Investors' worries. What will happen to Bitcoin in the coming week

Investors' worries. What will happen to Bitcoin in the coming week

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Author: Robert Strickland (crypto-journalist)
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Investors' worries. What will happen to Bitcoin in the coming week

The analyst gave a forecast on the price of Bitcoin for the week from July 24 to July 30


 

The expert analyzed the situation on the market and told how it can change in the short term

On Sunday, July 23, bitcoin (BTC) is trading at $29.9 thousand, its price has decreased by 1.3% over the past week. The specialist analyzed the situation on the market and assessed the prospects of bitcoin rate movement for the next seven days.

  • "Sellers will dominate"

BitRiver financial analyst Vladislav Antonov

The week from July 17 to July 23 passed without any special events. Bitcoin's (BTC) price remained in a narrow range between $29,500 and $30,420 and was in a state of stability. However, the prolonged consolidation began to worry investors who expected the price to continue to rise after Ripple Labs' first court victory against the U.S. Securities and Exchange Commission (SEC).

 

In the absence of clear signals about the direction of the next price movement, many investors decided to close long positions, not realizing that by doing so they helped sellers to lower the price.

The cryptocurrency market is in a state of uncertainty and requires additional triggers or events to break out of the current sideways trend.

The Bitcoin price is holding above the $29,500 support level for now. It currently stands at $29,880. Buyers are trying to defend this level, but so far without success. They are unable to overcome the resistance at $31,500. The lack of positive news also affects the situation.

 

Next week, volatility could increase due to the European Central Bank (ECB) and Federal Reserve (Fed) meetings. According to CME Group, there is a 99.2% chance of an interest rate hike. The market has already factored this into prices. After the announcement of the decision, traders' attention will immediately shift to the press conference of Fed Chairman Jerome Powell. They hope that the Fed will move closer to finalizing the interest rate hike due to the slowdown in US inflation.

Judging by the cycles, the buyers' time is coming to an end. They have failed to take advantage of favorable times and positive factors. From July 22 to September, sellers will dominate the market. BitRiver estimates that if the support level doesn't hold, sellers will quickly move the price to $28,350. A break of this level will lead to a cascade of stop orders being executed and a further decline in the Bitcoin price.

Buyers may extend the bullish trend if they manage to consolidate above $31,500 within three days (until July 25). In this case, the bullish trend may continue until August 8. However, the probability of such a scenario is less than 10%.

Uncertainty also arises from the statements of the head of SEC regarding Ripple and consideration of applications for opening of spot bitcoin-ETF. The regulator is studying the judge's opinion and has not yet made final decisions regarding the introduction of additional rules for cryptocurrencies.

The bitcoin market is sideways moving in a narrow range. The lack of clear signals about the direction of the next price movement is causing concern among investors. Volatility may increase due to the meetings of central banks' uncertainty about the statements of the head of the SEC regarding Ripple.

Buyers have not yet been able to overcome the resistance at $31,500, and their time is coming to an end. If the support level doesn't hold, sellers could quickly move the price down to $28,350.

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