Plan achieved? The price of Bitcoin (BTC) registers significant new rises, after the announcements of the American Federal Reserve (FED) and the publication of data, which show an economy at half-auction.
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Bitcoin price in green recession
Bitcoin price raises above $ 24,000 today, July 28, 2022 and closed the day in green at 23,920 dollarswith a daily gain of about 5%.
Bitcoin appears to benefit from the release of US GDP data, which has fallen for the second consecutive quarter. The conditions are therefore now met, to evoke the idea of a recession in the United Statesalthough the Fed chairman and the White House claim otherwise.
At the macroeconomic level, some observers believe the worst is yet to come. The Fed’s key rate hikes could lead to a deep economic recession in the coming quarters.
How will investors react to Bitcoin in the face of this risk of a worsening of the current recession? Or we should avoid giving importance to this recession, which “does not represent no variables you can work with “, how’noticed the trader Michaël van de Poppe?
RSI story: is the fund finished?
Bitcoin is back to just above $ 1,000, above the 200-week moving average. Markets are witnessing another false breakout or a reversal of this level into a major support that will support a true bullish recovery?
The graph shared by analyst TechDev could provide some answers on the current situation. It shows Bitcoin price fluctuations over two weeks, for about 11 years. The analyst paralleled this Bitcoin price variation curve with a graph of RSI fluctuations (14, close, SMA, 14, 2) within a channel.
The RSI has hit the bottom of the channel for a few weeks, a situation that historically appears correspond to the bottom of a bearish phase of a cycle.
If history really repeats itself for this cycle, either:
- the markets are therefore currently witnessing the beginning of a bullish recovery;
- they will be entitled to further reductions in the coming days, before witnessing this long-awaited sustainable recovery.
The Fed continues to raise the price of Bitcoin, but markets must wait for confirmation before they can announce the start of a structural hike over several months.
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