BTCUSD Showed a Minor Decline on Risk Aversion, Founder and Chairman Michael Saylon Commented 'Bitcoin Has Become a Political Force.”
- WBOYOriginal
- 2024-07-22 13:16:12298browse
BTCUSD showed a minor decline on risk aversion.It hit a low of $63227 yesterday and is currently trading at around $64137.
BTCUSD showed a minor decline on risk aversion. It hit a low of $63227 yesterday and is currently trading at around $64137.
MicroStrategy (MSTR) founder and Chairman Michael Saylon commented that “Bitcoin has become a political force.”
In other news, US markets closed mixed on Friday as traders continue to assess the upcoming interest rate decision by the Federal Reserve. The Dow Jones Industrial Average closed in the red, while the S&P 500 and NASDAQ managed to eke out slight gains.
The NASDAQ, which tends to have a negative correlation with BTC, closed lower due to a massive sell-off in chip stocks. Any close below 19700 will take the index to 19500.
Meanwhile, the probability of a 25 bpbs rate cut in Sep, according to the CME Fed watch tool, increased to 91.70% from 85.10% a week ago.
On the technical side, BTCUSD trades above the short-term moving average (21 and 55 EMA) and the long-term moving average (200 EMA) in the 4-hour chart.
Minor support is seen at $57000. Any break below that level will take it to the next support at $55000/$53000/$51825/$50000/$47000.
In the bullish case, the primary supply zone is seen at $63000. Any break above this level will confirm a bullish continuation, with a possible jump to $65000/$70000.
A close above that barrier will target $75000/$80000. It is a good strategy to buy on dips around $60000 with SL at $57000 for TP of $75000.
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