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Traders hold as week closes in on BTC price

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A hold below the BTC’s $23,000 must hold at the week’s close in order for bulls to remain calm. 

Recovering over $23,000 on the day, July 22, attention has increased towards the upcoming close for the week. 

Market data has indicated that BTC/USD has found a bolster of energy, diving towards the $22,000 mark. Trading in a particularly critical zone for bulls, the 50-day and 200-week MAs have yet to flip from resistance to support. 

Analysis holding out for the weekly close are trying to ascertain the resolve of Bitcoins’s latest upward movements which have garnered some 25% of its value. 

A Rekt Capital analyst tweeted, “To perform a reclaim of the 200-week MA as support, $BTC needs to Weekly Close above $22800.” 

Another trader by the name of Jibon had this to say in a tweet about the critical level Bitcoin will need to maintain at the close of the week. 

Jiboon took into consideration that Bitcoin is still in a bear market, alluding to the end of it some time into 2023. “So All bullish trends are temporary moves,” he explained.

Sentiment towards market volatility has grown as the QCP trading firm voiced its opinions about the upcoming meeting of the US Federal Reserve and the Federal Open Markets Committee that will take place on July 27th. 

When it comes to the US dollar index, analysts have been waiting for a long-term parabolic upside to show signs of cracking. According to market data, USD remains at an inverse correlation with the performance of crypto assets. 

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