Bitcoin price approaches potential springboard to $23K as DXY cools surge

CointelegraphPublished on 2022-07-06Last updated on 2022-07-06

Abstract

With support and resistance inches from spot price, BTC/USD has increasingly little room to consolidate.

Bitcoin (BTC) approached the July 6 Wall Street open near $20,000 as a fresh battle between support and resistance loomed.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Whale levels close by

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD wedged in a tight trading range with liquidity creeping closer to spot on the day.

After recovering 6% losses from the day before, order book data confirmed that support and resistance was now almost shoulder-to-shoulder.

According to on-chain monitoring resource Whalemap, a cluster of whale positions between $20,546 and $21,327 meant that this large area was now the zone to beat.

Buyer interest, meanwhile, stayed at around $19,200, this also formed of whale bids which formed after BTC/USD dipped to multi-year lows of $17,600 in Q2.
“D1 close above 20.5k and maybe we’ll finally get D1 trend retest,” popular trader Pierre meanwhile tweeted in a fresh update.

“Warned few weeks ago this was setting up like May for a lot of chop while D1 trend would catch down with price. So far that’s exactly what we got, I’d just like a proper D1 trend retest, last one was at 32k…”

An accompanying chart showed moving averages between 10 days and 30 days keeping spot in check.

At $20,200 at the time of writing, BTC/USD thus traded immediately below an important line in the sand on lower timeframes. For Cointelegraph contributor Michaël van de Poppe, breaking through this could open up the path to the other side of resistance at $23,000.

Industry news meanwhile had little impact on BTC price action, this coming in the form of crypto exchange Voyager Digital filing for bankruptcy, the latest domino in a chain reaction sparked by the breakdown of lending platform Celsius.

USD takes a breather

On macro, Asian markets drifted lower, with Hong Kong’s Hang Seng down 1.2% and the Shanghai Composite Index down 1.4% at the time of writing.

The U.S. dollar index (DXY), fresh from a surge to new twenty-year highs, meanwhile consolidated immediately below the peak, still above 106.

"First time we're seeing such a recovery after a severe correction + strength on the $DXY," Van de Poppe added.

"Strength on the equities as well. Wouldn't be surprised if this continues in the coming period, despite the overall sentiment being ultra bearish."

U.S. dollar index (DXY) 1-month candle chart. Source: TradingView

Related Reads

Georgia Teams Up With Tether To Launch National Stablecoin

The government of Georgia has partnered with Tether, the issuer of USDT, to launch GEL₮, a national stablecoin pegged to the Georgian Lari. This initiative aims to integrate the national currency directly onto digital asset infrastructure under a new regulatory framework, designed to align with regulations like the U.S. GENIUS Act. Georgia's prime minister and Tether's CEO highlighted the move as a step toward a more transparent and digitally empowered financial system, building on the country's existing digital asset payment infrastructure. While specific launch details for GEL₮ are pending, the announcement coincides with a period of strong regulatory momentum and growth for stablecoins, whose combined market cap is near an all-time high of approximately $322.7 billion.

bitcoinist11m ago

Georgia Teams Up With Tether To Launch National Stablecoin

bitcoinist11m ago

Polymarket Faces Ban In Indonesia Amid Growing Global Crackdown

Indonesia has blocked access to the prediction market platform Polymarket, joining a growing global regulatory crackdown. The ban was enacted after a widely shared bet on the premature end of President Prabowo Subianto's term drew attention. Authorities declared that platforms facilitating real-money wagers on events, even using crypto or blockchain, constitute illegal gambling. The government is also targeting social media accounts promoting such services and warning the public against participation. This move aligns with actions taken by other jurisdictions. Several countries, including Taiwan, Thailand, China, India, Singapore, Colombia, and Argentina, have previously restricted or blocked Polymarket, often citing its unlicensed gambling operations. In March, Brazil's central bank banned prediction markets like Polymarket over regulatory non-compliance. In the United States, the sector faces scrutiny from lawmakers. A formal investigation was recently launched into Polymarket and Kalshi regarding suspicious trades and compliance measures, coinciding with legal setbacks for the companies in Nevada and Washington.

bitcoinist53m ago

Polymarket Faces Ban In Indonesia Amid Growing Global Crackdown

bitcoinist53m ago

Kelp DAO's $400 Million Bad Debt Was Covered, But at a $12 Billion Cost to Aave

On May 26th, Kelp DAO successfully transferred its final batch of rsETH, completing the 37-day process of fully backing rsETH 1:1 after a security incident. However, the resolution came at a significant cost to Aave. The protocol's TVL plummeted by over $12 billion in the following month. Furthermore, a separate legal battle over 30,766 frozen ETH continues in court, posing ongoing reputational risk. The recovery was enabled by an unprecedented, one-time coalition dubbed "DeFi United," involving major contributions from Aave's founder, treasury, Consensys, Mantle, and others. Despite this, the event triggered a major outflow of funds, with whales like Justin Sun moving capital to competitors like Spark. Aave's path to regaining its position relies heavily on the successful execution of its multi-pronged strategy. Its new V4 protocol, designed for open, heterogeneous asset markets, faces delays due to internal governance disputes. Meanwhile, the V3 version remains the core revenue generator, and the permissioned Horizon fork is targeting institutional RWA (Real-World Assets) growth—a segment less impacted by the rsETH incident but dependent on traditional finance adoption timelines. The key takeaway is that while the immediate bad debt was covered, Aave paid a steep price in lost trust and capital. Recovering market share depends on accelerating V4's rollout and advancing its institutional RWA offerings, both of which face external and internal hurdles. The "DeFi United" safety net is unlikely to be replicable for future crises.

marsbit1h ago

Kelp DAO's $400 Million Bad Debt Was Covered, But at a $12 Billion Cost to Aave

marsbit1h ago

TechFlow Intelligence Report: Xiaomi Announces 200 Billion HKD Stock Buyback Plan, Spot Gold Falls Nearly 1%

TechFlow Report: Xiaomi announced a HK$200 billion stock buyback plan, while spot gold fell nearly 1%. A wider range of tech headlines includes Google unveiling its powerful video editing model Gemini Omni and the original "Attention is All You Need" authors advocating for a move beyond Transformer architecture. In other AI news, IBM reported its first successful use of a quantum computer to train an AI model, and Qwen3.5 released uncensored local model versions. The crypto/Web3 sector saw discussions on opaque stablecoin products and DEX fee changes. Major tech companies are under scrutiny: Uber's COO publicly questioned the ROI of AI investments, Motorola was accused of hijacking Amazon app links for affiliate codes, and Google faced criticism for using web data to fuel its AI. U.S. markets are focused on high S&P 500 valuations (31.8x P/E) and an intense concentration of capital in semiconductor stocks, with warnings about the sustainability of the AI data center boom. Geopolitical tensions, featuring simultaneous U.S. airstrikes on Iran and peace talks, caused significant oil price volatility. Other notable developments include Ferrari's first pure EV priced at 4.35 million yuan and Boston Dynamics' Atlas robot learning soccer from videos. The underlying theme suggests the AI narrative is shifting from boundless potential to requiring tangible results, while traditional geopolitical risks remain a powerful force in markets.

marsbit1h ago

TechFlow Intelligence Report: Xiaomi Announces 200 Billion HKD Stock Buyback Plan, Spot Gold Falls Nearly 1%

marsbit1h ago

Coin & Stock Barometer: Bitcoin Miner MARA Holdings Spends Over $860,000 on Bulletproof Vehicle Services for Executives; Bitmine Included in Preliminary List for FTSE Russell 1000 Index (May 19)

Crypto Market Wrap & Key Corporate Updates (May 19) The crypto market saw a decline followed by a minor rebound, while U.S. crypto-related stocks fell broadly. In corporate news: **MARA Holdings**, a Bitcoin miner, disclosed spending over $869,000 on vehicle ballistic armor services for its CEO and CFO under its security program. The board cited higher risks associated with the company's public disclosure of holding substantial Bitcoin assets. According to BitcoinTreasuries.NET, Elon Musk's **SpaceX and Tesla** collectively hold 30,221 BTC ($2.3B), which would rank them as the fifth-largest public company holder if combined. **DDC Enterprise Limited** increased its Bitcoin holdings by 200 BTC, bringing its total to 2,583 BTC. The firm stated it plans to continue accumulating BTC based on liquidity, not short-term price movements. Bitcoin treasury company **Nakamoto** announced a 1-for-40 reverse stock split to regain compliance with Nasdaq's minimum bid price requirement. The company reported a Q1 2026 net loss of $238.8M, partly due to a $102.5M unrealized loss on its Bitcoin holdings. **Tether** acquired SoftBank's stake in **Twenty One Capital (XXI)**, increasing its control. Tether's CEO expressed strengthened confidence in XXI's long-term Bitcoin strategy. Fundstrat's **Tom Lee** stated that **Bitmine (BMNR)** has been included in the preliminary list for the FTSE Russell 1000 Index. Concurrently, two new wallets suspected to be linked to Bitmine withdrew 60,000 ETH ($126M) from Bitgo and Kraken. Solana treasury company **Solmate Infrastructure** announced a registered direct offering of shares to raise approximately $11.4 million. **AI Financial**, a WLFI treasury company, reported a Q1 2026 net loss of $271.5M and raised substantial doubt about its ability to continue as a going concern, partly due to unrealized losses on its WLFI token holdings. **SUI Group** disclosed it holds over 108.7 million SUI tokens (~$115M), with its market cap to net asset value ratio at 0.91x. *Disclaimer: This summary is for informational purposes only and does not constitute investment advice.*

marsbit1h ago

Coin & Stock Barometer: Bitcoin Miner MARA Holdings Spends Over $860,000 on Bulletproof Vehicle Services for Executives; Bitmine Included in Preliminary List for FTSE Russell 1000 Index (May 19)

marsbit1h ago

Trading

Spot
Futures
活动图片