Analyst at Top Traders and professional trader Timur Gribennikov discuss the market’s current situation. Top Traders are the winners of the Binance designation for the leading influencer in Central and Eastern Europe.
After three months of decline in the first cryptocurrency, the market has seen the first signs of a rebound. If Bitcoin closes the week above the $23,000 mark, the price will move back above the MA200 — a strong bullish signal.
The 3D time frame is notable for a trend line on the RSI dating from January 7, 2021. It is important to monitor how the price reacts to the trend line — a breakout would be an additional bullish signal.
The daily time frame also points to a likely rebound. Initial targets are the $28,600–$30,000 range. If it holds, the next level would be a retest of the lower boundary of the active trading zone — $31,300.
The market’s main fear remains high inflation, but markets reacted positively to the expected forecasts. The latest Fed rate hike of 75 basis points was viewed as normal by the industry.
If the market does not move worse than forecasts, a positive reaction in the prices of digital gold could be expected.
Back in the second quarter of 2022 Bitcoin’s worst in 11 years.
In the night of July 29, Bitcoin quotes surpassed the $24,000 level. The market capitalization of digital assets rose to $1.1 trillion.
Guggenheim Partners’ Chief Investment Officer Scott Minerd warned of a possible decline in Bitcoin prices, as the industry has not yet “cleared” from troubled participants.
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