Bitcoin on July 28, 2022 – In green, and against all

Floor reached? The price of Bitcoin (BTC) records new significant increases, after the announcements of the American Federal Reserve (FED) and the publication of data, which show an economy at half mast.

This Bitcoin price analysis is brought to you in collaboration with the Coin Trading and its algorithmic trading solution finally accessible to individuals.

Bitcoin price in recession green

Bitcoin price makes a foray above $24,000 today, July 28, 2022, and closes the day in the green at $23,920with a daily gain of around 5%.

Bitcoin appears to be benefiting from the release of US GDP data, which registers a decline for the second sequential quarter. The conditions are therefore now met, to evoke the idea of ​​a retreat in the United Statesalthough the Fed Chairman and the White House claim otherwise.

At the macroeconomic level, some observers believe that the worst is yet to come. The increases in key rates by the FED, plan to lead to a deeper economic recession over the next few quarters.

Posted by Will Clemente – Source: Twitter

How will investors react to Bitcoin, in the face of this risk of aggravation of the current decline? Or should we avoid giving importance to this remoteness, which “does not represent no variables you can work with “, as’noted the merchant Michaël van de Poppe?

RSI History: Has the bottom passed?

Bitcoin has returned to a level just over $1,000, above the 200-week moving average. Are the markets witnessing another fake-breakout, or to a flip of this level in major support that will support a real bullish recovery?

The graph shared by the TechDev analyst may provide some answers on the current situation. It shows Bitcoin price fluctuations over two weeks, for about 11 years. The analysis paralleled this curve of Bitcoin price variation with a graph of RSI fluctuations (14, close, SMA, 14, 2) inside a channel.

Bitcoin price: has the low been reached?
TechDev publication – Source: Twitter

The RSI has touched the bottom of the channel for a few weeks, a situation which historically seems correspond to the bottom of a bearish phase of a cycle.

If history does indeed repeat itself for this cycle, either:

  • the markets are therefore currently witnessing the beginning of a bullish recovery;
  • they will be entitled to further declines in the coming days, before seeing this long-awaited sustainable recovery.

The FED thus continues to boost the price of Bitcoin, but the markets must wait for confirmation before being able to announce the start of a structural rise over several months.

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