It is expected that the Bitcoin price will suffer a serious shake-up in the coming days. However, BTC market participants are increasingly worried that it will be bearish.
scary levels for bitcoin
Markets are preparing for the July 23 candle close. On the other hand, Bitcoin faced the threat of a new decline over the weekend.
When we look at cryptokoin.com, the data showed that BTC is currently moving below $30,000, which is determined as intraday resistance. There was a brief dip to $29,640 before recovering towards the daily close on July 22. However, traders continued to worry that the worse was to come.
$BTC Those wicks… pic.twitter.com/1vmGpjEXfO
— XO (@Trader_XO) July 22, 2023
In a new analysis of the three-day chart, popular trader Crypto Tony told his Twitter followers, “We currently have a double top rejection for Bitcoin. So we really need to note the levels in case we go down,” he warned. “These two levels are $25,000 and $20,000. Both of these are important psychological levels. Take notes.” is warning.
Downside move possible
Another analyst, Nebraskan Gooner, states that BTC/USD fell below the narrow range in the game last month. Accordingly, he acknowledges that downward BTC price action “seems likely.”
Below range for a couple days now…
Downside seems likely. pic.twitter.com/c59Z01kJpK
— Nebraskangooner (@Nebraskangooner) July 22, 2023
Others were waiting for volatility to re-enter the market. However, Bitcoin has not made a statement on whether BTC will ultimately break to test the levels earlier in the year. Among them was popular trader and analyst Toni Ghinea. He predicted a make-or-break decision next week for the narrow price range in the last period. “I expect a big move with BTC next week. 31-32 thousand resistance. 29 thousand support.” It also makes the following emphasis.
“If there is a break above, don’t get too excited. We are literally in the highest range. If there is a nuclear bomb, the next key zone is 27-28 thousand. Be prepared to buy the pullback if it holds. It’s still on the cards if it breaks lower than 19-23k. Play this level. That is all.”
We have a tight week ahead with the FOMC
In the coming week, markets will digest macroeconomic policy clues. On the other hand, it will offer a lot of potential volatility indicators. The Federal Open Market Committee of the United States Federal Reserve (FOMC) will meet to decide interest rates before the Bitcoin monthly close.
The views predicting a return to rate hikes this month after the previous pause were almost unanimously accepted. According to CME Group’s FedWatch Tool, these odds stood at 99.2% as of July 23.
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