Bitcoin Price Faces Headwinds, But Further Gains Still PossibleMichael AbadhaJul 23, 2024, 16:51 BST
This is a Japanese translation of the news column that says that although the BTC price was a blaze before the wind, there is still a possibility that it will rise.
Bitcoin's price fell for the second day in a row on Tuesday due to a lack of strong market fundamentals to sustain the recent upturn. At the time of writing this article, the price of BTC was $66,758, down 1.3% on the daily chart. The recent global IT outage has fueled cryptocurrency prices across the board, and crypto enthusiasts have pointed to it as a potential turning point for the world to reconsider the strengths of decentralized financial assets and ecosystems. However, since there is no further development on that front, Bitcoin is looking for new volatility elsewhere.
Bitcoin could get a chance to reclaim against the US dollar later this week if the US releases personal consumption expenditure (PCE) figures despite Monday and Tuesday's setbacks. The PCE index is a key indicator used by the Federal Reserve to measure inflation, and two consecutive monthly declines are likely to solidify sentiment around September's rate cuts. The result in this case is a loss of traction between the dollar and the US Treasury, and investors are likely to seek alternative investments in yield assets such as gold and bitcoins.
Momentum indicators
Looking at RSI, the Bitcoin price momentum is still strong, and the indicator is shown as 55 on the 4-hour chart. That said, staying above the $65,000 psychological support level is essential for maintaining an upside view. Notably, the 7-SMA has surpassed the 30 SMA in the past 2 weeks and has been rejected 3 times at points A, B, and C. So if the 7-SMA is above the 30-SMA, then vice versa.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator recently fell below the signal line, indicating strengthened downward momentum.
Support and resistance levels
Bitcoin price momentum indicates that if the BTCUSD pair is capped below $67,254, the downside is likely to win. This established initial support at $66,842, and beyond that, the downward momentum could be further strengthened and the pair could become $66,403.
Alternatively, a move above 67,254 would signal control by buyers who are likely to encounter initial resistance at 67,611. But if they can overcome that barrier, they can invalidate the downside narrative and build momentum to push the price to test 68,009 with the expansion.
Bitcoin could get a chance to reclaim against the US dollar later this week if the US releases personal consumption expenditure (PCE) figures despite Monday and Tuesday's setbacks. The PCE index is a key indicator used by the Federal Reserve to measure inflation, and two consecutive monthly declines are likely to solidify sentiment around September's rate cuts. The result in this case is a loss of traction between the dollar and the US Treasury, and investors are likely to seek alternative investments in yield assets such as gold and bitcoins.
Momentum indicators
Looking at RSI, the Bitcoin price momentum is still strong, and the indicator is shown as 55 on the 4-hour chart. That said, staying above the $65,000 psychological support level is essential for maintaining an upside view. Notably, the 7-SMA has surpassed the 30 SMA in the past 2 weeks and has been rejected 3 times at points A, B, and C. So if the 7-SMA is above the 30-SMA, then vice versa.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator recently fell below the signal line, indicating strengthened downward momentum.
Support and resistance levels
Bitcoin price momentum indicates that if the BTCUSD pair is capped below $67,254, the downside is likely to win. This established initial support at $66,842, and beyond that, the downward momentum could be further strengthened and the pair could become $66,403.
Alternatively, a move above 67,254 would signal control by buyers who are likely to encounter initial resistance at 67,611. But if they can overcome that barrier, they can invalidate the downside narrative and build momentum to push the price to test 68,009 with the expansion.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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米株80%日株20% 暗号株は総額の約40%以内
日本株は小型バイオ株中心 円高対応が課題
時折 ネコ画像付きで投稿します
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