Bitcoin Fulfills Traders’ Targets: 5 Things to Know This Week25. July 2023
• Bitcoin (BTC) enters the last full week of July on an uncertain footing as $30,000 becomes resistance.
• Traders have become impatient and increasingly believe that BTC/USD will ultimately break down from current levels to head toward $25,000 or lower.
• Overnight price action was still weaker; at the time of writing, Bitcoin was headed toward $29,000, per data from Cointelegraph Markets Pro and TradingView.
Bitcoin Price Analysis
Bitcoin (BTC) enters the last full week of July with a resistance level set at $30,000. The market has so far offered little cues as to where it might head next. That said, traders have become impatient and increasingly believe that BTC/USD will ultimately break down from current levels to head toward $25,000 or lower. Overnight price action has been weaker; at the time of writing, Bitcoin was headed toward $29,000 according to data from Cointelegraph Markets Pro and TradingView.
The United States Federal Reserve’s decision on interest rates is a key factor in this week’s price analysis for BTC/USD. This headlines an important slew of macro data releases which could potentially shake Bitcoin out of its month-long trading range which has barely moved from the $30,000 mark.
Traders are hoping that these macro releases alone will be enough to move Bitcoin out of its current range and give bulls a glimpse of support returning near $30k. Michaël van de Poppe highlighted what he called the “crucial area” for bulls to break through if they want to see any positive movements towards higher prices: “Longs above $30200-30400 – Longs when we get to 29k”.
Popular trader Daan Crypto Trades noted that the spike to 30300 had opened up and already closed a CME futures gap suggesting that there may be more bearish scenarios playing out in this week’s analysis: “Don’t fall for weekend deviations.”
Overall it remains unclear where BTC may end up heading this week but with a combination of volatility triggers such as interest rate decisions and macro data releases it promises to be an exciting yet possibly nerve wracking week for traders especially those looking for either bullish or bearish outcomes in Bitcoin’s price action over the coming days.