Bitcoin (BTC) threatened further declines over the weekend as markets braced for the July 23rd candle close.
$19,000 to $23,000 “still on the cards” for Bitcoin
Data from Cointelegraph Markets Pro and TradingView showed acting below $30,000, now defined as intraday resistance.
July 22 saw a brief dip to $29,640 before a rally in time for the daily close, but traders remained worried that the worst was yet to come.
— Crypto Chase (@Crypto_Chase) July 22, 2023
“So we currently have a double upper rejection on BTC, so we really need to note the levels in case we give up,” said popular Crypto trader Tony. warned Twitter followers in a new analysis of the 3-day chart.
“These two levels are $25,000 and $20,000, and they are both key psychological levels. Make a note.”
Fellow trader and analyst Nebraskan Gooner admitted that lower BTC price action “seems likely,” noting that BTC/USD fell below the tight range in play last month.
Below the range for a few days now…
The decline seems likely. pic.twitter.com/c59Z01kJpK
— Nebraskangooner (@Nebraskangooner) July 22, 2023
Others were ready and waiting for volatility to re-enter the market, but were undecided whether Bitcoin would eventually break out or crash to test levels at the start of the year.
Among them was popular trader and analyst Toni Ghinea, who was eyeing a decisive move for the recent narrow price range in the coming week.
“I expect a big move with $BTC next week. 31-32k is resistance. 29k is support. Keep it simple,” he said. summary.
“If there’s a break above, do NOT get euphoric. We’re literally in the high range. If there’s a nuke, the next key area is 27-28k. If it holds, prepare to buy the pullback. If it drops below 19-23k, it’s still on the charts. Play it level by level. That’s it.”
Earlier, Cointelegraph reported on the importance of various trendlines acting as support and resistance.
Crucial week with the FOMC ahead
The week ahead should provide many potential volatility indicators as markets assimilate macro policy signals.
Related: BlackRock ETF will be a “big rubber yes stamp” for Bitcoin – Charles Edwards
The Federal Open Market Committee (FOMC) of the Federal Reserve of the United States will meet to decide interest rates before the monthly close of Bitcoin.
As Cointelegraph reported, sentiment is nearly unanimous in predicting a return to rate hikes this month, following a previous pause.
According to the CME group FedWatch Toolthese odds were 99.2% as of July 23.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.