Key level for Bitcoin: $23,000
Key level for Bitcoin: $23,000

Key level for Bitcoin: $23,000

By Vincenzo Cacioppoli - 22 Jul 2022

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According to experts and analysts, the price of Bitcoin would have reached a key level on which a great deal of its future fate depends.

Bitcoin: false rise or sustained?

The $23,000 level reached this week by Bitcoin would be one of the key ones, according to many analysts, first and foremost that of the analysis firm TradingView. Weekly closing above that level could prelude a new recovery phase up to even $29,000 rather quickly.

In one week, Bitcoin would have gained about 25%, showing that it has reacted well to the descent to below $20,000 seen in the past weeks.

Renowned trader and analyst, Rekt Capital, as part of a recent Twitter update, wrote:

“To perform a reclaim of the 200-week MA as support, $BTC needs to Weekly Close above $22800”.

Closing above the 200-day moving average, according to the analyst, would be crucial as a signal of continuation of the bullish trend.

According to FXCM analysts equally important for Bitcoin prices could be the rate policy decided by the Fed that could affect Bitcoin prices.

What will be the future price movements

According to some, next week could be very indicative of where Bitcoin may go in the short term, even risking predictions that also seem a bit far-fetched.

Opinions, as is often the case, are hardly all in agreement, as some argue that beyond the levels reached and the technical analysis, Bitcoin could experience new declines, not least because of its increasingly close correlation with the Nasdaq tech stock market. 

New market declines, which are far from excluded given the economic contingency, could drag Bitcoin and the entire cryptocurrency market with it.

Therefore, many argue that the next Fed meeting, scheduled for 27 July, will be very important. Many argue that the US central bank could raise interest rates by 75 basis points, which could have heavy repercussions on the dollar’s price and that of Bitcoin, as well as of all assets considered high-risk.

Vincenzo Cacioppoli

Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog., he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.

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