{"id":56245,"date":"2023-07-20T22:21:57","date_gmt":"2023-07-20T22:21:57","guid":{"rendered":"http:\/\/egrowonline.com\/?p=56245"},"modified":"2023-07-20T22:21:57","modified_gmt":"2023-07-20T22:21:57","slug":"bitcoin-rejects-at-21-day-trendline-how-low-can-btc-price-go","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=56245","title":{"rendered":"Bitcoin rejects at 21-day trendline \u2014 How low can BTC price go?"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) failed to hold above $30,000 after the July 20 Wall Street open, with one analyst forecasting a return to range lows.<\/p>\n

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

BTC price sinks through $30,000<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> tracked weak BTC price action after a rejection at the 21-day simple moving average (SMA).<\/p>\n

Sitting at $30,400, that SMA provided the day\u2019s high for Bitcoin, with the market then retracing its intraday progress entirely.<\/p>\n

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BTC\/USD 1-day chart with 21-day SMA. Source: TradingView<\/em><\/figcaption><\/figure>\n

Reacting to the market action, Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, warned that lower levels could well come next.<\/p>\n

\u201cNot breaking the crucial area, seems like we\u2019re going to have another sweep of the low for Bitcoin,\u201d he told<\/a>\u00a0his Twitter followers.<\/p>\n

BTC\/USD annotated chart. Source:\u00a0Micha\u00ebl van de Poppe<\/em>\/Twitter<\/em><\/figcaption><\/figure>\n

Popular trader Daan Crypto Trades added that volatility could return thanks to rising open interest.<\/p>\n

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Open Interest rising sharply near these levels.<\/p>\n

Likely more volatility ahead for #Bitcoin<\/a>.<\/p>\n

Stay safe pic.twitter.com\/GqUnaH20Ha<\/a><\/p>\n

\u2014 Daan Crypto Trades (@DaanCrypto) July 20, 2023<\/a><\/p><\/blockquote>\n

\u201c#Bitcoin Has been finding support on the bottom of the range and 4H 200MA\/EMA,\u201d he continued<\/a> in a further tweet about the four-hour 200-period moving average and exponential moving average. <\/p>\n

\u201cSo far, the bounce has not been very convincing yet and the lower timeframes are extremely choppy. $30.5K and $29.5K remain my levels of interest in the short term.\u201d<\/p><\/blockquote>\n

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

On-chain monitoring resource Material Indicators meanwhile noted the significance of the 21-day SMA, suggesting that a temporary peak may be in for BTC\/USD.<\/p>\n

\u201cA hard rejection from technical resistance at the 21-Day Moving Avg and more asks stacking at $31k could indicate things are getting toppy for the moment,\u201d part of the July 20 analysis read<\/a>. <\/p>\n

\u201cBulls need to regroup here and gather the herd if they want a legit chance to stampede past those sell walls.\u201d<\/p><\/blockquote>\n

A prior print of the Binance BTC\/USD order book showed<\/a> a lack of bid liquidity immediately below the $30,000 mark.<\/p>\n

BTC\/USD order book data for Binance. Source: Material Indicators\/Twitter<\/em><\/figcaption><\/figure>\n

Labor market data boosts U.S. dollar<\/h2>\n

Macroeconomic events on July 20 meanwhile focused on strong tech earnings along with a slowdown in United States jobless claims.<\/p>\n

Related:\u00a0Bitcoin traders say \u2018get ready\u2019 as BTC price preps 2023 bull market<\/a><\/em><\/strong><\/p>\n

The impact on the U.S. dollar was pronounced, with the U.S. Dollar Index (DXY) gaining ground to near 101 for the first time in several days.<\/p>\n

\u201cSo today, Initial Jobless Claims was less than previous & forecasted so the trajectory expected for increasing layoffs is slower (lower is good for USD),\u201d popular trader Skew wrote<\/a> in part of a response.\u00a0<\/p>\n

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U.S. dollar index 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Cointelegraph previously wrote about the changing dynamics<\/a>\u00a0between BTC price performance and DXY strength.<\/p>\n

Magazine: Should you \u2018orange pill\u2019 children? The case for Bitcoin kids books<\/a><\/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


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) failed to hold above $30,000 after the July 20 Wall Street open, with one analyst forecasting a return to range lows. BTC\/USD 1-hour chart. Source: TradingView BTC price sinks through $30,000 Data from Cointelegraph Markets Pro and TradingView tracked weak BTC price action after a rejection at the 21-day simple moving average (SMA). […]<\/p>\n","protected":false},"author":1,"featured_media":56246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[16566,50,194,195,4267,8973],"class_list":["post-56245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-21day","tag-bitcoin","tag-btc","tag-price","tag-rejects","tag-trendline"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/07\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDcvNTFiZjg1MDctY2I2Yy00ZTE1LTkyNDUtZGEyOWNlNzI0MDE0LmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/56245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56245"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/56245\/revisions"}],"predecessor-version":[{"id":56247,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/56245\/revisions\/56247"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/56246"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56245"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}