Fundamental Development:-
Bitcoin rallies after Fed interest rate hike, but bears can still win Friday’s $1.76B options expiry
(BTC) price has been stuck in a descending channel since July 20 and it is currently heading toward the $20,000 support by the end of July. Adding to this bearish price action, BTC is down 50% year-to-date, while U.S. listed tech stocks, as measured by the Nasdaq-100 index, accumulated a 24% loss.
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Short Term Technical View: On daily time frame BTC is trading below 200 simple moving averages and trading within a range $24,200-$23,600.Yesterday BTC is made High 24,200 and now consolidating within a range. Yesterday it made low near $22,580 and then it continue to climb up to near 200 simple moving average. Bitcoin is struggling to gain momentum above $24,300.
Alternative Scenario: If Bitcoin fails to clear the $24,300 resistance zone, it could start another decline. An immediate support on the downside is near the $23,400 level.