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Bitcoin Market Update: BTC/USD resumes the recovery amid USD sell-off

Written by By Tanya Abrosimova | 2020-07-31 09:03:40 GMT
  • Bitcoin (BTC) settled above $11,000 as the recovery is fueled by the USD sell-off.
  • The next bullish target comes at the recent recovery high of $11,414.

Bitcoin (BTC) resumed the recovery and hot the intraday high of $11,168 on Friday. The first digital asset stabilized above the pivotal level of $11,000 while the US dollar dropped to the lowest price since May 2018 after the Federal Reserve announced the decision to hold the policy rates near zero and made bearish comments about the economic recovery. According to Qi Gao, a currency strategist at Scotiabank thinks that the US dollar will continue weakening further in the coming weeks. Cryptocurrency experts believe, that Bitcoin will benefit from the situation and start gaining ground.

Adam Traidman, CEO of BRD said in a written comment to the FXStreet: 

Price increases like this can have snowball effects that influence more newcomers to enter the market and many existing participants to continue holding or buy more. I can tell you firsthand that BRD has been hitting its highest monthly active user numbers over the past couple of months, with this month, July, being the highest, which is an interesting indicator of market interest and activity. Of course, people will also sell for profits, and where the price goes depends on if buy pressure outweighs sell pressure or vice-versa. 

BTC/USD: Technical picture

BTC/USD recovered from the intraday low of $10,977 and extended the recovery towards $11,200. The coin has gained nearly 2% in the recent 24 hours, however, the further recovery may be limited by the local resistance created by the upper line of the 1-hour Bollinger Band at $11,200. Once it is out of the way, the upside is likely to gain traction with the next focus on the recent recovery high of $11,414, followed by $11,500.

On the downside, the initial support is created by the psychological $11,000. It is reinforced by 1-hour SMA50 1-hour SMA100 located above and below this barrier  A sustainable move below this barrier will bring $10,800 and $10,500 that served as a strong resistance before the breakthrough.

BTC/USD 1-hour chart

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By Tanya Abrosimova
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