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Bitcoin Prices Stall Despite Weak US Dollar as China Risk Lingers

MongiIG

By MongiIG,
in Cryptocurrency and Blockchain

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Posted
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Bitcoin Prices Steady After Crypto Heist. A Prominent Whale Is Getting Bigger. | Barron's

Jul 22, 2022 | DailyFX
Thomas Westwater, Analyst

BITCOIN, US DOLLAR, COVID, CHINA, AUSTRALIA, MARKET SENTIMENT, TECHNICAL OUTLOOK - TALKING POINTS

  • Asia-Pacific markets look to end the week on a bright note
  • China remains a risk to markets as Shenzhen goes on alert over Covid
  • BTC/USD prices stall after narrowly clearing confluent resistance

BTC/USD TECHNICAL OUTLOOK

Bitcoin is struggling after prices narrowly cleared the 50-day Simple Moving Average (SMA) and a descending trendline from March. The current resistance stems from mid-June, when prices moderated after a steep decline. Prices may need a period of consolidation to allow bulls to regroup. However, dropping below 23,000 may open prices up to further downside.

BTC/USD DAILY CHART

btcusd

Chart created with TradingView

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