Key level for Bitcoin: $23,000 – The Cryptonomist

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According to experts and analysts, the price of Bitcoin would have reached a key level on which a great deal of its future fate depends.

Bitcoin: false rise or sustained?

The $23,000 level reached this week by Bitcoin would be one of the key ones, according to many analysts, first and foremost that of the analysis firm TradingView. Weekly closing above that level could prelude a new recovery phase up to even $29,000 rather quickly.

In one week, Bitcoin would have gained about 25%, showing that it has reacted well to the descent to below $20,000 seen in the past weeks.

Renowned trader and analyst, Rekt Capital, as part of a recent Twitter update, wrote:

“To perform a reclaim of the 200-week MA as support, $BTC needs to Weekly Close above $22800”.

#BTC is +6% above the 200-week MA

To perform a reclaim of the 200-week MA as support, $BTC needs to Weekly Close above $22800#Crypto #Bitcoin pic.twitter.com/3CRZ8V3o8k

— Rekt Capital (@rektcapital) July 20, 2022

Closing above the 200-day moving average, according to the analyst, would be crucial as a signal of continuation of the bullish trend.

According to FXCM analysts equally important for Bitcoin prices could be the rate policy decided by the Fed that could affect Bitcoin prices.

What will be the future price movements

According to some, next week could be very indicative of where Bitcoin may go in the short term, even risking predictions that also seem a bit far-fetched.

Next Week Decision Time,$BTC will go 30-40K or 12-15K

I Want Weekly Close above $22,401

— Trader_J (@Trader_Jibon) July 22, 2022

Opinions, as is often the case, are hardly all in agreement, as some argue that beyond the levels reached and the technical analysis, Bitcoin could experience new declines, not least because of its increasingly close correlation with the Nasdaq tech stock market. 

New market declines, which are far from excluded given the economic contingency, could drag Bitcoin and the entire cryptocurrency market with it.

Therefore, many argue that the next Fed meeting, scheduled for 27 July, will be very important. Many argue that the US central bank could raise interest rates by 75 basis points, which could have heavy repercussions on the dollar’s price and that of Bitcoin, as well as of all assets considered high-risk.