Битцоин (BTC) avoided losses as United States equities dived on the July 14 Wall Street open, but traders remained nervous.
Analyst: “No way” Bitcoin bottomed at $17,500
Подаци из Цоинтелеграпх Маркетс Про ТрадингВиев followed BTC/USD as it lingered around $20,000 on the day.
Wall Street opened with losses, the S&P 500 and Nasdaq Composite Index both down around 1.8% at the time of writing.
Bitcoin nonetheless managed to hold its own as the largest cryptocurrency’s correlation to stocks fell to its lowest levels of 2022 до сада.
That said, few were willing to say that the worst was over for hodlers.
“This has been a weak rebound so far. Another possible bearish continuation…,” macro analyst Aksel Kibar сажети пратиоцима на Твитеру.
Popular analyst and social media personality Michael Suppo meanwhile очекиван a lower low than June’s near $17,500 levels thanks to a cocktail of macroeconomic factors.
“No way is $17.5k the bottom for Bitcoin,” he wagered.
Others hoped that higher support levels would hold before any retest of existing multi-month lows.
13.7К је могућност коју гледамо већ 10 месеци. #Битцоин неће достићи 13.7К осим ако не изгубимо 19.5К као подршку.
19.5K is holding really well so far. The bottom is likely in or very close to being in but most will miss the bottom while waiting for lower prices пиц.твиттер.цом/АЈФ5ие0нтн
— Steve Courtney ~ Crypto Crew University (@CryptoCrewU) Јула КСНУМКС, КСНУМКС
“BTC has experienced most of its Downtrend Acceleration phase,” fellow trader and analyst Rekt Capital continued with a slightly more optimistic perspective.
“Once this phase is finished, the Multi-Month Consolidation phase will follow.”
US dollar cools after yet another record
The macro story on the day remained the U.S. dollar, which continued to hit new 20-year highs against a basket of trading partner currencies.
Релатед: Како би јака корелација биткоина са акцијама могла да изазове пад на 8,000 долара
Those included the euro and Japanese yen, both of which fell to their lowest since the start of the century against USD. EUR/USD fell below parity.
The dollar keeps strengthening, with DXY now at its highest level since 2002. This is a euro story, with fears of recession growing on the heels of a potential gas cutoff, and a yen story, with Japan’s extreme monetary policy divergence. But it’s also the stuff-a-mattress trade pic.twitter.com/tfk9GvTqOM
— Лиза Абрамович (@лисаабрамовицз1) Јула КСНУМКС, КСНУМКС
At the time of writing, the U.S. dollar index (DXY) circled 108.9 after hitting its peak of 109.29.
“No one wants fire insurance during a flood, and no one wants dollar value insurance with the Fed pumping $DXY via rates hikes and recession,” Reddit and Twitter user TheHappyHawaiian коментарисао in part of a post discussing the impact of a strong dollar on silver prices.
Као Цоинтелеграпх пријавио, TheHappyHawaiian also stated that the Federal Reserve would soon have no choice but to reverse the rate hikes or risk “blowing up” the economy.
Овдје приказана стајалишта и мишљења су искључиво становишта аутора и не одражавају нужно ставове Цоинтелеграпх.цом. Сваки потез улагања и трговања укључује ризик, приликом доношења одлуке требало би да спроведете сопствено истраживање.
Source: https://cointelegraph.com/news/bitcoin-analysts-weigh-sub-17-5k-dip-after-weak-btc-price-bounce