Bitcoin price eyes July close of $24,000 as sentiment breaks out of 'fear' zone

Relatively good times could continue into next month, prediction suggests, after July managed to reverse the worst of the crypto downturn from 2022.

Market Update

Bitcoin (BTC) lost volatility in the last weekend of July as it approached the monthly close.

BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingView

200-Week Moving Average for July Close

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD held $24,000 as resistance through July 30.

The pair benefited from macro tailwinds on risk assets in the second half of the week, including a flush finish for US equities. The S&P 500 and the Nasdaq Composite Index gained 4.1% and 4.6% respectively over the week.

With out-of-voice trading likely to trigger volatile conditions in the weekly and monthly closes thanks to weaker liquidity, however, analysts warned that anything could happen by July 31.

"I'm just going to sit and watch the market until the weekly close, as always," summarized Josh Rager.

"Tough to get into serious trades, although it may be a few outliers in the current market conditions that continue to perform well over the weekend."

Others have focused on the importance of the current spot price levels, which sit above the key 200-week moving average (MA) at $22,800. Ending the week above this trend line would be a first for Bitcoin since June.