{"id":5836,"date":"2022-07-22T09:51:16","date_gmt":"2022-07-22T09:51:16","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=5836"},"modified":"2022-07-22T09:51:16","modified_gmt":"2022-07-22T09:51:16","slug":"bitcoin-traders-eye-levels-to-hold-as-decision-time-looms-for-btc-price","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5836","title":{"rendered":"Bitcoin traders eye levels to hold as \u2018decision time\u2019 looms for BTC price"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) recovered above $23,000 into July 22 as attention increasingly focused on the upcoming weekly close.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>BTC price needs to preserve at least $22,400<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD finding renewed strength after briefly dipping towards $22,000.<\/p>\n<p>The pair traded in a critical zone for bulls on the day, with the 50-day and 200-week moving averages (MAs) still yet to flip from resistance to support. <\/p>\n<p>Analysts were holding out for the weekly candle close to determine the strength of Bitcoin\u2019s latest uptrend which at one point delivered weekly gains of up to 25%.<\/p>\n<p>\u201cTo perform a reclaim of the 200-week MA as support, $BTC needs to Weekly Close above $22800,\u201d popular trader and analyst Rekt Capital wrote in part of a recent Twitter update.<\/p>\n<p>For fellow trader Jibon, meanwhile, $22,400 was more important as a minimum level to close out the week.<\/p>\n<p>\u201cNext Week Decision Time, $BTC will go 30-40K or 12-15K. I Want Weekly Close above $22,401,\u201d he told Twitter followers on the day.<\/p>\n<p>While sticking by his forecast of the relief rally going as high as $40,000 before another macro low sets in, Jibon acknowledged that Bitcoin was \u201cstill in a bear market\u201d which would last into 2023.<\/p>\n<p>\u201cSo All bullish trends are temporary moves,\u201d he explained while debating the forecast.<\/p>\n<p>In its latest market update released on the day, trading firm QCP Capital voiced reservations about the near-term potential for either Bitcoin or altcoins to rise much higher.<\/p>\n<p>\u201cIn terms of spot direction, we are not sure if the upside momentum continues in a big way,\u201d researchers wrote. <\/p>\n<p>\u201cThe speed of this move higher felt positioning-driven (market was caught short) and the market is starting to show some signs of exhaustion.\u201d<\/p>\n<p>QCP pointed to the upcoming meeting of the United States Federal Reserve\u2019s Federal Open Markets Committee (FOMC) on July 27 as a major volatility event to come.<\/p>\n<p>Markets, it added, were now pricing in a 75-basis-point hike in key interest rates this month, rather than the higher 100-basis-point option feared on the back of the inflation numbers.<\/p>\n<p>\u201cSince the high CPI print, the market has been decisively pricing out the probability of a 100bps hike in the July FOMC,\u201d the update read. <\/p>\n<p>\u201cCurrently, a 20% chance of 100bps is still being priced in but our view is that 75bps is the most the Fed will do. So expect another boost as 100 bps gets completely priced out.\u201d<\/p>\n<h2>Bets increase on dollar breakdown<\/h2>\n<p>As the U.S. dollar index (DXY) consolidated below twenty-year highs, meanwhile, analysts were waiting for a long-term parabolic uptrend to show signs of cracking.<\/p>\n<p><strong><em>Related:\u00a0Bulls or bears? Both have a fair chance in Friday\u2019s Bitcoin options expiry<\/em><\/strong><\/p>\n<p><em>U.S. dollar index (DXY) vs. BTC\/USD 1-day candle chart. Source: TradingView<\/em><\/p>\n<p>USD, as Cointelegraph continues to report, remains distinctly inversely correlated with cryptoasset performance.<\/p>\n<p lang=\"en\" dir=\"ltr\">What happens when the #DXY parabola and #TNX neckline break? One guess only&#8230; #Bitcoin pic.twitter.com\/fgyCw8r6yB<\/p>\n<p>\u2014 Proof of Steve \u26a1 (@decodejar) July 22, 2022<\/p>\n<p>\u201cIt will be a good day when this finally breaks,\u201d popular commentator Rickus summarized about the impact of a weaker dollar on risk assets.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-traders-eye-levels-to-hold-as-decision-time-looms-for-btc-price\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) recovered above $23,000 into July 22 as attention increasingly focused on the upcoming weekly close. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price needs to preserve at least $22,400 Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD finding renewed strength after briefly dipping towards $22,000. The pair traded in a critical [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-5836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5836"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5836\/revisions"}],"predecessor-version":[{"id":5838,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5836\/revisions\/5838"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5837"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}