Bitcoin price performance is about to catch its biggest advance since March on the weekly chart. But before the close, anything is possible. Bitcoin price plunged below $21,000 as short-term support, hitting a three-day low towards the weekly close of July 10.
“Invest when no one is interested, sell when everyone is interested!”
Data from TradingView shows that BTC has given up some of the gains it had made earlier in the week. He also points out that he’s been trying to limit his best weekly gains since March.
Bitcoin price was around $20,850 at the time of writing. Hence, BTC is sitting around $1,600 below its weekly high on the 200-week moving average. Despite the breakout not being sustained, Bitcoin has given some commentators reason for cautious optimism ahead of the start of the new week. Popular crypto analyst Michaël van de Poppe comments:
Markets are showing bullish divergences on the higher time frame. So, the feeling is the same as a funeral. There is a recipe for return, and it can be implemented fairly quickly. Invest when no one cares. Sell when everyone is interested.
Will Bitcoin price slide further?
Meanwhile, popular trader Crypto Tony is considering the idea of a new side stage entering before a deeper dip. The analyst notes that this was something he imagined would ‘make everybody crazy’.
If we start rejecting harder and don’t get the high range back, we might start to see something this way. What I can imagine is possible that this could drive anyone crazy!
Macro conditions remain unclear. Meanwhile, the turmoil in Sri Lanka has added to the tension created by the common theme of global energy, food and financial crisis. In this context, another analyst makes the following comment:
With all this crazy stuff happening in the world, I just can’t understand how someone could be a macro bull. We need new buyers and individuals. Without this, there is no more. All pumps are outlet and opportunity to buy lower.
Also, attention is on the US Dollar Index. DXY closed the week with support after climbing to new heights not seen in two decades.
US Dollar Index (DXY) 1-hour candlestick chart / Source: TradingViewRisk Reserve for Bitcoin hits all-time lows
Meanwhile, those looking for gold buying opportunities in BTC received a new key signal from the Risk Reserved indicator. As commenter Murad noted over the weekend, the metric showing long-term buyer sentiment has hit its lowest-ever levels for July prices. Along with data from on-chain analytics firm Glassnode, he used the following statements in a part of his Twitter comments:
Either this indicator is broken or we are in the high time frame bottom region. I lean towards the latter.
BTC chart with Bicoin Risk Reserved / Source: MustStopMurad / TwitterRisk Reserve has been reinventing the green ‘buy’ zone since March, as reported by Kriptokoin.com. According to experts, this points to the most favorable opportunities to invest with ‘big returns’ as a result.
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