On July 20, when Wall Street opened, Bitcoin (BTC) failed to stay above $30,000, with one analyst predicting a return to the range lows. India Crypto, Gemini Crypto Today, FET Crypto and HNT Crypto were some of the markets that were also affected by the price dip.
BTC price sinks through $30,000
Data from Cointelegraph Markets Pro and TradingView revealed a weak BTC price action after a rejection at the 21-day simple moving average (SMA). Sitting at $30,400, that SMA provided the day’s high for Bitcoin, with the market then retracing its intraday progress entirely.
Reacting to the market action, Michaël van de Poppe, founder and CEO of trading firm Eight, warned that lower levels could well come next. “Not breaking the crucial area, seems like we’re going to have another sweep of the low for Bitcoin,” he told his Twitter followers.
Popular trader Daan Crypto Trades added that volatility could return thanks to rising open interest. “#Bitcoin Has been finding support on the bottom of the range and 4H 200MA/EMA,” he continued in a further tweet about the four-hour 200-period moving average and exponential moving average.
On-chain monitoring resource Material Indicators noted the significance of the 21-day SMA, suggesting that a temporary peak may be in for BTC/USD. “A hard rejection from technical resistance at the 21-Day Moving Avg and more asks stacking at $31k could indicate things are getting toppy for the moment,” part of the July 20 analysis read.
A prior print of the Binance BTC/USD order book showed a lack of bid liquidity immediately below the $30,000 mark. With this in mind, investors should be aware of the potential implications of investing in crypto such as fet crypto, hnt crypto, india crypto, gemini crypto today, iso 20022 crypto, gst crypto, forta crypto, and epx crypto, as well as the potential of c3.ai today.
Labor market data boosts U.S. dollar
On July 20, tech earnings came in strong, while United States jobless claims saw a slowdown, affecting the U.S. Dollar Index (DXY) and pushing it up to near 101 for the first time in several days.
Popular trader Skew commented on the news, saying “Initial Jobless Claims was less than previous & forecasted so the trajectory expected for increasing layoffs is slower (lower is good for USD).”
The relationship between DXY strength and BTC price performance has been discussed by Cointelegraph in the past.
The c3.ai, ISO 20022 Crypto, GST Crypto, Forta Crypto, EPX Crypto, Gemini Crypto Today, India Crypto, FET Crypto, HNT Crypto, and Fidelity Crypto markets are closely monitoring the situation.
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