Bitcoin can still hit $19K, warns trader ahead of BTC price ‘big move’

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Bitcoin (BTC) faced another downside threat over the weekend as the market geared up for a candlestick close on July 23.

Bitcoin $19,000 to $23,000 ‘still under consideration’

Cointelegraph Markets Pro and TradingView It showed that BTC is currently trading below $30,000, which is set as intraday resistance.

After dipping to $29,640 on July 22nd and then recovering in time for the closing price, traders feared it could get worse.

https://t.co/GY0AgGbAnn

— Crypto Chase (@Crypto_Chase) July 22, 2023

Popular trader Crypto Tony said, “BTC is currently in a double top denial, so we need to keep track of levels in case of a drop.” warned The latest analysis of the 3-day chart by Twitter followers.

“The two levels are $25,000 and $20,000, both of which are important psychological levels.”

Fellow trader and analyst Gooner of Nebraska confirmed that BTC’s price drop is “likely”, noting that BTC/USD has fallen below a tight range over the past month.

#bitcoin

It’s been below range for the last few days…

It seems likely that it will fall. pic.twitter.com/c59Z01kJpK

— Nebraskangooner (@Nebraskangooner) July 22, 2023

Others were ready and waiting for volatility to re-enter the market, but they weren’t paying attention to whether Bitcoin would eventually break or break to test levels earlier this year.

Among them was popular trader and analyst Toni Guinea, who expected the recent narrow price range to make a winning or losing decision next week.

“We expect a big move in the BTC dollar next week. 31-32k is resistance. 29k is support. Keep it simple,” he says. summarized.

“Even if there is a break above, don’t get euphoric. We’re literally at the top. If you have nukes, the next major area is 27-28,000. If it holds up, be prepared to buy a pullback.

Earlier, Cointelegraph reported on the importance of various trendlines acting as support and resistance.

A turbulent week ahead of the FOMC

There should be plenty of indicators of potential volatility next week as markets digest clues on macroeconomic policy.

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The Federal Open Market Committee (FOMC) of the US Federal Reserve Board (FRB) will meet to decide on interest rates ahead of Bitcoin’s monthly closing price.

As Cointelegraph reported, expectations for a return to rate hikes this month are largely unanimous, following the previous pause in rate hikes.

according to As of July 23, that probability was 99.2%, according to CME Group’s FedWatch tool.

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This article does not contain investment advice or recommendations. Any investment or trading move involves risk and readers should conduct their own research before making any decision.