Bitcoin (BTC) threatened fresh downside over the weekend as markets geared up for the July 23 candle close.
$19,000–$23,000 “still on the cards” for Bitcoin
July 22 saw a brief dip to $29,640 before a recovery in time for the daily close, but traders remained worried that worse was to come.
— Crypto Chase (@Crypto_Chase) July 22, 2023
“So we have a double top rejection currently on BTC, so we need to really make a note of levels incase we drop,” popular trader Crypto Tony warned Twitter followers in a fresh analysis of the three-day chart.
“Those two levels are $25,000 & $20,000, and these are both key psychological levels. Make a note.”
Fellow trader and analyst Nebraskan Gooner admitted that downward BTC price action “seems likely,” noting that BTC/USD had sunk below the narrow range in play for the past month.
Below range for a couple days now…
Downside seems likely. pic.twitter.com/c59Z01kJpK
— Nebraskangooner (@Nebraskangooner) July 22, 2023
Others were ready and waiting for volatility to reenter the market, but would not be drawn on whether Bitcoin would ultimately break out or break down to test levels from earlier in the year.
Among them was popular trader and analyst Toni Ghinea, who envisaged a make-or-break decision for the recent narrow price range in the coming week.
“I’m expecting a big move with $BTC next week. 31-32k is resistance. 29k is support. Keep it simple,” he summarized.
“If there’s a break above do NOT get euphoric. We are literally at the range high. If there’s a nuke next key area is 27-28k. If it holds get ready to buy the pullback. If it breaks lower than 19-23k is still on the cards. Play this level by level. That’s it.”
Earlier, Cointelegraph reported on the significance of various trend lines acting as support and resistance.
Crunch week with FOMC ahead
The coming week should provide plenty of potential volatility indicators as markets digest macroeconomic policy cues.
The United States Federal Reserve’s Federal Open Market Committee (FOMC) will meet to decide on interest rates ahead of the Bitcoin monthly close.
As Cointelegraph reported, sentiment is almost unanimous in predicting a return to rate hikes this month, following a previous pause.
According to CME Group’s FedWatch Tool, those odds stood at 99.2% as of July 23.
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