#July Market Forecast# , BTC

The price of Bitcoin generally holds above the support level at 116,000 US dollars and the resistance level at 120,000 US dollars. The technical price forecasts tend to drop slightly, as the Moving Average Convergence Divergence (MACD) maintains a sell signal on the daily chart below since Thursday.

If macroeconomic uncertainty leads to a state of instability, traders may consider reducing their exposure, which will contribute to increased selling pressure. Therefore, another increase in liquidity at lower support areas, such as $116,000, and the 50-day exponential moving average (EMA), currently at $112,736, cannot be ignored.

The Relative Strength Index (RSI), which is trending downwards at a level of 58, confirms the bearish short-term outlook, indicating a decrease in buying pressure.
However, the potential positive sentiment from the interest rate decision made by the Federal Reserve may boost demand for Bitcoin, which could accelerate recovery above the $120,000 level and subsequent movement towards the all-time high.