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Bitcoin Prices Poised for More Gains as Risk Assets Gain After Weak US GDP


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Cryptocurrency: Bitcoin, Ethereum Gain, Trading Volume Surges Over  100,000%; Check Latest Rates

Jul 29, 2022 | DailyFX
Thomas Westwater, Analyst

BITCOIN, BTC/USD, US GDP, CRUDE OIL, TECHNICAL OUTLOOK - TALKING POINTS

  • Traders went risk on overnight on a weak US GDP print that trimmed Fed bets
  • Australia eyes second-quarter producer price index data as AUD/USD stalls
  • BTC/USD’s technical posture improves after breaking above resistance

BTC/USD TECHNICAL OUTLOOK

BTC/USD continued its run higher after crossing above a key level of resistance in place since early June following a break above the 50-day Simple Moving Average and a descending trendline from March. The 100-day SMA and a level of prior support from May is the next target for the cryptocurrency. The RSI and MACD oscillators are both tracking higher above their respective midpoints.

BTC/USD DAILY CHART

btcusd

Chart created with TradingView

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