Bitcoin (BTC) is at risk of fresh downside over the weekend as the market prepares for the July 23 candle close.
$19,000-$23,000 “Still on the Cards” for Bitcoin.
Data from Cointelegraph Markets Pro and TradingView shows a break below $30,000, which is now set as intraday resistance.
The daily close on July 22 saw a brief drop to $29,640 before correcting further, but traders remained concerned that worse was to come.
https://t.co/GY0AgGbAnn
– Crypto Chase (@Crypto_Chase) 22 July 2023
“So we currently have a double top rejection on BTC, so if we drop we really need to look at the levels,” said popular trader Crypto Tony. warning Twitter followers in the latest analysis on the 3-day chart.
“Those two levels are $25,000 and $20,000, and they are both key psychological levels. make a note.”
Nebraskan Gunner, a fellow trader and analyst, acknowledged that BTC price downside “seems likely”, noting that BTC/USD fell below a narrow range in last month’s play.
Lower limit for a few days now…
There is a possibility of negative side. pic.twitter.com/c59Z01kJpK
— nebrascangooner (@nebraskangooner) 22 July 2023
Others were ready and waiting for the market to become volatile again, but they weren’t sure whether bitcoin would eventually break out or break back to tested levels from earlier in the year.
Among them was popular trader and analyst Tony Ghinia, who predicted a make or break decision for the most recent narrow price range in the coming week.
“I am expecting a big move with $BTC next week. 31-32k is the resistance. 29k is supported. Keep it simple,” he added Abbreviation,
“Don’t get excited if there is a break above. We are on a really high level. The next core region is 27-28k if there is an atom. If it holds then get ready to buy the pullback. Still on the cards if it breaks below 19-23k. Play this level by level. That’s it.”
Earlier, Cointelegraph reported on the importance of various trend lines acting as support and resistance.
Troubled Week Ahead With the FOMC
Potential volatility indicators should become available in the coming week as the market continues to understand macroeconomic policy signals.
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The Federal Open Market Committee (FOMC) of the United States Federal Reserve will meet to decide on interest rates ahead of the bitcoin monthly closing.
As Cointelegraph reported, sentiment is almost unanimous in predicting a return to rate hikes this month, following a previous pause.
As of July 23, the probability was 99.2%, according to CME Group’s Fedwatch tool.
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This article does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.