One prediction is that the relative good times will continue in July, which could help reverse the worst 2022 crypto downturn. As the month close neared, Bitcoin saw volatility drop. Data from Cointelegraph Markets Pro, and tradingView indicated that BTC/USD was holding $24,000 of resistance until July 30.
Both had benefited from macro tailwinds across all risk assets in the second part of the week. These included a flush finish by United States equities. S&P 500 and Nasdaq Composite Index saw gains of 4.1% and 4.6%, respectively.
Analysts warned that off-speak trading could cause volatile conditions to create weekly and monthly closes due to the thinner liquidity. However, they cautioned that anything could happen between now July 31 and July 31.
Josh Rager stated, “Just gonna relax and watch the market until the weekly close as always.”
“Hard to get into any tradings seriously, though there may be some outliers in current markets condition that continue to perform very well over the weekend.”
Others focused on the importance of current spot prices, which are above the 200-week moving mean (MA) at $22,800. This would mark Bitcoin’s first weekly above-trendline finish since June.
Roman, a popular trader, advocated a conservative view in the short-term, but he also suggested a return to $23,000 due to “overbought” conditions.
The week saw optimism continue to rise across crypto markets, with the Crypto Fear and Greed Index reaching its highest level since April 6, after ‘s longest-ever period “extreme fear”.
The Index was at 45/100 on that day.
August was expected to be quiet for U.S. macro triggers with the Federal Reserve not scheduled to change policy until September.
However, there was still a risk of inflation advancing. The next Consumer Price Index (CPI), due August 10, will be published. The European Union published this week its highest ever monthly inflation estimate for Eurozone members at 8.9%.