Bitcoin shows the best weekly profit in 3 months

Jul 11, 2022 17:01







Bitcoin hit three-day lows before the weekly close on July 10, as $21,000 gave way to short-term support.



Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD has been giving up some of its gains since the beginning of the week, still seeking to limit its best weekly gains since March. At the time of writing, the pair has broken $20,850, which is about $1,600 below the peak of the week on the 200-week moving average.

Despite the lack of a continuation of the breakthrough, bitcoin has given some commentators reason for cautious optimism ahead of the start of the new week.

"The markets show a higher time frame of bullish divergences, and the sentiment is the same as at the funeral," he concluded Michael van de Poppes. "There is a recipe for a reversal, and it can accelerate quite quickly. Invest when no one is interested. Sell when everyone is interested." Popular Crypto trader Tony, meanwhile, was developing the idea of a new side stage before a deeper fall, which, in his opinion, "will drive everyone crazy."

Macro conditions remained uncertain, and the turmoil in Sri Lanka increases the sense of nervousness caused by the general global theme of the energy, food and financial crisis. Attention was focused on the US dollar index (DXY), which ended the week of support after it jumped to new highs that had not been in twenty years.



Meanwhile, those who are looking for a golden opportunity to buy BTC have received a fresh key signal from the reserve risk indicator. As the commentator Murad noted last weekend, Reserve Risk, which shows the long-term sentiment of holders, reached the lowest level in history at July prices.

"Either this indicator is broken, or we are in the bottom zone of a high time frame," he said in part of Twitter comments along with data from the analytics firm Glassnode in the chain. "I'm leaning towards the latter."



Reserve risk has been reopening its "buy" green zone since March, which corresponds to the optimal chances of investing with an "oversized yield" as a result.

https://coin-signal.com/cryptonews/bitcoin-shows-the-best-weekly-profit-in-3-months/
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