Bitcoin Price Rejected at $24,000 as 'Classic Short Setup' Spoils Bulls' Fun
BTC price $24,000 refuses to tip support as weekly close remains shrouded in uncertainty.
Market Update
Bitcoin (BTC) saw renewed volatility following Wall Street's final open in July, with highs north of $24,000 remaining strong resistance.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView reflects the bulls' continued struggle as BTC/USD hovered around the $24,000 mark on July 29.
The pair had attempted to match the week's local high of $24,450, which ultimately failed to materialize as a crypto under pressure from the US Dollar despite gains in US stocks.
The US Dollar Index (DXY) continued to rise during the Wall Street session, rising to 106 after falling to its lowest levels since July 5.
United States Dollar Index (DXY) one hour candle chart. Source: TradingViewRecord Eurozone inflation added to the day's macro trigger mix, while the monthly close remained a guessing game for Bitcoin analysts.
Over short periods, popular Crypto trader Tony observed what he called a "classic short pattern" around the top, which has remained Bitcoin's best since mid-June.
BTC price $24,000 refuses to tip support as weekly close remains shrouded in uncertainty.
Market Update
Bitcoin (BTC) saw renewed volatility following Wall Street's final open in July, with highs north of $24,000 remaining strong resistance.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView reflects the bulls' continued struggle as BTC/USD hovered around the $24,000 mark on July 29.
The pair had attempted to match the week's local high of $24,450, which ultimately failed to materialize as a crypto under pressure from the US Dollar despite gains in US stocks.
The US Dollar Index (DXY) continued to rise during the Wall Street session, rising to 106 after falling to its lowest levels since July 5.
United States Dollar Index (DXY) one hour candle chart. Source: TradingViewRecord Eurozone inflation added to the day's macro trigger mix, while the monthly close remained a guessing game for Bitcoin analysts.
Over short periods, popular Crypto trader Tony observed what he called a "classic short pattern" around the top, which has remained Bitcoin's best since mid-June.
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