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Bitcoin price eyes $24K July close as sentiment exits ‘fear’ zone

Bitcoin (BTC) dropped volatility on the last weekend of July as the monthly close drew near.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

200-week moving average in focus for July close

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retaining $24,000 as resistance into July 30.

The pair had benefitted from macro tailwinds across risk assets in the second half of the week, these including a flush finish for United States equities. The S&P 500 and Nasdaq Composite Index gained 4.1% and 4.6% over the week, respectively.

With off-speak trading apt to spark volatile conditions into weekly and monthly closes thanks to thinner liquidity, however, analysts warned that anything could happen between now and July 31.

“Just gonna sit back and watch the market up until the weekly close like always,” Josh Rager summarized.

“Hard to get into any trades seriously though they may be a few outliers in current market condition that continue to perform well over the weekend.”

Others focused on the significance of current spot price levels, which lay above the key 200-week moving average (MA) at $22,800. Finishing the week above that trendline would be a first for Bitcoin since June.

#BTC is very close to performing a Weekly Close above the 200-week MA

Technically, it looks like BTC is doing well to reclaim the 200-week MA as support$BTC #Crypto #Bitcoin pic.twitter.com/ue00XDT9O0

— Rekt Capital (@rektcapital) July 29, 2022

Adopting a conservative short-term view, however, popular trader Roman called for a return to at least $23,000 thanks to “overbought” conditions.


So far seeing deviation for the potential double top call from yesterday.

PA – vol down / price up is bearish. MACD rolling over. RSI overbought.

I expect a pullback to 23k at minimum. DT confirms on a close below 20.7k.#bitcoin #cryptocurrency #cryptotrading pic.twitter.com/aOahZDdYyC

— Roman (@Roman_Trading) July 29, 2022

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