Bitcoin price nears $24k as sentiment exits fear zone

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Bitcoin price nears $24k as sentiment exits fear zone

After July suc­cess­ful­ly turned around the worst of the 2022 cryp­to down­turn, the rel­a­tive­ly good times may con­tin­ue next month

By Shashank Bhardwaj

Image: STR/NurPhoto via Get­ty Images

Recent data from Coin­tele­graph Mar­kets Pro and Trad­ingView indi­cates that Bit­coin (BTC) may con­tin­ue to face resis­tance at $24,000 all through July 30. In the sec­ond half of the week, risk assets expe­ri­enced spurts owing to favourable macro events that ben­e­fit­ed the pair BTC/USD. The US stocks also expe­ri­enced some plea­sure runs dur­ing the July uptrend. 

Source: Trad­ingView

Over the course of the week, the S&P 500 and Nas­daq Com­pos­ite Index both increased by 4.1 and 4.6 per­cent, respec­tive­ly. Ana­lysts had cau­tioned about the off-peak trad­ing’s propen­si­ty to trig­ger volatil­i­ty con­di­tions into week­ly and month­ly clos­ing owing to reduced liquidity.

Josh Rager, co-founder of Block­roots, an online forum to learn about trad­ing in the cryp­to mar­ket, took to Twitter:

“Just gonna sit back and watch the mar­ket up until the week­ly close like always. Hard to get into any trades seri­ous­ly though there may be a few out­liers in cur­rent mar­ket con­di­tions that con­tin­ue to per­form well over the weekend.”

Oth­er ana­lysts con­cen­trat­ed on the impor­tance of the present spot price lev­els, which were above the impor­tant $22,800 200-week mov­ing aver­age (MA). The first for Bit­coin since June, BTC would be clos­ing the week above that trendline.

Source: Twit­ter

How­ev­er, tak­ing a pru­dent short-term stance, well-known trad­er Roman pre­dict­ed that due to “over­bought” con­di­tions, the price would recov­er to at least $23,000. The tweet stated:

“So far, see­ing devi­a­tion for the poten­tial dou­ble top call from yesterday.

PA — vol down/price up is bear­ish. MACD rolling over. RSI overbought.

I expect a pull­back to 23k at min­i­mum. DT con­firms on a close below 20.7k.”

With the Fed­er­al Reserve not expect­ed to make a sched­uled pol­i­cy change until Sep­tem­ber, August was expect­ed to be a qui­et month for U.S. macro trig­gers. The next Con­sumer Price Index (CPI) report is sched­uled for August 10, although the risk of ris­ing infla­tion still exists. The Euro­pean Union revealed last week that the euro­zone’s month­ly infla­tion rate was 8.9 per­cent, which was the high­est esti­mate ever.

Shashank is the founder at yMedia. He ven­tured into cryp­to in 2013 and is an ETH max­i­mal­ist. Twit­ter: @bhardwajshash

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