Top Traders analyst and executive trader Timur Gribennikov talks about the current situation in the market. The winners of the main influencer nomination in Central and Eastern Europe are Top Traders, according to Binance.

After the first cryptocurrency fell for three months, the market has seen the first signs of a recovery. If Bitcoin closes the week above $23,000, the price will bounce back above the MA200 – a strong bullish signal.

The 3D time frame is notable for the trendline on the January 7, 2021 RSI. It is important to closely monitor the price’s reaction to the trend – a breakout will be an additional bullish signal.

The daily time frame also points to a possible recovery. Initial targets are in the $28,600–$30,000 range. In case of correction, the next level will be a retest of the active trading zone’s lower limit of $31,300.

High inflation remains the market’s main fear, but markets reacted positively to expected forecasts. The Fed’s latest interest rate hike of 75 basis points was welcomed by the sector.

If the market doesn’t start to move worse than forecast, we can expect digital gold prices to react positively.

Recall that the second quarter of 2022 was the worst quarter for Bitcoin in the last 11 years.

On the night of July 29, the prices of the first cryptocurrency crossed the $24,000 level. The capitalization of the digital asset market rose to $1.1 trillion.

Scott Minerd, chief investment officer at Guggenheim Partners, warned of a possible drop in bitcoin prices as the industry has yet to “clear itself” of troubled participants.

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