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Bitcoin (BTC) Tests Technical Resistance – Softer USD Lifts Sentiment


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Jul 18, 2022 | DailyFX
Tammy Da Costa, Analyst

CRYPTOCURRENCY, BITCOIN TALKING POINTS:

  • Bitcoin, Ethereum rise, softer USD boosts riskier assets
  • Coinbase suspends its affiliate program in an effort to cut costs
  • Price action rises above trendline resistance but technical hurdles remain intact

What cryptocurrencies will look like in 50 years

BITCOIN TECHNICAL ANALYSIS

Despite elevated fears that the Crypto giant may not survive the ‘winter’, Bitcoin prices are currently trading around $22,400, a level that was initially rejected earlier this month (08 July). As price action remains supported by the descending trendline (taken from April 2022), a softer USD may allow bulls to drive prices back towards the $23,000 with the next level of resistance holding at $24,383. However, for a resumption of the bear trend, a break of $20,000 and $18,000 brings the December 2020 low into play at $17,569.

Discover The Basics of Technical Analysis

Bitcoin (BTC/USD) Daily Chart

Bitcoin (BTC) Tests Technical Resistance – Softer USD Lifts Sentiment

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