Bitcoin Slips Below $23K

Bitcoin (BTC) fell below $23,000 after reaching a six-week high of $24,265 on Wednesday. The Bitcoin prices were up 14 percent for the month despite the drop.

Meanwhile, the euro (EUR), the shared currency of 19 of the 21 European Union nations, maintained its recent advances against the US dollar (USD).

During the early Asian hours, the EUR/USD pair reached a two-week high of 1.0273 and was trading flat at 1.0180 at press time. Early this month, the so-called shared currency fell below parity with the dollar, reaching a two-decade low.

The bank’s benchmark interest rate should rise by 25 basis points to -0.25 percent, up from the current record low of -0.5 percent. The ECB, Bank of Japan (BOJ), and Swiss National Bank (SNB) have kept interest rates below zero for years.

Mercado Bitcoin, a Brazilian crypto exchange funded by SoftBank, plans to enter the Mexican market by the end of the year as part of an expansion strategy across Latin America. Latin America fund to use the cash to grow throughout the continent. The corporation had a transaction volume of 40 billion reais ($7.31 billion) in 2021.

Everyone is aware of the BTC spikes of 2017 and 2020. However, 2021 was a year of consolidation. In this context, BTC has had one of its worst years, with values plummeting from $45,000 to $17,744 in June 2022. Although the candlestick has been favorable so far in July, a wick formation must go by the end of July 2022 to portray Bitcoin in a positive light.

BTC Had a Significant Drop

The closing candle on July 20 suggests that BTC saw a significant drop, supported by the 15K tokens exchanged in the negative position, which equals the volume on July 19. Even the MACD indicator is advancing strongly, indicating a sustained rise to $30,000. Profit booking could occur between $25000 and $30000, but it should be limited to a tight range.