- The cryptocurrency market traded in the red on Wednesday after the release of the minutes from June’s Federal Open Market Committee meeting showed that almost all Fed officials “judged that additional increases in the target federal funds rate during 2023 would be appropriate,” with some even favoring a rate hike in June.
Data provided by TradingView shows that Bitcoin's price broke below support at $30,900 in the early hours and fell to a low of $30,290 before bulls managed to bid it back above $30,500 in the afternoon.The decline in Bitcoin price, which began during the July 4 holiday in the U.S., resulted in July Bitcoin futures prices trading weaker in early trading on Wednesday, according to Kitco senior technical analyst Jim Wyckoff.
Zooming in on the weekly timeframe, Koolen said, “It would be logical to continue the uptrend and at least test $35k.”“Slightly higher, around $37.5k, there is a strong resistance zone formed by the weekly fvg + order block,” he said. “Additionally, it aligns with the upper part of the monthly fvg, suggesting that BTC may struggle to break through this area. The monthly liquidity is also visible on the weekly timeframe, making it a good target for swing long positions.