Bitcoin Price Prediction in July 2022

On the morning of June 14, bitcoin fell to $20.8K for the first time since December 2020. The cryptocurrency has fallen 36% over the past week and now trades 68% below its all-time high of $69,000 set in November 2020.

Bitcoin Price Prediction in July 2022

The final wave of structural correction

The crypto market is in for a harsh crypto winter. Investors have lost their appetite for risk due to high inflation in the United States. Friday’s data showed the highest growth rate since December 1981. Consumer prices rose 8.6% in May versus a forecast of 8.3%. In response to the data, bond yields jumped to new highs. The dollar index surpassed the 105-point mark. Because the cryptocurrency market is in tandem with the U.S. stock market, the collapse of indices was immediately reflected in the dynamics of cryptocurrencies. Investors fear an aggressive Fed rate hike (by 75 basis points) and a continued collapse of the SP500 and Nasdaq indices due to tighter monetary policy.

Over the weekend, bitcoin and ethereum struggled to hold above the $28,000 and $1,700 levels, respectively. With the FOMC meeting on June 15, BTC and ETH broke support and headed lower. The triggering of liquids on long positions intensified the downward movement and brought the market to a collapse. Market makers did not even try to contain it, as they understood that they would not be able to stop the avalanche of sell orders. The cryptocurrency market capitalization collapsed below $1 trillion for the first time since January 2021. On stops, bitcoin sank to $20,846 and ether to $1075.

BTC/USDt pair reached the key support of $20,000. The situation in the market is critical. An abnormal “cooling” is coming. Stablecoins are detached from dollar, or services and exchanges suspend withdrawal of tokens to restrain the collapse. If the price doesn’t hold above $20k after the Fed meeting, the fall will accelerate on liquidity to the $10k mark and empty stakes. Jerome Powell can help avoid a crash and survive the crypto-zima.

Many big investors who have been buying bitcoin since 2020 are at a loss. Those with spare cash will be buying the cheaper coins. And you have to make sure the U.S. stock market doesn’t sag.

Support zone for bitcoin: $19-20 thousand. If sellers will tear down $19.5 thousand, then up to $6-8.5 thousand all free. Resistance: $28.7k and $33k.

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