Main navigation

Bitcoin Is Battling for $23,000 Third Day in Row

Fri, 07/22/2022 - 09:56
article image
Arman Shirinyan
Bitcoin is not yet ready to give up important price level
Bitcoin Is Battling for $23,000 Third Day in Row
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Bitcoin's struggle for the $23,000 threshold is not yet over as the cryptocurrency is continuously trying to keep up with selling pressure incoming from bears for the third day in a row.

Back on July 20, we saw the first sign of a reversal for BTC as the first cryptocurrency retraced from the local high of $24,280. The reason behind such a rapid drop in value was covered in the most recent U.Today cryptocurrency market review.

BTC Chart
Source: TradingView

Following the reversal, the market faced a series of large inflows that caused a further drop below $23,000 right to the $22,300 price range. Luckily, the massively oversold Bitcoin did not plunge back to the consolidation range formed since June.

Fundamental factors remain irrelevant

One of the biggest "bearish" news for the industry this week was Tesla's 75% reduction of the Bitcoin supply on its balance sheet. The decision to sell available BTC holdings has been made to recover the positive cash flow of the company and had nothing to do with the situation on the cryptocurrency market.

Bitcoin's Mining Difficulty Has Plunged; Here's Why

Despite the large sale, Bitcoin remained unfazed since the market had already felt the effects of the massive $900 million sell-off, and the influence of Musk's decisions no longer had the same influence on the market as we saw previously.

The second event that could have shifted market sentiment from neutral to bearish was the ECB's first key rate hike in 11 years. Luckily, no volatility spikes have been noticed on the cryptocurrency market, which shows that most investors either capitulated or not following the macro-environment.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.