Although Bitcoin started the new week with a price above the range of $20,000, heading for a new record in the bearish market would still be out of reach. After a calm weekend which was punctuated by a brief spike to a sum of $22,000, the exchange is again back to the closing price as set by CME futures markets on the 24th of June. A trip around would definitely help the traders get up from where they sat down at the end of the final Wall Street trading session, but there could be a lot that would be in store for the next few days.
Bitcoin Could Be Rising Up Strongly- Investors Hope
For one, the cocktail of bearish tendencies and macro threats would definitely make the current climate far from ideal for an average holder. Even though one did see some relief the previous week, most of the crypto markets have continued to bear the brunt of nerves, which have also defined the macro sentiment throughout 2022 increasingly. Now, with the monthly close of July approaching fast, Bitcoin will be facing a few days of reckoning amidst its worst performance since 2018.
One word that can be used to describe the general sense of resignation among the traders of Bitcoin this week would be apathetic. Although the weekend definitely spared the average holder more unwelcome surprises, the data from TradingView and Cointelegraph Markets Pro do remind one that the exchange is definitely not in the place it was supposed to be even in a bear market. With the key moving average of 200 weeks currently out of reach, there isn’t much bullish sentiment out there.
Interestingly, a thesis by Venturefounder does indicate a broader belief that the bottom has not yet been touched by Bitcoin- and any form of relief move would simply be distractions on the lower levels and nothing more.
