Bitcoin (BTC) hit three-day lows into the July 10 weekly close as $21,000 gave way as short-term support.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD giving up some of its gains from earlier in the week while still looking to cap its best weekly gains since March.
The pair circled $20,850 at the time of writing, around $1,600 below the week’s peak at the 200-week moving average.
Despite no continuation of the breakout, Bitcoin gave some commentators cause for cautious optimism ahead of the new week beginning.
“The markets are showing higher timeframe bullish divergences and the sentiment is the same as on a funeral,” Cointelegraph contributor Michaël van de Poppe summarized.
“A recipe for a reversal is there, and it can accelerate quite fast. Invest when nobody is interested. Sell when everyone is interested.”
Popular trader Crypto Tony meanwhile entertained the idea of a new sideways phase entering before a deeper drop, something which he imagined “would drive everyone crazy.”
$BTC / $USD - Playing with ideas
— Crypto Tony (@CryptoTony__) July 10, 2022
If we start to reject harder and fail to reclaim the range high, we may start to see something like this shape up. Would drive everyone crazy i can imagine pic.twitter.com/wwoa8vjMRv
Macro conditions remained uncertain, with upheaval in Sri Lanka adding to a sense of nervousness engendered by the common global theme of energy, food and financial crisis.
All this crazy shit happening in the world, I just can’t see how anyone can be macro bullish
— Ninja (@Ninjascalp) July 10, 2022
we need new buyers and retail, without that there is no continuation… only chop
all pumps are an opportunity to exit and buy lower$BTCpic.twitter.com/npAKi1L8uw
Attention focused on the U.S. dollar Index (DXY), which had ended the week back on support after spiking to fresh highs not seen in twenty years.
Those seeking a golden buying opportunity on BTC meanwhile got a fresh key signal from the Reserve Risk indicator.
Related: Bitcoin 'cheap' at $20K as BTC price to wallet ratio mimics 2013
As noted by commentator Murad over the weekend, Reserve Risk, which shows long-term holder sentiment, hit its lowest-ever levels at July's prices.
"Either this indicator is broken or we are in the high timeframe bottoming zone," he said in part of Twitter comments alongside data from on-chain analytics firm Glassnode.
"I lean towards the latter."
Reserve Risk, as Cointelegraph reported, has been rediscovering its green "buy" zone since March, this corresponding to optimal chances to invest with "outsized returns" as a result.
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.
Injective's collaboration with Google Cloud opens a new chapter in Web3 finance by integrating its blockchain data into BigQuery. This alliance promises to accelerate mainstream adoption of decentralised technologies.
YouQuanTottenham Hotspur is based in White Hart Lane, North London. Reports by Socios reveal that their ecosystem has disbursed over $400 million to the global sports industry, nurturing increased fan engagement and interaction.
BrianMastercard believes that inincorporating a payments card into wallet providers' offerings can significantly boost the number of active users
AlexCrypto wallets serve as the digital equivalents of traditional bank accounts, but it is the undeniable truth that using a crypto wallet is a double-edged sword.
CatherinePurcell will be replaced by Rich Hauschild, former COO of iTrustCapital, while Purcell continues serving as a board member of Fortress' parent company.
AlexAs Argentina's presidential election unfolds, second-place candidate Javier Milei garnered 30% of the initial round votes, closely following Sergio Massa's 37% lead.
JasperCardano, the proof-of-stake platform founded in September 2017 by Ethereum co-founder Charles Hoskinson, has made significant strides in the world of blockchain and NFTs.
AaronExplore the enchanting world of Disney's 100th anniversary celebrations with their exclusive Platinum NFT collection. Dive into the details of these limited-edition digital collectibles featuring iconic characters, and discover how they pay homage to a century of Disney magic.
JixuThrough the assessment, it reveals that even the highest-scoring model amongst foundation model developers attained only 54 out of 100 points, underscoring the industry's fundamental lack of transparency.
JoyAccording to founder Richard Sanders, employees that he trusted had relocated the firm's clients and staff to new entities in Alaska and Singapore
Clement