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Bitcoin Falls Against Surging US Dollar as APAC Traders Gauge China Covid Flare-Up


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Crypto firms say thousands of digital currencies will collapse

Bitcoin prices fell alongside equities and risk-sensitive currencies. A Bloomberg MLIV Pulse survey revealed that a 60% majority of traders see prices falling to $10,000, while 40% see BTC hitting $30,000 first. The data shows that traders are bearish on the cryptocurrency’s path forward. Ethereum prices were nearly doubling the fall seen in BTC prices over the last 24 hours.

 

BTC/USD TECHNICAL FORECAST

BTC/USD crossed below its 20-day Simple Moving Average (SMA) overnight. Prices are testing the psychologically-important 20,000 level. A break lower may open the door for prices to test the June and July lows, which may offer an area of resistance. Bulls would need to reclaim the 20-day SMA before testing the 26-day Exponential Moving Average (EMA), which halted a rally over the weekend.

BTC/USD DAILY CHART

bitcoin price chart

Chart created with TradingView

 

Jul 12, 2022 | DailyFX
Thomas Westwater, Analyst

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