Bitcoin traders eye levels to hold as ‘decision time’ looms for BTC price

cointelegraph.com:

Bitcoin (BTC) recovered above $23,000 into July 22 as attention increasingly focused on the upcoming weekly close.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD finding renewed strength after briefly dipping towards $22,000.

The pair traded in a critical zone for bulls on the day, with the 50-day and 200-week moving averages (MAs) still yet to flip from resistance to support.

Analysts were holding out for the weekly candle close to determine the strength of Bitcoin’s latest uptrend which at one point delivered weekly gains of up to 25%.

“To perform a reclaim of the 200-week MA as support, $BTC needs to Weekly Close above $22800,” popular trader and analyst Rekt Capital wrote in part of a recent Twitter update.

For fellow trader Jibon, meanwhile, $22,400 was more important as a minimum level to close out the week.

“Next Week Decision Time, $BTC will go 30-40K or 12-15K. I Want Weekly Close above $22,401,” he told Twitter followers on the day.

While sticking by his forecast of the relief rally going as high as $40,000 before another macro low sets in, Jibon acknowledged that Bitcoin was “still in a bear market” which would last into 2023.

“So All bullish trends are temporary moves,” he explained while debating the forecast.

In its latest market update released on the day, trading firm QCP Capital voiced reservations about the near-term potential for either Bitcoin or altcoins to rise much higher.

“In terms of spot direction, we are not sure if the upside momentum continues in a big way,” researchers wrote.

QCP pointed to the upcoming meeting of the United States Federal Reserve’s Federal Open Markets Committee (FOMC) on July 27 as a major volatility event to come.

Markets, it added, were now pricing in a