Autor Cointelegraph By William Suberg

Bitcoin (BTC) extended losses on the July 21 Wall Street open after a key resistance level failed to hold as new support.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewDollar rises to squeeze risk assetsData from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping to $22,340 on Bitstamp after the opening bell, down 8% from its local top. The pair’s progress had seen a challenge from Tesla, which revealed that it had sold 75% of its BTC position at a loss. Macro events then added to Bitcoin’s woes in the form of fresh U.S. dollar strength and a surprise rate hike from the European Central Bank (ECB) to combat inflation.U.S. dollar index (DXY) 1-hour candle chart. Source: TradingViewAt the time of writing, the U.S. dollar index (DXY) had regained 107, up 0.6% in an hour as U.S. equities conversely saw modest losses. In Europe, meanwhile, the ECB decision failed to improve the fortunes of the euro, which gave back early gains as the Eurozone battled fresh political fallout in Italy.Good Morning on historic #ECB day from Italy where key interest rate should be at 6% & so 6ppts higher than current rate, acc to Taylor Rule w/Italy’s core #inflation at 3.4% way above ECB target & unemployment at 8.1% near NAIRU. ECB rates should be 7.4ppts higher for entire EZ. pic.twitter.com/1Nh8yg4e6A— Holger Zschaepitz (@Schuldensuehner) July 21, 2022″Curious to see if we get a similar breakdown on equities that like we did before,” popular trader Josh Rager tweeted, eyeing an S&P 500 fractal from late May. “Naturally, this would impact the price action of $BTC and crypto.”The macro impact had already cost Bitcoin its 200-week and 50-day moving averages at the time of writing, these both lingering at $22,800.”Unfortunately for bulls, BTC lost the 50-Day MA and the key 200-Week MA,” on-chain analytics resource Material Indicators wrote in part of its latest update, adding the nearest macro support level was now just below $20,000. Retest of the 50-Day MA validated the Trend Precognition signals on the D chart. Unfortunately for bulls, #BTC lost the 50-Day MA and the key 200-Week MA. The next technical support level is the green 21-Day MA just above the micro trend line. pic.twitter.com/r5m5HFl15i— Material Indicators (@MI_Algos) July 21, 2022

For popular trader and analyst Crypto Tony, $21,700 was now the level to preserve.Comparing 2022 to previous bear markets, meanwhile, he argued that Bitcoin should still be in line for some upside before another downmove — a perspective echoed elsewhere this week.$BTC / $USD – Update I have just gone over the prior bear markets while looking at time and the overall look. So far our move has taken 210 days while putting in the biggest drop with minimal relief I think more relief than another drop later this year pic.twitter.com/pqjDEgOy1b— Crypto Tony (@CryptoTony__) July 21, 2022

Altcoins echo loss of momentumOn altcoins, volatility was commonplace as large-cap tokens faced uncertain headwinds.Related: Price analysis 7/20: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAXEther (ETH), previously the best performer in the top ten cryptocurrencies by market cap, fell up to 9.7% overnight.ETH/USD 1-hour candle chart (Binance). Source: TradingViewAt the time of writing, ETH/USD circled the $1,500 mark, while Cardano (ADA) and Solana (SOL) also lost around 10% in 24 hours.Commenting on the outlook, however, Jonah Van Bourg, head of trading at crypto liquidity provider Cumberland, pointed to Ethereum’s Proof-of-Stake transition as one factor to remain bullish on the largest altcoin.”While the price action of the recent past has been technical and highly macro-correlated, this move has been crypto-fundamental: the Sepolia testnet successfully merged to proof-of-stake on July 6th, setting the stage for an early-autumn mainnet merge,” one of a series of tweets published on the day read.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin (BTC) touched $24,000 at the July 20 Wall Street open as the good times kept rolling for crypto markets.BTC/USD 1-day candle chart (Bitstamp). Source: TradingViewBTC price rally “all macro driven”Data from Cointelegraph Markets Pro and TradingView showed BTC/USD passing its latest milestone after brief consolidation.24-hour gains for the pair remained at nearly 8% and weekly returns near 25% as Bitcoin and altcoins benefitted from a declining U.S. dollar and rising stock markets.Bitcoin’s rise had seen bulls reclaim key trendlines lost in June, but the jury remained out on whether the newfound strength could endure beyond the current weekly candle.”Bitcoin rally looking good? Yes. But BTC shall take no pride in this rally,” analyst Venturefounder commented. “BTC and NASDAQ correlation is still at 91% (historical high), and both of which are looking at the Fed policies, interest rate & recession concern forecast and $DXY for guidance. All is macro driven.”The U.S. dollar index (DXY) nonetheless showed no signs of staging its own successful recovery on the day, getting rejected at 107 after a local bottom.U.S. dollar index (DXY) 1-hour candle chart. Source: TradingViewPopular trader and analyst Josh Rager meanwhile demanded a “confident” tip to the $30,000 zone in order for Bitcoin to truly flip from bearish to bullish.Two weeks ago mentioned $BTC looked good for $28k with a breakoutSlowly but surely, would love to see this push up anoher 20%+ in order to take profits https://t.co/Mzl7wF76y2— Rager (@Rager) July 19, 2022Metric predicts up to $120,000 in 2023Zooming out, one Bitcoin price indicator led analyst TechDev to believe that BTC/USD would see a new all-time high before its next block subsidy halving in 2024.Related: 100X Bitcoin energy use would mean ‘absurd’ $20M BTC price — developerTechDev flagged the True Strength Index (TSI) for Bitcoin, a metric which uses several base calculations to determine how overbought or oversold the asset is at a particular price.The price decline since the last all-time high in November 2021 remains on-trend, he argued, and thus the potential for historical patterns to repeat themselves.As such, I expect:- Intermediate wave 5 top at 80-120K in 2023- Primary wave 4 down to 30-50K in 2024- Primary wave 5 over 200K in 2025 to conclude cycle wave 3Detailed chart with supporting evidence is forthcoming.I’m sure now that it’s written down it won’t happen.4/4 pic.twitter.com/iRx5PUSGSU— TechDev (@TechDev_52) July 20, 2022

A recovery underway in Bitcoin’s relative strength index (RSI) additionally caught the attention of Stock-to-Flow model creator PlanB.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.