Bitcoin bear market rally continues after BTC price hits $23,400

Bitcoin bear market rally continues after BTC price hits $23,400

Bitcoin (BTC) consolidated higher on July 28 after changes in US monetary policy fueled optimism in risk assets.

Hourly candlestick chart of the BTC/USD pair (Bitstamp). Source: Trade View

The rise in nutrition inspires fresh optimism for cryptocurrencies

Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair reached highs of $23,452 on Bitstamp overnight.

The pair reacted strongly to the latest key rate hike from the Federal Reserve, although it was in line with market expectations. Later comments from Fed Chairman Jerome Powell added momentum to the breakout.

“I think the reason this brings some relief to the equity market is that the Fed recognizes that there could be an impact on growth, on the economy, depending on their policy,” CNBC told CNBC. by asset management giant BlackRock:

“They recognize that there are two sides to the coin: there is a compromise on growth to fight against inflation. This confession is something we have heard today that we have not heard before. »

Crypto commentators had previously predicted that the Fed would be stuck between two stools in the form of forty-year high inflation and the risk of a recession arising from its struggle.

“Who is performing better here? Nasdaq & Crypto,” wrote Alf, creator of the Macro Compass newsletter, as part of a Twitter summary of the week’s events:

“If the Fed is not going to further tighten financial conditions on autopilot, real yields will start to fall again.”

Finally, what is the bond market saying? We’ve priced a few hikes between now and December, and here’s how we end up: 50 in September, 25 in November, 25 in December. FACT: 50 basis point cut in 2023. Increasingly likely that the “peak of Fed monetary policy” is behind us. 12/ — Alf (@MacroAlf) July 27, 2022

He noted that upcoming rate hikes were not priced to hit or even match the July 75 basis point, adding to “a greater likelihood that the ‘peak of Fed optimism’ is behind us”.

Eyes on the daily close of $23,500

When it comes to the price of BTC, therefore, commentators have been cautiously optimistic as they wait for the last vestiges of volatility to emerge from the market.

Also read: Price Analysis 7/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

“I haven’t taken the chance yet, but closes above $23,450 daily and will start looking for long setups towards $26,500,” popular Crypto trader and analyst Tony wrote on July 28.

So Bitcoin had to match its overnight highs and hold them to confirm a change in trend.

Very bullish daily close – we closed above the body of our resistance zone. A bearish rejection/reversion would bring us close below this zone. We may have just hit a record low. On LTF, pullbacks to green are healthy – keep it on repeat and it’s likely a full reversal. — CrediBULL Crypto (@CredibleCrypto) July 28, 2022

The Analytical Resource on a chain Material Indicators meanwhile noted what it noted as a “significant long signal” on the daily close, reinforcing the short-term bullish scenario.

“The bear market continues,” he said. completed in a tweet along with a chart of buy and sell signals.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of All investment and trading involves risk, you should do your own research before making a decision.

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