Bitcoin is moving toward retesting lower levels. This could lead to some altcoins such as UNI and AAVE experiencing a breakout. The asset lost ground over the weekend as investors remain cautious regarding US consumer inflation data due July 13th. Analysts predict that June’s CPI will be higher than May’s 8.6%. Investors aren’t confident that the correction is complete due to macro uncertainty. The Reserve Risk, which measures long term investor sentiment, saw a record-breaking July reading. BTC is trading at around 42.8% with a more than 7% increase.
BTC traded at $20650 as of the writing of this article.
Chart for Bitcoin (BTC).
BITCOIN created double Doji candles at $19,000, and then started to move up with low volumes. It reached a weekly peak of $22,527. The asset encountered stiff resistance at $23,000, and made back-to-back Doji candles near the resistance. This indicates indecision in this trend. Bitcoin is supported at $17,000, while $23,000 will be a strong resistance. Breakouts either side of this range will determine the future trend of the asset. An asset with a flat Moving Average and RSI of 50 indicates a neutral stance.
Support 2Support 1AssetResistance 1Resistance 2$15,500$17,000BTC$23,000$28,000Bitcoin (BTC) Chart
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11th- July-2022 ZebPay.