- Bitcoin’s value declined after the release of FOMC meeting minutes.
- Global cryptocurrency market lost over $100 billion in valuation.
- CoinCodex predicts a support level at $29,546 and a potential price increase.
Bitcoin experienced an unforeseen surge in selling pressure after the recent publication of the minutes from the United States Federal Open Market Committee (FOMC) meeting. Although most officials agreed to keep the existing interest rates unchanged, a minority proposed a marginal 25 basis points increment. As we look towards 2023, the prevailing sentiment within the committee indicates an anticipation of additional rate hikes.
Consequently, Bitcoin’s value has experienced a decline from its peak of $31,400 in June, currently resting at approximately $30,700. This downward trend has had a broader impact on the overall cryptocurrency market, with the global valuation witnessing a similar dip, shedding over $100 billion from its previous $1.23 trillion mark.
Despite experiencing a slight downturn, Bitcoin’s price remains positioned above the crucial support level of $30,533. Notably, a highly regarded data analytic firm in the crypto industry, CoinCodex, has projected an even stronger support level at $29,546.
Despite the analytics platform’s optimistic Bitcoin price prediction of a 2.01% increase to $31,096 by July 11, 2023, signaling a favorable buying opportunity, it is important to consider the prevailing bearish indicators currently influencing market sentiment.
Bitcoin is trading above its 200-day simple moving average (SMA), indicating a consistent buy signal for the past 173 days. It remains above the 50-day SMA, signaling a buy for the last 16 days. According to CoinCodex’s technical indicators, the short-term 50-day SMA will reach $31,298 by August 4, 2023.
Bitcoin experienced a significant surge in June, successfully surpassing the resistance level at $31,000. This upward momentum was primarily fueled by the emergence of several spot Bitcoin exchange-traded fund (ETF) filings from prominent companies, including BlackRock, as reported by Coin Edition.
