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

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The cryptocurrency market saw positive price action with the tech-heavy Nasdaq on July 5, amid rising bearish concerns in the United States.

Data from Cointelegraph Markets Pro and TradingView shows that a morning attack by bears managed to drive bitcoin (BTC) down to a daily low of $19,309, before reaching the $20,400 support during the afternoon. Reinforcement came to bid the price above Rs.

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BTC/USDT 1-Day Chart. Source: TradingView

Here’s what several analysts say about the top moves forward for the cryptocurrency and which support and resistance levels to monitor moving forward.

$23K . in search of continuity

The price action of bitcoin was recently offered by Michael van de Popp, an independent analyst who deployment of As a follow-up to a previous tweet, the following chart suggested that Bitcoin needs to break above the $19,700 resistance area to continue higher:

BTC/USD 15 minute chart. Source: Twitter

The analyst said:

“It broke the resistance and ran towards the next area of ​​resistance at $20.3K. I expect #Bitcoin to be a bit stronger here, but breaking the next resistance zone is a great way to continue towards $23K and a summer relief rally. is trigger.

$15,800. Possible pullback to

A decidedly less optimistic outlook on recent price action was provided by crypto analyst and crypto pseudonymous Twitter user Il Capo, who deployment of The following chart highlights several “fake pumps” that result in the following height:

BTC/USD 4 hour chart. Source: Twitter

Il Capo of Crypto said:

“Low height all the time. Pump volumes are low and they look corrective. Main target is $15,800-16,200.”

related: Bitcoin faces new pressure as US dollar crushes gold, putting assets at risk

Double bottom on BTC chart

The last hope was offered by crypto trader and pseudonymous Twitter user Captain Fabik, who posted the following chart and highlighted the importance of a daily close above $20,000:

BTC/USD 1-Day Chart. Source: Twitter

Captain Fabik said:

“Double Bottom and Bullish Divergence are both at play… If bulls reclaim the $21.6K resistance, a +30-40% relief rally is expected.”

For those who want more reassurance that the market may be nearing its lows for the current bear cycle, pseudonymous Twitter user bitcoin archive deployment of The following chart of bitcoin’s MRVR Z-score, which has been a reliable indicator of past market bottoms:

Bitcoin MVRV Z-score. Source: Twitter

The Bitcoin Archive explained:

“#Bitcoin has now entered the “Green Zone” – indicating a market low on 4 occasions.”

The total cryptocurrency market cap now stands at $911 billion and bitcoin has a dominance rate of 42.7%.

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, so you should do your own research when making a decision.