Crypto

Bitcoin July 26, 2022 – $20,000 under Bitcoin

Refusal. The price of Bitcoin (BTC) appears to be on its way to the $20,000 level, a level that could fall again given the historical data.

This bitcoin price analysis is brought to you in collaboration with Le Trading du Coin and its algorithmic trading solution finally available to individuals.

Bitcoin price in the red: fear of the Fed or technical reasons?

Today, July 26, 2022, the price of bitcoin on Bitfinex dropped to $20,738. Cryptocurrency tentatively rises above $21,000. At the time of writing, it is trading at $21,080. Its price is currently recording a daily loss of 4.29%.

Some observers point to the FOMC meeting and the upcoming Fed interest rate announcement as an explanation for yesterday’s prominent red candle and today’s bearish day.

But for trader Rekt Capital, these drops are a “technical deviation” at the 200-week moving average after the cryptocurrency closed below that level last week.

Rekt Capital also shared a 4-hour Bitcoin price chart that highlights the loss of the short-term uptrend that formed ahead of this last week’s close.

Rekt Capital publication – Source: Twitter

Towards profits below $20,000: unfounded fears or plausible hypotheses?

Analyst il Capo Of Crypto also highlighted the downward trend in the price of bitcoin in the very short term on relatively short time frames.

The chart he shared shows that Bitcoin is trading in a downward parabolic downward channel despite last week’s bullish momentum giving hope for a green recovery. Clearly, the channel is on a narrowing trend and Bitcoin seems to be heading towards levels below $20,000 inevitably.

Bitcoin price: drop to $20,000?Il Capo Of Crypto publication – Source: Twitter

While this bearish outlook doesn’t sit well with traders and investors who are hoping to see bitcoin hold above $20,000, the chart provided by analyst Matthew Hyland seems to confirm this bears’ ability to make another raid that will cripple the markets.

BTC Price: More Drops Coming?Author: Matthew Hyland – Source: Twitter

Analyst found bitcoin that has had many “false breakouts” this year. The chart also shows that each false bullish breakout was followed by a significant decline over several weeks or months.

This week will be pivotal for bulls, who must prove their ability to defend significant Bitcoin price support by failing to rebuild major bullish supports.

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