Key Insights:
- Following a uneven Friday, bitcoin (BTC) slipped by a modest 0.05% on a range-bound Saturday.
- There have been no crypto news headlines to offer course forward of key financial indicators subsequent week.
- The Bitcoin Fear & Greed Index held regular at 24/100 regardless of the range-bound session.
On Saturday, bitcoin (BTC) slipped by 0.05%. Reversing a 0.09% decline from Friday, BTC ended the day at $21,582.
A combined begin to the day noticed BTC fall to a morning low of $21,329. Steering away from the First Major Support Level at $21,059, bitcoin rose to a late afternoon excessive of $21,943.
Falling wanting the First Major Resistance degree at $22,059, BTC eased again to finish the day at sub-$21,600.
Uncertainty over Fed financial coverage following the Friday nonfarm payrolls from the US left BTC vary certain.
Crypto market sensitivity to US financial indicators was evident all through this week. Bitcoin and the broader market discovered help from much less hawkish FOMC assembly minutes earlier than faltering on better-than-expected NFP numbers from the US.
Next week, the crypto market might want to think about a number of key financial indicators. These embody US inflation numbers (Wed), US weekly jobless claims and wholesale inflation figures (Thurs), GDP numbers from China (Fri), and US retail gross sales figures (Fri).
Upbeat US numbers would give the Fed the choice for a 75-basis price hike this month. However, weak stats from China would gas fears of a recession and help a extra average 50-basis level hike.
In the week ending July 8, the NASDAQ 100 rallied by 4.56%, with bitcoin gaining 11.92%, Monday via Friday.
BTC – NASDAQ – 100722 Daily Chart
Bitcoin Fear & Greed Index Holds Steady at 24/100
This morning, the Fear & Greed Index held regular at 24/100. Easing fears of a recession and the much less hawkish Fed minutes continued to help the transfer in the direction of the “Fear” zone that begins at 25/100.
Fear & Greed 100722
Hitting the very best degree since a May 5, 27/100, a continued upward development would point out a marked shift in investor sentiment.
A bitcoin return to the “Fear” zone at 25/100 will now be the important thing for the bitcoin bulls.
The Index final sat within the “Fear” zone on May 5, when bitcoin stood at $36,630.
Bitcoin (BTC) Price Action
At the time of writing, BTC was down 0.25% to $21,529.
A combined begin to the day noticed BTC rise to an early excessive of $21,591 earlier than falling to a low of $21,460.
BTCUSD 100722 Daily Chart
Technical Indicators
BTC wants to maneuver via the $21,618 pivot to focus on the First Major Resistance Level (R1) at $21,904 and check resistance at $22,000.
BTC would wish a bullish session to help a breakout from the Saturday excessive of $21,943.
An prolonged rally would check the Second Major Resistance Level (R2) at $22,231 and resistance at $22,500. The Third Major Resistance Level (R3) sits at $22,848.
Failure to maneuver via the pivot would deliver the First Major Support Level (S1) at $21,291 into play.
Barring an prolonged sell-off, BTC ought to keep away from sub-$20,500, with the Second Major Support Level (S2) at $21,005 more likely to restrict the draw back.
The Third Major Support Level (S3) sits at $20,391.
BTCUSD 100722 Hourly Chart
Looking on the EMAs and the 4-hourly candlestick chart (under), it was a extra bullish sign. This morning, bitcoin sat above the 100-day EMA, at present at $20,918.
The 50-day EMA closed in on the 100-day EMA. The 100-day EMA narrowed to the 100-day EMA; bitcoin price constructive.
A bullish cross of the 50-day EMA via the 100-day EMA would deliver the Major Resistance Levels and the 200-day EMA, at present at $22,500, into play.
However, a retreat via the 100-day EMA would check help at $21,000.
BTCUSD 100722 4 Hourly Chart
On a development evaluation foundation (See BTC – NASDAQ Chart), bitcoin would wish a transfer via a May 30 excessive of $32,503 to then goal the March 28 excessive of $48,192 into play. Near-term, resistance at $25,000 will doubtless be the primary check within the occasion of a breakout from $22,000.
