Bitcoin Price: 4 Key Points to Watch This Week

IconCryptoNewsTerminal Staff22 Jul, 2024

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Bitcoin Price: 4 Key Points to Watch This Week

Bitcoin (BTC) is back below $20,000 after a month of choppy price action, but there are four key points to watch for this week that could provide some direction. First, the daily relative strength index (RSI) is at its lowest level since November 2020, suggesting that BTC is oversold. This could lead to a short-term bounce, but it's important to note that the RSI has been at oversold levels for several weeks now without providing a sustained rally. Second, the 200-week moving average (MA) is currently at $22,500. This is a key level of support that has held strong in the past. A break below this level would be a bearish sign, while a bounce could provide some relief to bulls. Third, the upcoming Federal Open Market Committee (FOMC) meeting on Wednesday could have a major impact on Bitcoin's price. If the Fed raises interest rates by more than expected, this could lead to a sell-off in risk assets, including BTC. Finally, the geopolitical situation in Ukraine remains a wildcard. If the conflict escalates, this could lead to increased volatility in Bitcoin's price.

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