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Tuesday, December 6, 2022

Bitcoin price swings 7.5% during intraday trading as US recession concerns mount

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The cryptocurrency market together with the tech-heavy Nasdaq noticed a little bit of optimistic price motion on July 5 amid a backdrop of rising recession concerns within the United States. 

Data from Cointelegraph Markets Pro and TradingView reveals that an early morning onslaught by bears managed to drop Bitcoin (BTC) to a every day low of $19,309 earlier than reinforcements arrived to bid the price again above help at $20,400 during the afternoon.

BTC/USDT 1-day chart. Source: TradingView

Here’s what a number of analysts are saying comes subsequent for the highest cryptocurrency and what help and resistance ranges to keep watch over transferring ahead.

Looking for a continuation to $23K

A bullish tackle the latest Bitcoin price motion was supplied by unbiased analyst Michael van de Poppe, who posted the next chart as a follow-up to a earlier Tweet that recommended Bitcoin wanted to crack the resistance zone at $19,700 to proceed increased:

BTC/USD 15-minute chart. Source: Twitter

The analyst mentioned:

“This one did crack the resistance and ran towards the next area of resistance at $20.3K. I’m expecting #Bitcoin to consolidate for a bit here, but breaking the next resistance zone is a trigger for continuation towards $23K and a summer relief rally.”

Possible pullback to $15,800

A decidedly much less optimistic tackle the latest price motion was supplied by crypto analyst and pseudonymous Twitter consumer il Capo of Crypto, who posted the next chart highlighting a number of “fake pumps” that resulted in decrease highs:

BTC/USD 4-hour chart. Source: Twitter

Il Capo of Crypto mentioned:

“Lower highs all the time. Pumps have low volume and they look corrective. Main target remains $15,800-16,200.”

Related: Bitcoin faces fresh pressure as US dollar crushes gold, risk assets

Double backside on the BTC chart

A closing little bit of hopium was supplied by crypto dealer and pseudonymous Twitter consumer Captain Faibik, who posted the next chart and highlighted the significance of a every day shut above $20,000:

BTC/USD 1-day chart. Source: Twitter

Captain Faibik mentioned:

“Double Bottom & Bullish Divergence Both in Play… If Bulls Reclaimed the $21.6K Resistance, Expecting +30-40% Relief RALLY.”

For these searching for extra reassurance that the market could also be nearing its backside for the present bear cycle, pseudonymous Twitter consumer Bitcoin Archive posted the next chart of Bitcoin’s MRVR Z-score, which has been a dependable indicator of previous market bottoms:

Bitcoin MVRV Z-score. Source: Twitter

Bitcoin Archive defined:

“#Bitcoin is now deep into the “green zone” – which has signaled market bottoms on 4 occasions.”

The total cryptocurrency market cap now stands at $911 billion and Bitcoin’s dominance fee is 42.7%.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Every funding and trading transfer entails danger, you must conduct your individual analysis when making a choice.