Bitcoin is range bound during early Asian hours on Thursday as it is changing hands at $7,335. What should traders expect for the rest of the day? Stay updated in the following 19 July BTCUSD Price Technical Analysis.
19 July, GKFX – The digital currency No.1 is having some rest after a head-spinning rally. BTCUSD is changing hands at $7,335, mostly unchanged since the beginning of the day and 1.5% lower since this time on Wednesday.
Considering the subdued volatility and neutral short-term sentiments, the coin may stay calm for the rest of the day.
Barry Silbert from Digital Currency Group produced optimistic projections
Meanwhile, founder and chief executive officer Digital Currency Group Barry Silbert believes that Bitcoin has bottomed out and will climb higher. Speaking at the Delivering Alpha Conference in New York on Wednesday, he confessed that he had invested some money in Bitcoin this week as this asset class is here to stay.
“This is a new infrastructure layer of the internet. It will replace what operating systems do. It is the future of the internet … This just isn’t about digital gold.”
19 July BTCUSD Price Technical Analysis
From the intraday perspective, $7,300 handle serves as the local support area. If the selling pressure proves to be strong enough to push the price lower, $7,216 (50-SMA, 1-hour chart) and ultimate $7,000 will come into focus.
On the upside, BTCUSD needs to get back above $7,370 (38.2% Fibo retracement) to get a chance to retest $7,500.
BTCUSD, 1-hour chart
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