a new and important signal from the Reserve Risk Index.
Related: Bitcoin is “cheap” at $ 20,000 as the BTC price to wallet ratio mimics 2013
As I got it According to weekend commentator Murad, the reserve risk of long-term holders’ sentiment reached record lows at July prices.
“This indicator is broken or we’re in the bottoming out zone of a high time frame,” he said in part of a Twitter comment along with data from on-chain analytics firm Glassnode.
Reserve risk as a coin telegraph reportHas rediscovered the green “buy” zone since March, which in turn corresponds to the best opportunity to invest in “oversized returns”.
The views and opinions expressed here are those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and transaction movements carry risks. When making a decision, you need to do your own research.
