{"id":20188,"date":"2023-07-23T13:48:04","date_gmt":"2023-07-23T13:48:04","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-can-still-hit-19k-warns-trader-ahead-of-btc-price-big-move\/"},"modified":"2023-07-23T13:48:06","modified_gmt":"2023-07-23T13:48:06","slug":"bitcoin-can-still-hit-19k-warns-trader-ahead-of-btc-price-big-move","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-can-still-hit-19k-warns-trader-ahead-of-btc-price-big-move\/","title":{"rendered":"Bitcoin can still hit $19K, warns trader ahead of BTC price \u2018big move\u2019"},"content":{"rendered":"
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Bitcoin (BTC) threatened fresh downside over the weekend as markets geared up for the July 23 candle close.<\/p>\n

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

$19,000\u2013$23,000 \u201cstill on the cards\u201d for Bitcoin<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView showed BTC acting below $30,000, now set as intraday resistance.<\/p>\n

July 22 saw a brief dip to $29,640 before a recovery in time for the daily close, but traders remained worried that worse was to come.<\/p>\n

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https:\/\/t.co\/GY0AgGbAnn<\/p>\n

\u2014 Crypto Chase (@Crypto_Chase) July 22, 2023<\/a><\/p><\/blockquote>\n

\u201cSo we have a double top rejection currently on BTC, so we need to really make a note of levels incase we drop,\u201d popular trader Crypto Tony warned<\/a> Twitter followers in a fresh analysis of the three-day chart. <\/p>\n

\u201cThose two levels are $25,000 & $20,000, and these are both key psychological levels. Make a note.\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: Crypto Tony\/Twitter<\/em><\/figcaption><\/figure>\n

Fellow trader and analyst Nebraskan Gooner admitted that downward BTC price action \u201cseems likely,\u201d noting that BTC\/USD had sunk below the narrow range in play for the past month.<\/p>\n

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#Bitcoin<\/a><\/p>\n

Below range for a couple days now…<\/p>\n

Downside seems likely. pic.twitter.com\/c59Z01kJpK<\/a><\/p>\n

\u2014 Nebraskangooner (@Nebraskangooner) July 22, 2023<\/a><\/p><\/blockquote>\n

Others were ready and waiting for volatility to reenter the market, but would not be drawn on whether Bitcoin would ultimately break out or break down to test levels from earlier in the year.<\/p>\n

Among them was popular trader and analyst Toni Ghinea, who envisaged a make-or-break decision for the recent narrow price range in the coming week.<\/p>\n

\u201cI’m expecting a big move with $BTC next week. 31-32k is resistance. 29k is support. Keep it simple,\u201d he summarized<\/a>. <\/p>\n

\u201cIf there\u2019s a break above do NOT get euphoric. We are literally at the range high. If there\u2019s a nuke next key area is 27-28k. If it holds get ready to buy the pullback. If it breaks lower than 19-23k is still on the cards. Play this level by level. That\u2019s it.\u201d<\/p><\/blockquote>\n

Earlier, Cointelegraph reported on the significance of various trend lines acting as support and resistance.<\/p>\n

Crunch week with FOMC ahead<\/h2>\n

The coming week should provide plenty of potential volatility indicators as markets digest macroeconomic policy cues.<\/p>\n

Related:\u00a0BlackRock ETF will be \u2018big rubber yes stamp\u2019 for Bitcoin \u2014 Charles Edwards<\/em><\/strong><\/p>\n

The United States Federal Reserve\u2019s Federal Open Market Committee (FOMC) will meet to decide on interest rates ahead of the Bitcoin monthly close.<\/p>\n

As Cointelegraph reported, sentiment is almost unanimous in predicting a return to rate hikes this month, following a previous pause.<\/p>\n

According to CME Group\u2019s FedWatch Tool, those odds stood at 99.2% as of July 23.<\/p>\n

Fed target rate probabilities chart. Source: CME Group<\/em><\/figcaption><\/figure>\n

Magazine: Should you \u2018orange pill\u2019 children? The case for Bitcoin kids books<\/em><\/strong><\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n