Bitcoin July 26, 2022 – $ 20,000 under the bitter

Rejection – The price of Bitcoin (BTC) appears to be in the process of shaking the $ 20,000 level, which could break again given historical data.

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The price of Bitcoin in red: fear of the FED or technical origins?

The price of bitcoin drops to $ 20,738 on Bitfinex today, July 26, 2022. The cryptocurrency is provisionally climbing above $ 21,000. It is trading at $ 21,080 at the time of writing. Its price is currently posting a 4.29% daily loss.

Some observers point to the FOMC meeting and the upcoming Fed interest rate announcement as the explanation for yesterday’s important red candlestick and today’s bearish day.

But for the trader Rekt Capital, these discounts are ” the technical consequence of the refusal to the 200-week moving average, after the cryptocurrency closed below that level last week.

Rekt Capital also shared a 4-hour price chart of Bitcoin, which highlights a loss of the uptrend in the short term formed before this last weekly closing.

Rekt Capital Publication – Source: Twitter

Towards a return below $ 20,000: unfounded fears or credible hypotheses?

The analyst the Chief Of Crypto also highlighted the downward trend in the price of Bitcoin in the very short term, on relatively low times.

The chart he shared shows a Bitcoin that would be traded a downward parabolic bearish channel, despite the increases recorded last week, which then gave hope for a recovery in the green. Visibly, the channel tends to shrink and Bitcoin seems to inevitably head towards levels below $ 20,000.

Bitcoin Price: A Drop To $ 20,000?
The Boss Of Crypto Publication – Source: Twitter

While this bearish outlook does not appeal to traders and investors hoping to see Bitcoin hold above $ 20,000, the chart shared by analyst Matthew Hyland appears to confirm this ability of the bears to carry out another raid, which will hurt the markets.

BTC price: more reductions on the way?
Posted by Matthew Hyland – Source: Twitter

The analyst revealed a Bitcoin that has seen many “fake breakouts on multiple occasions this year”. The chart also shows that every false bullish breakout, it was followed by significant declines over several weeks or months.

This week will be decisive for the bulls, who will have to demonstrate their ability to defend the essential supports at the price of Bitcoin, failing to regain important bullish supports.

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