Bitcoin records Best Weekly Gains in 3 Months and BTC Price drops below $ 21,000

Bitcoin records Best Weekly Gains in 3 Months and BTC Price drops below $ 21,000

Bitcoin (BTC) declined three days at the weekly close on July 10, breaking $ 21,000 in short-term support.

One hour candle chart of the BTC / USD (Bitstamp) pair. Source: Trade View

A trader notices bullish fluctuations in the markets

According to data from Cointelegraph Markets Pro and TradingView, the BTC / USD pair has bounced back some of its early week gains, as they look to post their best weekly gains since March.

The pair was hovering at about $ 20,850 at the time of writing, about $ 1,600 below the 200 – week moving average high week.

Despite the lack of a further breakout, some commentators have given bitcoin cautious optimism ahead of the start of the new week.

“Markets are showing bullish fluctuations from the high-time level and the outlook is the same for a funeral,” he said. abstract Michaël van de Poppe, Cointelegraph participant.

“The recipe for reversing is there, and it can accelerate quickly. Invest when no one is interested. Sell ​​when everyone is interested ”.

Meanwhile, well-known Crypto trader Tony entertained the idea that a new step on the side would enter before a deeper collapse, which he said would “drive everyone crazy.”

$ BTC / $ USD – Playing with ideas. If we start pushing harder and fail to get the top of the fork back, chances are we’ll see something like this take shape. I can imagine that everyone would go crazy
– Crypto Tony (@CryptoTony__) July 10, 2022

Macroeconomic conditions remained uncertain, and the turmoil in Sri Lanka contributed to a sense of bitterness generated by the common global theme of the energy, food and financial crisis.

With all this bullshit going on around the world, I do not see how anyone can be optimistic from a macroeconomic standpoint. We need new buyers and traders, without that there is no continuation … only reductions. Opportunity for all bulls to go out and buy $ BTC lower – Ninja (@Ninjascalp) July 10, 2022

Attention was drawn to the US Dollar Index (DXY), which ended the week on support after reaching new highs not seen in two decades.

Hourly chart of the US Dollar Index (DXY). Source: Trade View

The risk reserve reaches an all-time low

Those looking for a chance to buy gold on BTC received a new key signal from the Reserve Risk indicator.

Read also: Bitcoin is ‘cheap’ at $ 20,000, as it looks like a 2013 bitcoin to wallet price ratio

Like the Note Commentator Murad over the weekend, the Risk Reserve, which reflects the mood of long – term holders, bottomed out at July prices.

“Either this metric is violated or we are in the high timeframe bearish zone,” he said in some of his comments on Twitter, along with data from analytics firm Glassnode.

“I followed the second hypothesis”.

Graph of bitcoin risk reserve against the BTC / USD pair. Source: @MustStopMurad / Twitter

The risk reserve, as reported by Cointelegraph, has rediscovered its “buyout” green zone since March, which represents the best opportunities for investment with “excessive returns”.

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of All investments and trades involve risk. You should do your own research before making a decision.

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