Bitcoin (BTC) threatens fresh losses over the weekend as markets prepare for the July 23 candle close.
BTC/USD 1 hour chart. Source: TradingView
$19,000–$23,000 is “in progress” for Bitcoin
Data from Cointelegraph Markets Pro and Trading View shows BTC acting below $30,000, now set as intraday resistance.
July 22 saw a brief dip to $29,640 before recovering in time for the day’s close, but traders remain concerned that worse is ahead.
— Crypto Chase (@Crypto_Chase) July 22, 2023
“So we have the current double top rejection in BTC, so we have to really record levels if we go down,” popular Crypto trader Tony be warned Twitter followers in a new analysis of the three-day chart.
“The two levels are $25,000 & $20,000, and they are major psychological levels. Take notes.”BTC/USD annotated chart. Source: Crypto Tony/Twitter
Fellow trader and analyst Nebraskan Gooner conceded that BTC’s downside “seems likely,” noting that BTC/USD has sunk below the narrow range it played out over the last month.
Under range for a few days now…
Weakness seems likely. pic.twitter.com/c59Z01kJpK
— Nebraskangooner (@Nebraskangooner) July 22, 2023
Others are ready and waiting for volatility to come back into the market, but are not interested in whether Bitcoin will eventually break through or drop to the test levels from earlier in the year.
Among them is popular trader and analyst Toni Ghinea, who envisions a make-or-break decision for the recent narrow price range in the coming week.
“I expect big moves with $BTC next week. 31-32k is resistance. 29k is support. Keep it simple,” he said summarized.
“If there is a breakthrough above, DO NOT be euphoric. We’re really in the high end. If there is a nuke the next key area is 27-28k. If it holds, be prepared to buy a pullback. If it busts lower than 19-23k it’s still on the card. Play level after level. There he is.”
Previously, Cointelegraph reported on the importance of various trend lines that act as support and resistance.
Crunch week with the FOMC ahead
The coming week will provide many indicators of potential volatility as markets digest macroeconomic policy cues.
Related: BlackRock ETF is going to be a ‘big rubber yes stamp’ for Bitcoin – Charles Edwards
The United States Federal Reserve’s Federal Open Market Committee (FOMC) will meet to decide on interest rates ahead of the month-to-month Bitcoin close.
As Cointelegraph reports, sentiment is almost unanimous in predicting a return to rate hikes this month, after a previous lull.
According to according to the CME Group’s FedWatch Tool, the odds were 99.2% on July 23.
Fed target rate probability chart. Source: CME Group
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This article does not contain investment advice or recommendations. Every investment and trading step involves risk, and readers should do their own research when making decisions.