Crypto

BTC/USD recovery supported by weak US dollar -by Ecork

Coded talking points:

  • Bitcoin Recovery stalls after two weeks of recovery
  • BTC/USD enters a converging area between the key Fibonacci levels
  • American dollar Weakness boosts demand for alternative assets

Bitcoin bounce is silent due to technical resistance

Bitcoin is trading with a lackluster movement after failing to gain momentum above $24,000. with the last Federal Reserve Rate Decision This lowered real yields, and risky assets rebounded from the recent recession, pushing the total cryptocurrency market cap above $1 trillion.

After two consecutive weeks of gains, the BTC/USD pair rose nearly 17% in July, ending a three-month losing streak since the end of March.

At the time of writing, the daily chart below highlights two Fibonacci levels that offer instantaneously support and resistance at $22,808 and $24,818, respectively, with the 50-day moving average (moving averageProvide additional support in the amount of $21,302. with Low Body Candles In a sign of indecision, breaking the current range can help provide momentum for the next big move.

Bitcoin (BTC/USD) daily chart

Chart created by Tammy da Costa Using TradingView

with price movement Trading comfortably above $20,000, a rally above the 200 moving average and forming a possibility MACD intersection below the zero line (On the weekly time frame) It could be a sign that the bearish movement may lose steam. 23.6% Fibonacci (March-June move) Still intact with the break above bringing the $26000 psychological level back into play.

Bitcoin (BTC/USD) Weekly Chart

Bitcoin Technical Analysis: BTC/USD recovery boosted by USD weakness

Chart created by Tammy da Costa Using TradingView

While market participants keep pricing interest rate Outlook, release NFP (Nonfarm Payroll) The report may provide additional impetus to price action as the Federal Reserve monitors employment data for signs of a possible recession.

Bitcoin Technical Analysis: BTC/USD recovery boosted by USD weakness

DailyFX Economic Calendar

— By Tami Da Costa, Analyst for DailyFX.com

Connect with Tammy and follow her on Twitter: MustafaHosny Oh God, Amen

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