Biggest Mining Difficulty Drop of 2023: 5 Things to Know in Bitcoin This Week
• Bitcoin (BTC) enters the last full week of July with resistance at $30,000.
• The United States Federal Reserve’s decision on interest rates will be a key factor in determining BTC price performance this week.
• Traders are optimistic that BTC/USD will break down from current levels to head toward $25,000 or lower.
Bitcoin Price Action Stares Down Volatility Triggers
Bitcoin (BTC) enters the last full week of July on an uncertain footing as $30,000 becomes resistance. In what promises to be an exciting, if potentially nerve-racking, week for traders, BTC price action is staring down a combination of volatility triggers. Chief among these is the United States Federal Reserve’s decision on interest rates, this headlining an important slew of macro data releases.
Weekly Close Leaves Bears Unimpressed
Bitcoin delivered a classic volatility burst into the July 23 weekly close, giving bulls a glimpse of $30,000 support potentially returning. However, this was short-lived and BTC/USD retraced its last minute gains to end the week at almost exactly $30,000. Overnight price action was still weaker; at the time of writing, Bitcoin was headed toward $29,000 per data from Cointelegraph Markets Pro and TradingView . Overall however the all-too familiar range continues to endure.
Crucial Area For Bulls To Break Through
As the weekend came to a close Michaël van de Poppe founder and CEO of trading firm Eight highlighted what he called the “crucial area” for bulls to break through. “The crucial level didn’t break for Bitcoin so we’ll continue the sideways chop,“ he said on Monday morning „The scenarios remain the same; – Longs above $30200-30400 – Longs when we get to $29000.“ Popular trader Daan Crypto Trades noted that the spike to 30300 had effectively opened up and already closed a CME futures gap.“Don’t fall for the weekend deviations“ he told Twitter followers.
Downside Targets Could Fulfill Trader’s Expectations
Some hope that macro data releases alone will be enough to shake Bitcoin out of its month long trading range which has barely moved from then 300000 mark The market has so far offered little cues as to where it might head next That said traders have become impatient and increasingly believe that BT/USD will ultimately break down from current levels to head towards 25000 or lower
Conclusion: Uncertainty Reigns Supreme For Week Ahead
At present uncertainty reigns supreme over where BTC price action goes next although some traders are hopeful that downside targets could be fulfilled by weeks end With US Fed Decision and other macro data release set ot take center stage its likely we’ll see more volatility in store as we enter into final days of July