Bitcoin (BTC), which saw volatility drop on the last weekend in July, as the month’s close neared.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
For July close, 200-week moving mean in focus
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD was holding $24,000 of resistance until July 30.
Both had benefited from macro tailwinds in risk assets during the second half week. These included a flush finish by United States equities. Over the week, the S&P 500 Index and Nasdaq Composite Index grew 4.1% and 4.6% respectively.
Analysts warned that off-speak trading could cause volatile conditions to create weekly and monthly closes due to the thinner liquidity. However, they cautioned that anything could happen between now July 31 and July 31.
Josh Rager summarized, “Just gonna watch the market until the weekly close as always.”
“Hard to get into any tradings seriously, though there may be some outliers in current markets condition that continue to perform very well over the weekend.”
Others were more concerned with the significance of the current spot price levels which are above the 200-week moving mean (MA) of $22,800. This would mark Bitcoin’s first weekly above-trendline finish since June.
#BTC is very close to performing a Weekly Close above the 200-week MA Technically, it looks like BTC is doing well to reclaim the 200-week MA as support$BTC #Crypto #Bitcoin pic.twitter.com/ue00XDT9O0
Rekt Capital (@rektcapital), July 29, 2022
Roman, a popular trader, advocated a conservative view in the short-term, but he also suggested a return to $23,000 due to “overbought” conditions.
$BTC H4 So far, we are seeing deviation from yesterday’s potential double top call. PA – Vol down / Price up is bearish. MACD is rolling over. RSI is overbought. I expect a pullback of at least 23k. DT confirms on a close below 20.7k.#bitcoin #cryptocurrency #cryptotrading pic.twitter.com/aOahZDdYyC
Roman (@Roman_Trading), July 29, 2022
Optimism increased across crypto markets throughout the week. The Crypto Fear & Greed Index reached its highest level since April 6, after it had exited its longest-ever period “extreme fear”.
The Index was at 45/100 on that day.
Screenshot: Crypto Fear and Greed Index Source: Alternative.me
Au to see bullish continuation
Michael van de Poppe, a Cointelegraph contributor, said that the stock performance will continue to offer fertile conditions for a cryptocurrency rebound.
Related: Bitcoin bear Market over, metric hints at 4-year low in BTC exchange balances
“Sounds like that we’re going get that continuation August, including crypto and Bitcoin,” a tweet on July 29 stated.
“Summer relief rally it’s!”
August was expected to be quiet for U.S. macro triggers with the Federal Reserve not scheduled to change policy until September.
However, there was still a risk of inflation rising. The next Consumer Price Index (CPI), due August 10, will show this. The Eurozone’s highest ever monthly inflation estimate, 8.9%, was reported by the European Union this week.
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