Bitcoin (BTC) threatened a fresh decline over the weekend as markets braced for the July 23rd candle close.
$19,000 – $23,000 “still on the cards” for bitcoin
Data from Cointelegraph Markets Pro and TradingView BTC showed action below $30,000 and now it is being set as intraday resistance.
July 22 saw a brief drop to $29,640 before recovering in time for the daily close, but traders remained concerned that worse was to come.
– Crypto Chase (Crypto_Chase) July 22, 2023
“So we currently have a double higher rejection on BTC, so we really need to take note of the levels in case we go lower,” says famous Crypto trader Tony warned Twitter followers in a new three-day chart analysis.
“These two levels are $25,000 and $20,000, and they are both major psychological levels. Take a note.”
Fellow Nebraskan trader and analyst Gooner acknowledged that a downward BTC price move “looks likely,” noting that BTC/USD has fallen below the narrow range at play over the past month.
Range below for a few days now…
The downside seems likely. pic.twitter.com/c59Z01kJpK
-Nebraskangooner (Nebraskangooner) July 22, 2023
Others have been ready and waiting for volatility to re-enter the market, but won’t be drawn into whether Bitcoin eventually crashes or crashes to test levels from earlier in the year.
Among them was the famous trader and analyst Tony Guinea, who envisioned a decisive decision on the final narrow price range in the coming week.
“I expect a big move with $BTC next week. 31-32k resistance. 29k support. Keep it simple” summary.
“If there is a break above, don’t get carried away. We are literally in the higher range. If there is a next major area it is 27-28k. If it holds, be prepared to buy the pullback. If it breaks below 19 – 23k is still on the cards. Play this level by level. That’s it.”
Earlier, Cointelegraph talked about the importance of various trend lines acting as support and resistance.
Tough week with the FOMC meeting
The coming week should provide plenty of clues to potential volatility as the markets digest macroeconomic policy signals.
Related: The BlackRock ETF Will Be a ‘Big Yes Rubber Stamp’ for Bitcoin – Charles Edwards
The Federal Open Market Committee (FOMC) of the US Federal Reserve (FOMC) will meet to decide on interest rates before the monthly close for Bitcoin.
As Cointelegraph reported, sentiment is almost unanimous in expecting a return to rate hikes this month, after a previous pause.
according For CME Group’s FedWatch tool, those odds stood at 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 do their own research when making a decision.
