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As the value of Bitcoin hovers beneath the $30,000 threshold, acting as an intraday resistance, market traders are feeling the heat. A recent dip on July 22 to $29,640 sent a wave of uncertainty through the market, despite a speedy recovery to close the day. However, traders harbor concerns about a potentially steeper downturn.
Well-known crypto trader, Crypto Tony, shared an analysis based on the recent three-day chart. Noting a double top rejection currently with Bitcoin, he advised vigilance about significant drops. Tony flagged $25,000 and $20,000 as crucial psychological markers to watch for potential price degradation. Echoing this sentiment, analyst Nebraskan Gooner hinted at a likely downslide in the Bitcoin value. The Bitcoin to USD exchange has dipped below the confined range that it's been playing within the past month.
Anticipation for market volatility is high among traders and analysts alike. Bitcoin's future hangs in the balance, with experts hesitant to predict if it will surge or plummet to earlier year levels. Among the watchers is renowned trader Toni Ghinea, predicting a pivotal moment for the cryptocurrency in the imminent week.
Adding fuel to the speculative fire, the upcoming week promises a series of potentially volatile events. The Federal Open Market Committee (FOMC) of the United States Federal Reserve is set to meet and decide on interest rates ahead of Bitcoin's monthly close. According to the FedWatch Tool from CME Group, as of July 23, the odds of a rate adjustment are 99.2%. With these macroeconomic policy cues on the horizon, traders and investors are gearing up for potential market shocks and awaiting Bitcoin's next "big move."
