• BTC Dominance: %
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Bitcoin bulls miss key resistance flip as BTC price sheds 8%

Jon Hartney by Jon Hartney
July 21, 2022
in Bitcoin, Blockchain, Business, Market
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

The 200-week moving average fails to hold as a rising dollar adds familiar pressure to Bitcoin and altcoin performance.

Bitcoin (BTC) extended losses on the July 21 Wall Street open after a key resistance level failed to hold as new support.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Dollar rises to squeeze risk assets

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping to $22,340 on Bitstamp after the opening bell, down 8% from its local top. 

Related articles

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

The pair’s progress had seen a challenge from Tesla, which revealed that it had sold 75% of its BTC position at a loss. Macro events then added to Bitcoin’s woes in the form of fresh U.S. dollar strength and a surprise rate hike from the European Central Bank (ECB) to combat inflation.

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView

At the time of writing, the U.S. dollar index (DXY) had regained 107, up 0.6% in an hour as U.S. equities conversely saw modest losses. 

In Europe, meanwhile, the ECB decision failed to improve the fortunes of the euro, which gave back early gains as the Eurozone battled fresh political fallout in Italy.

Good Morning on historic #ECB day from Italy where key interest rate should be at 6% & so 6ppts higher than current rate, acc to Taylor Rule w/Italy's core #inflation at 3.4% way above ECB target & unemployment at 8.1% near NAIRU. ECB rates should be 7.4ppts higher for entire EZ. pic.twitter.com/1Nh8yg4e6A

— Holger Zschaepitz (@Schuldensuehner) July 21, 2022

“Curious to see if we get a similar breakdown on equities that like we did before,” popular trader Josh Rager tweeted, eyeing an S&P 500 fractal from late May.

“Naturally, this would impact the price action of $BTC and crypto.”

The macro impact had already cost Bitcoin its 200-week and 50-day moving averages at the time of writing, these both lingering at $22,800.

“Unfortunately for bulls, BTC lost the 50-Day MA and the key 200-Week MA,” on-chain analytics resource Material Indicators wrote in part of its latest update, adding the nearest macro support level was now just below $20,000. 

Retest of the 50-Day MA validated the Trend Precognition signals on the D chart. Unfortunately for bulls, #BTC lost the 50-Day MA and the key 200-Week MA. The next technical support level is the green 21-Day MA just above the micro trend line. pic.twitter.com/r5m5HFl15i

— Material Indicators (@MI_Algos) July 21, 2022

For popular trader and analyst Crypto Tony, $21,700 was now the level to preserve.

Comparing 2022 to previous bear markets, meanwhile, he argued that Bitcoin should still be in line for some upside before another downmove — a perspective echoed elsewhere this week.

$BTC / $USD – Update

I have just gone over the prior bear markets while looking at time and the overall look. So far our move has taken 210 days while putting in the biggest drop with minimal relief

I think more relief than another drop later this year pic.twitter.com/pqjDEgOy1b

— Crypto Tony (@CryptoTony__) July 21, 2022

Altcoins echo loss of momentum

On altcoins, volatility was commonplace as large-cap tokens faced uncertain headwinds.

Related: Price analysis 7/20: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Ether (ETH), previously the best performer in the top ten cryptocurrencies by market cap, fell up to 9.7% overnight.

ETH/USD 1-hour candle chart (Binance). Source: TradingView

At the time of writing, ETH/USD circled the $1,500 mark, while Cardano (ADA) and Solana (SOL) also lost around 10% in 24 hours.

Commenting on the outlook, however, Jonah Van Bourg, head of trading at crypto liquidity provider Cumberland, pointed to Ethereum’s Proof-of-Stake transition as one factor to remain bullish on the largest altcoin.

“While the price action of the recent past has been technical and highly macro-correlated, this move has been crypto-fundamental: the Sepolia testnet successfully merged to proof-of-stake on July 6th, setting the stage for an early-autumn mainnet merge,” one of a series of tweets published on the day read.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Bitcoin derivatives data shows room for BTC price to move higher this week

by Jon Hartney
January 23, 2023
0

BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

by Jon Hartney
January 22, 2023
0

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE...

Genesis bankruptcy case scheduled for first hearing

by Jon Hartney
January 22, 2023
0

The first hearing in Genesis Capital's bankruptcy case will be held on January 23, according to court filings

Terra lending protocol Mars to launch mainnet

by Jon Hartney
January 22, 2023
0

The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during...

Central African Republic eyes legal framework for crypto adoption

by Jon Hartney
January 22, 2023
0

A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in

Load More
  • Trending
  • Comments
  • Latest

Ethereum Classic gets ‘endorsement’ from Vitalik Buterin, but ETC price still risks 50% crash

July 27, 2022

Critique on Helium’s $6.5K monthly revenue causes a stir

July 28, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022

Cardano Vasil hard fork hit with another delay for several weeks

July 29, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0

Crypto owners banned from working on US Government crypto policies

0

Korean startup Uprise lost $20M shorting LUNC

0

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Genesis bankruptcy case scheduled for first hearing

January 22, 2023

Terra lending protocol Mars to launch mainnet

January 22, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Bitcoin derivatives data shows room for BTC price to move higher this week January 23, 2023
  • Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher January 22, 2023
  • Genesis bankruptcy case scheduled for first hearing January 22, 2023
  • Terra lending protocol Mars to launch mainnet January 22, 2023
  • Central African Republic eyes legal framework for crypto adoption January 22, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$23,411.000.29%
  • ethereumEthereum(ETH)$1,670.460.73%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.00%
  • binancecoinBNB(BNB)$332.671.17%
  • usd-coinUSD Coin(USDC)$1.000.04%
  • rippleXRP(XRP)$0.4113530.26%
  • Binance USDBinance USD(BUSD)$1.000.01%
  • cardanoCardano(ADA)$0.4020370.24%
  • dogecoinDogecoin(DOGE)$0.0961452.62%
  • matic-networkPolygon(MATIC)$1.241.45%
  • OKBOKB(OKB)$43.905.66%
  • SolanaSolana(SOL)$24.40-0.42%
  • Shiba InuShiba Inu(SHIB)$0.0000159.51%
  • Lido Staked EtherLido Staked Ether(STETH)$1,664.720.68%
  • polkadotPolkadot(DOT)$6.87-0.27%
  • litecoinLitecoin(LTC)$98.87-0.10%
  • AvalancheAvalanche(AVAX)$20.99-1.32%
  • tronTRON(TRX)$0.0648742.12%
  • UniswapUniswap(UNI)$7.281.80%
  • daiDai(DAI)$1.000.05%
  • cosmosCosmos Hub(ATOM)$14.69-1.04%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$23,399.000.10%
  • chainlinkChainlink(LINK)$7.220.23%
  • ToncoinToncoin(TON)$2.33-0.04%
  • ethereum-classicEthereum Classic(ETC)$23.781.86%
  • leo-tokenLEO Token(LEO)$3.501.31%
  • moneroMonero(XMR)$172.79-0.12%
  • AptosAptos(APT)$16.620.56%
  • bitcoin-cashBitcoin Cash(BCH)$137.810.51%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.09%
  • stellarStellar(XLM)$0.0930770.05%
  • ApeCoinApeCoin(APE)$5.91-0.64%
  • NEAR ProtocolNEAR Protocol(NEAR)$2.533.03%
  • CronosCronos(CRO)$0.0837031.69%
  • filecoinFilecoin(FIL)$5.52-1.44%
  • QuantQuant(QNT)$142.90-0.90%
  • algorandAlgorand(ALGO)$0.2686930.12%
  • HederaHedera(HBAR)$0.0731853.44%
  • Lido DAOLido DAO(LDO)$2.19-3.03%
  • vechainVeChain(VET)$0.0248740.48%
  • FantomFantom(FTM)$0.61-2.98%
  • Internet ComputerInternet Computer(ICP)$5.931.98%
  • decentralandDecentraland(MANA)$0.78-0.11%
  • The SandboxThe Sandbox(SAND)$0.771.84%
  • Axie InfinityAxie Infinity(AXS)$11.582.57%
  • AaveAave(AAVE)$88.77-1.14%
  • eosEOS(EOS)$1.110.56%
  • FlowFlow(FLOW)$1.160.11%
  • MultiversXMultiversX(EGLD)$46.762.14%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000193-1.16%
  • theta-tokenTheta Network(THETA)$1.132.71%
  • tezosTezos(XTZ)$1.182.98%
  • FraxFrax(FRAX)$1.00-0.28%
  • The GraphThe Graph(GRT)$0.11236413.43%
  • huobi-tokenHuobi(HT)$5.864.09%
  • true-usdTrueUSD(TUSD)$1.000.04%
  • paxos-standardPax Dollar(USDP)$1.000.06%
  • kucoin-sharesKuCoin(KCS)$8.831.01%
  • havvenSynthetix Network(SNX)$2.725.74%
  • bitcoin-cash-svBitcoin SV(BSV)$43.700.75%
  • Curve DAOCurve DAO(CRV)$1.09-1.37%
  • ChilizChiliz(CHZ)$0.145587-0.16%
  • PancakeSwapPancakeSwap(CAKE)$4.575.63%
  • Rocket PoolRocket Pool(RPL)$40.460.50%
  • Frax ShareFrax Share(FXS)$10.26-5.51%
  • eCasheCash(XEC)$0.000039-0.27%
  • ImmutableXImmutableX(IMX)$0.91-2.68%
  • BitTorrentBitTorrent(BTT)$0.0000011.52%
  • USDDUSDD(USDD)$1.000.09%
  • Trust WalletTrust Wallet(TWT)$1.691.93%
  • iotaIOTA(MIOTA)$0.2488253.20%
  • Mina ProtocolMina Protocol(MINA)$0.82-2.28%
  • dashDash(DASH)$61.08-1.63%
  • BitDAOBitDAO(BIT)$0.580.48%
  • KlaytnKlaytn(KLAY)$0.2139691.69%
  • GateGate(GT)$4.500.23%
  • makerMaker(MKR)$711.811.32%
  • OptimismOptimism(OP)$2.99-0.24%
  • neoNEO(NEO)$8.80-0.47%
  • cUSDCcUSDC(CUSDC)$0.0227480.00%
  • ArweaveArweave(AR)$11.96-2.41%
  • zcashZcash(ZEC)$46.31-0.32%
  • GMXGMX(GMX)$69.84-6.07%
  • OKCOKC(OKT)$32.737.85%
  • RadixRadix(XRD)$0.057549-2.60%
  • gemini-dollarGemini Dollar(GUSD)$1.000.02%
  • cDAIcDAI(CDAI)$0.0221920.14%
  • THORChainTHORChain(RUNE)$1.87-0.92%
  • OsmosisOsmosis(OSMO)$1.05-4.15%
  • Tokenize XchangeTokenize Xchange(TKX)$6.831.08%
  • RenderRender(RNDR)$1.797.69%
  • Baby Doge CoinBaby Doge Coin(BABYDOGE)$0.00000055.32%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.10-0.39%
  • loopringLoopring(LRC)$0.401667-2.00%
  • PAX GoldPAX Gold(PAXG)$1,864.530.04%
  • enjincoinEnjin Coin(ENJ)$0.4889793.84%
  • Convex FinanceConvex Finance(CVX)$6.56-0.40%
  • zilliqaZilliqa(ZIL)$0.030133-1.34%
  • 1inch1inch(1INCH)$0.619.50%