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Thursday, December 8, 2022

Bitcoin Price Has Been Eyeing The July Close At $24K

The price of Bitcoin dropped in its volatility on the last weekend of July, with the monthly close drawing quite near.

According to data that was recovered from TradingView and Cointelegraph Markets Pro, it has been understood that the BTC/USD exchange retained a sum of $24,000 as resistance into the 30th of July. The pair had benefitted immensely from the macro tailwinds throughout the risk assets in the second half of the week- which also included quite a flush finish for the equities in the United States.

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The Nasdaq Composite Index and the S&P 500 went on to gain 4.6% and 4.1% throughout the week respectively. With the off-speak trading apt to spark volatile conditions into monthly, as well as weekly closes, analysts have sounded strong warnings that anything could be possible between now and the 31st of July. One analyst, Josh Rager, went on to summarize that they would be sitting back and then watching the market up until the weekly close like usual. 

Bitcoin Looking At A Strong Weekly Close

Others went on to focus on the significance of current spot price levels, which did start laying above the key 200-week moving average of Bitcoin at a price of $22,800. Trying to finish the week above that trendline would definitely be a major first for BTC since June. In the interim, adopting a conservative short-term view sought the support of popular trader Roman, who then called for a return to at least $23,000, thanks to overbought conditions. Market optimism seems to be on the rise throughout crypto markets over the week, with the Crypto Fear and Greed Index hitting its highest levels since the 6th of April.

Looking towards the next month, Michael van de Poppe- a contributor for Cointelegraph, further stated that the stock performance for Bitcoin would definitely provide fertile conditions for a rebound of the crypto.

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