Bitcoin price swings 7.5% during intraday trading as US recession concerns mount
The cryptocurrency market along with the tech-heavy Nasdaq saw a bit of positive price action on July 5 amid a backdrop of rising recession concerns in the United States.
Data from Cointelegraph Markets Pro and TradingView shows that an early morning onslaught by bears managed to drop Bitcoin (BTC) to a daily low of $19,309 before reinforcements arrived to bid the price back above support at $20,400 during the afternoon.
Here’s what several analysts are saying comes next for the top cryptocurrency and what support and resistance levels to keep an eye on moving forward.
A bullish take on the recent Bitcoin price action was offered by independent analyst Michael van de Poppe, who posted the following chart as a follow-up to a previous Tweet that suggested Bitcoin needed to crack the resistance zone at $19,700 to continue higher:
The analyst said:
A decidedly less optimistic take on the recent price action was provided by crypto analyst and pseudonymous Twitter user il Capo of Crypto, who posted the following chart highlighting several “fake pumps” that resulted in lower highs:
Il Capo of Crypto said:
Related: Bitcoin faces fresh pressure as US dollar crushes gold, risk assets
A final bit of hopium was offered by crypto trader and pseudonymous Twitter user Captain Faibik, who posted the following chart and highlighted the importance of a daily close above $20,000:
Captain Faibik said:
For those looking for more reassurance that the market may be nearing its bottom for the current bear cycle, pseudonymous Twitter user Bitcoin Archive posted the following chart of Bitcoin’s MRVR Z-score, which has been a reliable indicator of past market bottoms:
Bitcoin Archive explained:
The overall cryptocurrency market cap now stands at $911
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