Monday, August 8, 2022

Bitcoin price swings 7.5% during intraday trading as US recession concerns mount

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The cryptocurrency market together with the tech-heavy Nasdaq noticed a little bit of optimistic price motion on July 5 amid a backdrop of rising recession concerns in the USA. 

Information from Cointelegraph Markets Pro and TradingView reveals that an early morning onslaught by bears managed to drop Bitcoin (BTC) to a each day low of $19,309 earlier than reinforcements arrived to bid the price again above help at $20,400 during the afternoon.

<em>BTC/USDT 1-day chart. Supply: TradingView</em>

Right here’s what a number of analysts are saying comes subsequent for the highest cryptocurrency and what help and resistance ranges to keep watch over transferring ahead.

In search of a continuation to $23K

A bullish tackle the current Bitcoin price motion was supplied by unbiased analyst Michael van de Poppe, who posted the next chart as a follow-up to a earlier Tweet that instructed Bitcoin wanted to crack the resistance zone at $19,700 to proceed greater:

<em>BTC/USD 15-minute chart. Supply: Twitter</em>

The analyst mentioned:

“This one did crack the resistance and ran in direction of the subsequent space of resistance at $20.3K. I am anticipating #Bitcoin to consolidate for a bit right here, however breaking the subsequent resistance zone is a set off for continuation in direction of $23K and a summer season reduction rally.”

Attainable pullback to $15,800

A decidedly much less optimistic tackle the current price motion was offered by crypto analyst and pseudonymous Twitter consumer il Capo of Crypto, who posted the next chart highlighting a number of “pretend pumps” that resulted in decrease highs:

<em>BTC/USD 4-hour chart. Supply: Twitter</em>

Il Capo of Crypto mentioned:

“Decrease highs on a regular basis. Pumps have low quantity they usually look corrective. Predominant goal stays $15,800-16,200.”

Associated: Bitcoin faces fresh pressure as US dollar crushes gold, risk assets

Double backside on the BTC chart

A ultimate little bit of hopium was supplied by crypto dealer and pseudonymous Twitter consumer Captain Faibik, who posted the next chart and highlighted the significance of a each day shut above $20,000:

<em>BTC/USD 1-day chart. Supply: Twitter</em>

Captain Faibik mentioned:

“Double Backside & Bullish Divergence Each in Play… If Bulls Reclaimed the $21.6K Resistance, Anticipating +30-40% Aid RALLY.”

For these on the lookout for extra reassurance that the market could also be nearing its backside for the present bear cycle, pseudonymous Twitter consumer Bitcoin Archive posted the next chart of Bitcoin’s MRVR Z-score, which has been a dependable indicator of previous market bottoms:

<em>Bitcoin MVRV Z-score. Supply: Twitter</em>

Bitcoin Archive defined:

“#Bitcoin is now deep into the “inexperienced zone” – which has signaled market bottoms on 4 events.”

The general cryptocurrency market cap now stands at $911 billion and Bitcoin’s dominance fee is 42.7%.

The views and opinions expressed listed here are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and trading transfer entails danger, you must conduct your individual analysis when making a choice.