Bitcoin price outlook for July – Traders remain concerned about upcoming Fed rate hike and bankrupt crypto firms – Market updates Bitcoin news
During the first week of July, bitcoin prices have risen to their highest level since mid-June, coming as US non-farm wages hit expectations. But as we enter the remaining weeks of the month, there is still the question of whether this momentum can be maintained, despite the current uncertainty in the market.
Bitcoin’s current market status
Looking back on June, bitcoin (BTC) started the month trading around $ 30,000, but exactly four weeks ago today prices fell significantly, with markets not yet recovering from this fall.
Between June 8 and 18, BTC / USD went from a peak of $ 31,600 to a floor of $ 17,612, as US inflation continued to rise at historic levels.
This forced the Federal Reserve to once again raise interest rates, increasing them by as much as 75 basis points in the hope of curbing spending.
The upturn contributed somewhat to increasing market confidence, with traders choosing to buy the June dip, hobut for the most part, prices have traded below $ 21,000.
However, after five consecutive days of upswing, BTC is trading close to the $ 21,800 level, which is marginally lower than today’s high, which was closer to a major resistance point.
Although there was an earlier outbreak, prices are now below this barrier, with volatility again higher, making many traders unsure of how the rest of the month will develop.
Stories of serious multi-million dollar liquidations, alleged insolvencies and bankruptcies have crypto traders at the forefront.
The forthcoming Fed rate hike and several crypto firms experiencing negative exposure to insolvent cryptocurrencies continue to dampen market sentiment.
Bitcoin July prospects
This false outbreak reached the resistance level of $ 22,070, which has historically been an element of uncertainty.
As a result, bulls chose to secure profits, instead of trying to push the prices of the leading crypto token higher.
Looking at the chart below, this coincides with the relative strength index (RSI) indicator which is trading near a separate resistance level of 48.30.
Bulls are probably waiting for the momentum indicator to move past this point before coming back in with some real power demonstration.
If they do, they will probably spend the remaining weeks of the month getting closer to the $ 30,000 region, and recovering some of the losses in recent weeks.
Many expect the Fed to once again raise interest rates by another 75 basis points, and should this happen, plus inflation begins to decline, investors may see the current low as a favorable entry point.
But with price power that has mostly traded below this current ceiling for the past three months, Bears will also be waiting to enter the fray, aiming for a setback below $ 19,000 this month.
What do you think about bitcoin’s price action in recent times and the outlook for July for the leading cryptocurrency? Do you expect bitcoin to rise higher or fall lower from here? Tell us what you think about this topic in the comments section below.
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