Bitcoin can still hit $19K, warns trader ahead of BTC price ‘big move’ – Crypto News

Bitcoin (BTC) threatened fresh downside over the weekend as markets geared up for the July 23 candle close.

$19,000-$23,000 “still on the cards” for Bitcoin

Data from Cointelegraph Markets Pro and TradingView showed acting below $30,000, now set as intraday resistance.

July 22 saw a brief dip to $29,640 before a recovery in time for the daily close, but traders remained worried that worse was to come.

https://t.co/GY0AgGbAnn

— Crypto Chase (@Crypto_Chase) July 22, 2023

“So we have a double top rejection currently on BTC, so we need to really make a note of levels in case we drop,” popular trader Crypto Tony warning Twitter followers in fresh analysis of the 3-day chart.

“Those two levels are $25,000 & $20,000, and these are both key psychological levels. Make a note.

Fellow trader and analyst Nebraskan Gooner admitted that downward BTC price action “seems likely,” noting that BTC/USD had sunk below the narrow range in play for the past month.

#Bitcoin

Below range for a couple days now…

Downside seems likely. pic.twitter.com/c59Z01kJpK

— Nebraskangooner (@Nebraskangooner) July 22, 2023

Others were ready and waiting for volatility to reenter the market, but would not be drawn on whether Bitcoin would ultimately break out or break down to test levels from earlier in the year.

Among them was popular trader and analyst Toni Ghinea, who envisioned a make-or-break decision for the recent narrow price range in the coming week.

“I’m expecting a big move with $BTC next week. 31-32k is resistance. 29k is supported. Keep it simple,” he summed up,

“If there’s a break above do NOT get euphoric. We are literally at the range high. If there’s a nuke next key area is 27-28k. If it holds get ready to buy the pullback. If it breaks lower than 19-23k is still on the cards. Play this level by level. That’s it.

Earlier, Cointelegraph reported on the significance of various trend lines acting as support and resistance.

Crunch week with FOMC ahead

The coming week should provide plenty of potential volatility indicators as markets digest macroeconomic policy cues.

Related: BlackRock ETF will be ‘big rubber yes stamp’ for Bitcoin — Charles Edwards

The United States Federal Reserve’s Federal Open Market Committee (FOMC) will meet to decide on interest rates ahead of the Bitcoin monthly close.

As Cointelegraph reported, the sentiment is almost unanimous in predicting a return to rate hikes this month, following a previous pause.

According to CME Group’s FedWatch Toolthose odds stood at 99.2% as of July 23.

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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.