Bitcoin traders eye levels to hold as ‘decision time’ looms for BTC price

Bitcoin (BTC) has recovered to over $ 23,000 by July 22 as more and more attention has been paid to the upcoming weekly closing price.

BTC / USD 1-hour candlestick chart (bitstamp). Source: TradingView

BTC price should be maintained at least $ 22,400

Cointelegraph Markets Pro and TradingView After a temporary fall towards $ 22,000, it showed that BTC / USD is finding new strength.

The pair exchanged for a bull in the critical zone on the day. The 50-day and 200-week moving averages (MAs) have not yet converted from resistance to support.

Analysts have withheld weekly candlesticks to determine the strength of Bitcoin’s latest uptrend. This resulted in a weekly profit of up to 25% at some point.

“To perform a 200-week MA recovery as a support, $ BTC must be weekly closed above $ 22800,” said popular trader and analyst Rekt Capital. I have written Part of a recent Twitter update.

Meanwhile, for fellow trader Jibon, $ 22,400 was more important as the lowest level to end the week.

“Next week’s decision time, $ BTC will be 30-40K or 12-15K. Weekly closes want to exceed $ 22,401,” he said. Said Twitter followers of the day.

While sticking to his prediction that the bailout rally will reach $ 40,000 before another macro low begins, Jibon admitted that Bitcoin is “still in a bear market” that will last until 2023.

“Therefore, all bullish trends are temporary moves,” he said. explanation While discussing the forecast.

In the latest market update announced today, trading firm QCP Capital has announced that either Bitcoin or Altcoin could be much higher.

“As for the direction of the spot, I don’t know if the upward momentum will continue significantly,” the researchers write.

“We feel that the speed of this move is positioning-driven (the market is scarce) and the market is beginning to show signs of depletion.”

The QCP pointed to the Federal Open Market Committee (FOMC) meeting of the Federal Reserve Board on July 27 as a major volatility event to come.

The market added that it was pricing with a 75 basis point hike in key interest rates this month, rather than the high 100 basis point option that was feared against the backdrop of inflation.

“Since the high CPI print, the market has decisively priced the potential for a 100bps rise at the FOMC in July,” the update read.

“Currently, the 20% chance of 100 bps is still priced, but in our view, 75 bps is what the Fed does most. Therefore, 100 bps will be completely reduced, further boosting. Please expect that. “

Bet increases with dollar breakdown

Meanwhile, as the US dollar index (DXY) fell below its 20-year high, analysts were waiting for a long-term parabolic upward trend to show signs of cracking.

Related: Bull or bear?Both may expire on Friday’s Bitcoin option

USD Index (DXY) vs BTC / USD Daily Candlestick Chart. Source: TradingView

As Cointelegraph continues to report, the USD remains clearly inversely correlated with crypto asset performance.

“It will be a good day for this to finally break,” said popular commentator Rix. summary About the impact of the weak dollar on risk assets.

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