Bitcoin (BTC) threatened fresh downside over the weekend as markets prepared for the close of the July 23 candle.
$19,000–$23,000 “still on the cards” for Bitcoin
Data from Cointelegraph Markets Pro and TradingView showed 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 daily close, but traders remained concerned that worse was to come.
— Crypto Chase (@Crypto_Chase) July 22, 2023
“So we have a double top rejection at the moment on BTC, so we have to really note levels if we fall,” popular Crypto trader Tony warned Twitter followers in a recent analysis of the three-day chart.
“Those two levels are $25,000 & $20,000, and these are both key psychological levels. Take note.”
Trader and analyst Nebraskan Gooner admitted that BTC’s bearish price action “looks likely,” noting that BTC/USD has dipped below the narrow range in play over the past month.
Under range for a few days now…
A downside seems likely. pic.twitter.com/c59Z01kJpK
— Nebraskangooner (@Nebrasangooner) July 22, 2023
Others were ready and waiting for volatility to re-enter the market, but would not be drawn on whether Bitcoin would finally explode or break back to test levels from earlier in the year.
Among them was popular trader and analyst Toni Ghinea, who predicted a make-or-break decision for the recent narrow price range in the coming week.
“I expect a big move with $BTC next week. 31-32k is resistance. 29k is support. Keep it simple,” he summarized.
“If there is a break at the top DO NOT get euphoric. We are literally at the high end. If there is a nuke, the next key area is 27-28k. If it holds, get ready to buy the pullback. If it breaks lower than 19-23k is still on the cards. Play this level by level. That’s it.”
Earlier, Cointelegraph reported on the significance of various trend lines acting as support and resistance.
Crunch week with FOMC ahead
The coming week should provide plenty of potential volatility indicators as markets digest macroeconomic policy signals.
Related: BlackRock ETF will be a ‘big rubber stamp of approval’ for Bitcoin – Charles Edwards
The US Federal Reserve’s Federal Open Market Committee (FOMC) will meet to decide on interest rates ahead of Bitcoin’s monthly close.
As Cointelegraph reported, sentiment is almost unanimous in predicting a return to rates this month, after a previous hiatus.
According to to CME Group’s FedWatch Tool, those probabilities were 99.2% as of July 23.
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This article does not contain investment advice or recommendations. Every investment and business move involves risk, and readers should do their own research when making a decision.