On the 20th of July, bitcoin found itself breaking just above $24,000. However, the excitement could only last for less than two hours. Then it was seen that the resistance level was more challenging than was initially expected. There is a piece of good news however, that is that the high of $24,280 essentially represents an increase of 28.5% from the swing low in July when bitcoin was priced at $18,900.
The Price Of Bitcoin
On the 19th of July, the Bank of America had published its survey for fund managers. This report said that investors were pessimistic, and were expecting corporate earnings that were weak. The allocation of equity was also at the lowest level it had been in since 2008 September.
There was a 4.6% advance when it came to the Nasdaq Composite Index from the 18th to the 20th of July. This also provided bulls with the hope that they could profit from the weekly options expiry around the 22nd of July.
Macroeconomic tensions across the world eased on the 20th of July. This was after the President of Russa, Vladimir Putin said that following the maintenance period it was currently in, he planned to reestablish the gas pipeline, Nord Stream. However, according to data, countries like Germany are reducing the reliance that they have on Russian gas. Germany had lowered their dependency, which was previously at around 55% to about 35%. Bitcoin bears will now need to pressure the price of the coin to under $22,000 by the 22nd of July, in order to avoid a loss of around $140 million.