{"id":12133,"date":"2022-07-10T18:28:43","date_gmt":"2022-07-10T18:28:43","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-eyes-best-weekly-gains-in-3-months-as-btc-price-slips-below-21k\/"},"modified":"2022-07-10T18:28:44","modified_gmt":"2022-07-10T18:28:44","slug":"bitcoin-eyes-best-weekly-gains-in-3-months-as-btc-price-slips-below-21k","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-eyes-best-weekly-gains-in-3-months-as-btc-price-slips-below-21k\/","title":{"rendered":"Bitcoin eyes best weekly gains in 3 months as BTC price slips below $21K"},"content":{"rendered":"
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Bitcoin (BTC) hit three-day lows into the July 10 weekly close as $21,000 gave way as short-term support.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Trader eyes bullish divergences across markets<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD giving up some of its gains from earlier in the week while still looking to cap its best weekly gains since March.<\/p>\n

The pair circled $20,850 at the time of writing, around $1,600 below the week\u2019s peak at the 200-week moving average.<\/p>\n

Despite no continuation of the breakout, Bitcoin gave some commentators cause for cautious optimism ahead of the new week beginning.<\/p>\n

\u201cThe markets are showing higher timeframe bullish divergences and the sentiment is the same as on a funeral,\u201d Cointelegraph contributor Micha\u00ebl van de Poppe summarized<\/a>.<\/p>\n

\u201cA recipe for a reversal is there, and it can accelerate quite fast. Invest when nobody is interested. Sell when everyone is interested.\u201d<\/p><\/blockquote>\n

Popular trader Crypto Tony meanwhile entertained the idea of a new sideways phase entering before a deeper drop, something which he imagined \u201cwould drive everyone crazy.\u201d<\/p>\n

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$BTC<\/a> \/ $USD<\/a> – Playing with ideas<\/p>\n

If we start to reject harder and fail to reclaim the range high, we may start to see something like this shape up. Would drive everyone crazy i can imagine pic.twitter.com\/wwoa8vjMRv<\/a><\/p>\n

\u2014 Crypto Tony (@CryptoTony__) July 10, 2022<\/a><\/p><\/blockquote>\n

Macro conditions remained uncertain, with upheaval in Sri Lanka adding to a sense of nervousness engendered by the common global theme of energy, food and financial crisis.<\/p>\n

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All this crazy shit happening in the world, I just can\u2019t see how anyone can be macro bullish<\/p>\n

we need new buyers and retail, without that there is no continuation\u2026 only chop<\/p>\n

all pumps are an opportunity to exit and buy lower$BTC<\/a> pic.twitter.com\/npAKi1L8uw<\/a><\/p>\n

\u2014 Ninja (@Ninjascalp) July 10, 2022<\/a><\/p><\/blockquote>\n

Attention focused on the U.S. dollar Index (DXY), which had ended the week back on support after spiking to fresh highs not seen in twenty years.<\/p>\n

U.S. dollar Index (DXY) 1-hour candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Risk Reserve hits all-time lows<\/h2>\n

Those seeking a golden buying opportunity on BTC meanwhile got a fresh key signal from the Reserve Risk indicator.<\/p>\n

Related:\u00a0Bitcoin ‘cheap’ at $20K as BTC price to wallet ratio mimics 2013<\/em><\/strong><\/p>\n

As noted<\/a> by commentator Murad over the weekend, Reserve Risk, which shows long-term holder sentiment, hit its lowest-ever levels at July’s prices.<\/p>\n

“Either this indicator is broken or we are in the high timeframe bottoming zone,” he said in part of Twitter comments alongside data from on-chain analytics firm Glassnode. <\/p>\n

“I lean towards the latter.”<\/p><\/blockquote>\n

Bicoin Risk Reserve vs. BTC\/USD chart. Source: @MustStopMurad\/ Twitter<\/em><\/figcaption><\/figure>\n

Reserve Risk, as Cointelegraph reported<\/a>, has been rediscovering its green “buy” zone since March, this corresponding to optimal chances to invest with “outsized returns” as a result.<\/p>\n

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\n