Bitcoin price eyes $24K July close as sentiment exits ‘fear’ zone

The relatively good times could continue next month, one prediction says after July manages to reverse the worst of the 2022 crypto downturn.

Bitcoin (BTC) dropped volatility on the last weekend of July as the monthly close drew near.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

200-week moving average in focus for July close

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retaining $24,000 as resistance into July 30.

The pair had benefitted from macro tailwinds across risk assets in the second half of the week, these including a flush finish for United States equities. The S&P 500 and Nasdaq Composite Index gained 4.1% and 4.6% over the week, respectively.

With off-speak trading apt to spark volatile conditions into weekly and monthly closes thanks to thinner liquidity, however, analysts warned that anything could happen between now and July 31.

“Just gonna sit back and watch the market up until the weekly close like always,” Josh Rager summarized.

“Hard to get into any trades seriously though they may be a few outliers in current market condition that continue to perform well over the weekend.”

Others focused on the significance of current spot price levels, which lay above the key 200-week moving average (MA) at $22,800. Finishing the week above that trendline would be a first for Bitcoin since June.

Adopting a conservative short-term view, however, popular trader Roman called for a return to at least $23,000 thanks to “overbought” conditions.

Optimism continued to increase across crypto markets through the week, the Crypto Fear & Greed Index hitting its highest levels since April 6 after exiting its longest-ever period of “extreme fear.”

At 45/100, the Index was officially in “neutral” territory on the day.

Crypto Fear & Greed Index (screenshot). Source:

Bullish continuation slated for Au

Looking to next month, meanwhile, Cointelegraph contributor Michaël van de Poppe said that stocks performance would continue to provide fertile conditions for a crypto rebound.

Related: Bitcoin bear market over, metric hints as BTC exchange balances hit 4-year low

“Sounds like we’re going to get that continuation in August, including with crypto and Bitcoin,” part of a Twitter update on July 29 stated.

“Summer relief rally it is!”

August was set to be a quiet month for U.S. macro triggers, with the Federal Reserve not due to alter policy in a scheduled manner until September.

The risk of advancing inflation nonetheless remained, with the next Consumer Price Index (CPI) print due August 10. This week, the European Union reported its highest-ever monthly inflation estimate for the Eurozone at 8.9%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Breaking: Bitcoin (BTC) Price Risks Falling Below $21,000, Here’s Why

The Bitcoin (BTC) price can fall below $21,000 as the bear hug tightens. The price recently touched a high of $25,135 and retraced to a low of $23,243. The downward price trend has formed a regular bearish divergence with a short-term target of falling to $21,000-$20,000. The Crypto Market Fear and Greed Index has tumbled

BTC, ETH, DOGE: Why Major Cryptos Are Trading In Red Today?

Today’s slump in the price of crypto giants including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) has left investors disappointed. At the press time, BTC was trading at $23,379.13, down by 4.05% over the last 24 hours. Meanwhile, the price of ETH and DOGE was spotted trading at $1,845.20 and $0.082021, a decline of 5.11%

Ether (ETH) Falls for Fourth Consecutive Day, Is Merge Mania Ending?

After a strong rally in the last 45 days since the beginning of July 2022, the crypto market has once again come under selling pressure. The broader crypto market has been retreating for the fourth consecutive day in a row, including the top two giants Bitcoin and Ethereum. As of press time, Ether (ETH) is

Fidelity Chief Explains Why Bitcoin (BTC) Is Cheap At Current Level

Over the last 45 days since July 2022 beginning, Bitcoin and the broader cryptocurrency market have given a strong run-up. As of now, Bitcoin is currently facing resistance at $24,000. Jurrien Timmer, Director of Global Macro at Fidelity believes that Bitcoin is currently “cheap” as per the BTC adoption curve thesis. Timmer explains that Bitcoin’s