Bitcoin pulls back after hitting $24,000 as BTC price breaks above $23.2,000 – July 31, 2022
July 30, BTC/USD faces rejection at the $24,736 high as BTC price swings above $23.2,000. During the previous price action on July 20, Bitcoin was resisted at the high of $24,276. The bottom line is that demand dries up as Bitcoin reaches higher price levels in the market.
Bitcoin price statistics:
• Current bitcoin price: $23,355.04
• Bitcoin market cap: $23,355.04
• Bitcoin Circulating Supply – 19,108,931.00 BTC
• Total bitcoin supply: $490,705,386,943
• Coinmarketcap Bitcoin Ranking – #1
Resistance levels: $50,000, $55,000, $60,000
Assistance levels: $25,000, $20,000, $15,000
Since July 28, buyers have been unable to sustain the bullish momentum above the $24,000 high. During the July 28 uptrend, the price of BTC hit the high of $24,736, but demand dried up as it waned. Further upward movement is doubtful due to the presence of the long wick of the candlestick. The long wick of the candlestick indicates that there is strong selling pressure at higher levels. Bears Likely to Push Bitcoin to Previous Low. In the meantime, price action is characterized by small, indecisive candlesticks called Doji candlesticks. These indicate that Bitcoin has been forced into a range-bound move. Bitcoin is likely to range between $23,000 and $25,000.
Bitcoin Fights Above $23,000 as Data Indicates US in Technical Recession
According to a report, “US economy in technical recession as GDP contracts for second quarter. Second-quarter GDP fell at an annualized rate of 0.9% as inventories and residential investment subtracted from growth after falling 1.6% in the first three months of the year. In a similar vein, Bitcoin (BTC) regained more lost ground during the July 28 Wall Street open amid confusion over whether the United States had entered a new recession.
In a separate opinion, “Powell said the US is not in a recession, GDP numbers have given two straight quarters of negative growth, which means the US is in a recession!” US stocks opened flat, while Bitcoin remained undecided on its overall trajectory after hitting $23,450 overnight. According to Van de Poppe, regardless of the state of the economy, BTC traders should not act solely based on the latest news. “Now that we know the US is in a recession, does that mean we need to adjust our business strategies? Nope! The term recession does not represent any variable that you can work with,”
Meanwhile, Bitcoin is coming back from the rejection at the $24,000 resistance zone as BTC price is hovering above $23.2,000. Bitcoin is likely to break above the $23,000 support due to the presence of Doji candlesticks. The Doji candlesticks indicate that Bitcoin is likely to break below the $24,000 resistance zone.
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