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Bitcoin price nears $24k as sentiment exits fear zone

After July successfully turned around the worst of the 2022 crypto downturn, the relatively good times may continue next month

By Shashank Bhardwaj

Published: Aug 1, 2022 03:05:11 PM IST

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Image: STR/NurPhoto via Getty Images

Recent data from Cointelegraph Markets Pro and TradingView indicates that Bitcoin (BTC) may continue to face resistance at $24,000 all through July 30. In the second half of the week, risk assets experienced spurts owing to favourable macro events that benefited the pair BTC/USD. The US stocks also experienced some pleasure runs during the July uptrend.

Source: TradingView

Over the course of the week, the S&P 500 and Nasdaq Composite Index both increased by 4.1 and 4.6 percent, respectively. Analysts had cautioned about the off-peak trading's propensity to trigger volatility conditions into weekly and monthly closing owing to reduced liquidity.

Josh Rager, co-founder of Blockroots, an online forum to learn about trading in the crypto market, took to Twitter:

“Just gonna sit back and watch the market up until the weekly close like always. Hard to get into any trades seriously though there may be a few outliers in current market conditions that continue to perform well over the weekend.”

Other analysts concentrated on the importance of the present spot price levels, which were above the important $22,800 200-week moving average (MA). The first for Bitcoin since June, BTC would be closing the week above that trendline.

Source: Twitter

However, taking a prudent short-term stance, well-known trader Roman predicted that due to "overbought" conditions, the price would recover to at least $23,000. The tweet stated:

“So far, seeing deviation for the potential double top call from yesterday.

PA - vol down/price up is bearish. MACD rolling over. RSI overbought.

I expect a pullback to 23k at minimum. DT confirms on a close below 20.7k.”

With the Federal Reserve not expected to make a scheduled policy change until September, August was expected to be a quiet month for U.S. macro triggers. The next Consumer Price Index (CPI) report is scheduled for August 10, although the risk of rising inflation still exists. The European Union revealed last week that the eurozone's monthly inflation rate was 8.9 percent, which was the highest estimate ever.

Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash