Market experts and watchers are holding their collective breath to see what will happen over the next few days with BTC prices. According to experts, prices must stay steady below the present $23,000 mark so that the bulls can take an easy breath. BTC price recovery resulted in a close above $23,000 on 22nd July. This is a sign of renewed strength, and everyone is focused on the weekly closing prices.
BTC/USD trading data shows that the pair briefly dropped below the $22,000 mark and recovered. As trading hovered in a critical zone for a while, market bulls were watching the averages to change from resistance and go to support. According to an expert, BTC must close above the $22,800 mark to get back to a strong 200-week average.
Another analyst forecasts that BTC prices will go up to $40,000 as part of a relief rally. The price would then probably drop when new macros set in. BTC is still dealing with bear market tendencies, and it looks like this will persist till 2023. The same expert also said that bullish trends are usually temporary.
A trading firm said that it had reservations about the chance of BTC or altcoin prices to go higher in the near term. The forecast doesn’t look very promising as there are definite signs of market exhaustion. Another reason for this seesawing in prices is because of the upcoming Federal Reserve Committee for Open Markets meeting. This meeting is scheduled for July 27th, and it is highly likely that interest rates will be raised again.