Bitcoin price swings 7.5% during intraday trading as US recession concerns mount

The NFT Unicorn 1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvMWZmYjI2MjctMzhhOC00NzZkLWE2MjAtYmMzNmYwMGRlZGZiLmpwZWc Bitcoin price swings 7.5% during intraday trading as US recession concerns mount Crypto News

The cryptocurrency market along with the tech-heavy Nasdaq saw a bit of positive price action on July 5 amid a backdrop of rising recession concerns in the United States. 

Data from Cointelegraph Markets Pro and TradingView shows that an early morning onslaught by bears managed to drop Bitcoin (BTC) to a daily low of $19,309 before reinforcements arrived to bid the price back above support at $20,400 during the afternoon.

BTC/USDT 1-day chart. Source: TradingView

Here’s what several analysts are saying comes next for the top cryptocurrency and what support and resistance levels to keep an eye on moving forward.

Looking for a continuation to $23K

A bullish take on the recent Bitcoin price action was offered by independent analyst Michael van de Poppe, who posted the following chart as a follow-up to a previous Tweet that suggested Bitcoin needed to crack the resistance zone at $19,700 to continue higher:

The NFT Unicorn 8f3dd042-72de-4f0f-bc86-3dae8d1b3e9b Bitcoin price swings 7.5% during intraday trading as US recession concerns mount Crypto News
BTC/USD 15-minute chart. Source: Twitter

The analyst said:

“This one did crack the resistance and ran towards the next area of resistance at $20.3K. I’m expecting #Bitcoin to consolidate for a bit here, but breaking the next resistance zone is a trigger for continuation towards $23K and a summer relief rally.”

Possible pullback to $15,800

A decidedly less optimistic take on the recent price action was provided by crypto analyst and pseudonymous Twitter user il Capo of Crypto, who posted the following chart highlighting several “fake pumps” that resulted in lower highs:

The NFT Unicorn a1bb2f37-ceb4-417b-b32f-9f4dbb1cb0da Bitcoin price swings 7.5% during intraday trading as US recession concerns mount Crypto News
BTC/USD 4-hour chart. Source: Twitter

Il Capo of Crypto said:

“Lower highs all the time. Pumps have low volume and they look corrective. Main target remains $15,800-16,200.”

Related: Bitcoin faces fresh pressure as US dollar crushes gold, risk assets

Double bottom on the BTC chart

A final bit of hopium was offered by crypto trader and pseudonymous Twitter user Captain Faibik, who posted the following chart and highlighted the importance of a daily close above $20,000:

The NFT Unicorn 188d06b0-b910-40cb-8c75-25d4fe6f122a Bitcoin price swings 7.5% during intraday trading as US recession concerns mount Crypto News
BTC/USD 1-day chart. Source: Twitter

Captain Faibik said:

“Double Bottom & Bullish Divergence Both in Play… If Bulls Reclaimed the $21.6K Resistance, Expecting +30-40% Relief RALLY.”

For those looking for more reassurance that the market may be nearing its bottom for the current bear cycle, pseudonymous Twitter user Bitcoin Archive posted the following chart of Bitcoin’s MRVR Z-score, which has been a reliable indicator of past market bottoms:

The NFT Unicorn dacf0e7e-dd2b-4e32-ab54-d0eb44d05676 Bitcoin price swings 7.5% during intraday trading as US recession concerns mount Crypto News
Bitcoin MVRV Z-score. Source: Twitter

Bitcoin Archive explained:

“#Bitcoin is now deep into the “green zone” – which has signaled market bottoms on 4 occasions.”

The overall cryptocurrency market cap now stands at $911 billion and Bitcoin’s dominance rate is 42.7%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.



Source: Cointelegraph