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July 30, 2022

Bitcoin (BTC) Market Update 07/30

Cointelegraph Markets Pro and TradingView data indicated that Bitcoin (BTC) will maintain $24,000 as resistance until July 30.

In the second part of the week, the pair benefited from macro tailwinds across risk assets, including a strong finish for U.S. stocks. The S&P 500 and the Nasdaq Composite Index each gained 4.1% and 4.6% during the last week, respectively.

In light of the likelihood that off-peak trading would trigger turbulent circumstances at weekly and monthly closing as a result of less liquidity, experts cautioned that anything might occur between now and July 31.

“Like usual, I’ll just observe the market till the end of the week,” Josh Rager said.

In the present market environment, it is difficult to enter substantial trades, however, there may be a few outliers that continue to perform strongly over the weekend.

Others focused their attention on the importance of the present spot price levels, which are above the 200-week moving average (MA) at $22,800. A Bitcoin weekly close above this trendline would be unprecedented since June.

Due to “overbought” circumstances, however, the well-known trader Roman predicted a rebound to at least $23,000 in the immediate term.

The Crypto Dread & Greed Index reached its highest level since April 6 after departing its longest-ever stretch of “severe fear.” Optimism continued to rise throughout crypto markets throughout the week, reaching its highest level since April 6.

The Index entered “neutral” area for the day at 45/100.

Regarding the next month, Cointelegraph writer Michal van de Poppe said that stock performance will continue to foster favorable circumstances for a cryptocurrency recovery.

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August was expected to be a calm month for U.S. macro triggers since the Federal Reserve was not planning to modify policy until September.

With the next Consumer Price Index (CPI) reading coming on August 10, the possibility of inflationary acceleration persisted. This Monday, the European Union released its highest-ever estimate for the eurozone’s monthly inflation, at 8.9 percent.