Few crypto analysts remain optimistic about Bitcoin’s price action
According Saniment, Bitcoin social sentiment is experiencing an unprecedented level of optimism in the second half of July as the community awaits key inflation data. The on-chain analytics firm suggested that an ideal setup might be for the crowd to remain skeptical while prices rise with little or no resistance.
Few crypto analysts remain optimistic about Bitcoin’s price action ahead of the release of the CPI data.
For cryptanalyst Ali Martinez“The TD Sequential presents a buy signal on the BTC 4-hour chart. If the 100-hour MA at $20,400 holds, BTC may bounce back towards the 200-hour MA at $21,900. above the 100 hourly MA may trigger a decline to $19,900.”
Lark Davis, an analyst tweeted “bitcoin higher highs and higher lows… Potential start to an uptrend? Don’t get too excited about anything until we get the CPI data on the 13th. Sadly, macro still dictates the crypto market!”
Monday saw a drop in European markets and U.S. stock futures as investors awaited the crucial second-quarter earnings season for clues about how companies are coping with the inflationary maelstrom. Price pressures, a wave of monetary tightening and a failing global economy continue to weigh on markets.
Crypto market price action
The cautious start to the week in global markets drew the attention of Bitcoin, which is set to mark the fourth day of losses but maintained a price over $20,000. BTC was trading at $20,371 at the time of writing, down 3.81% from the previous day.
After losing 3.59% of its value in the early hours of Monday, Ethereum fell below $1,200. At the time of publication, several cryptocurrencies were losing value. Dogecoin, Tron, and Solana all saw declines of 4.16%, 3.74%, and 5.05%, respectively, over the past 24 hours.
