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Title: Bitcoin price reaches $23.4K on 4.6% gains amid ‘very mixed’ outlook

Aug 05, 2022 05:20AM ET

By/: AnalysisWatch

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD bounced off a local bottom at $22,400 to add about 4.6%.

The pair had reversed direction right at key bid support on the major exchange Binance, which helped avoid a more significant loss of the 200-week moving average (MA) at around $22,800.

While this key zone remained uncertain for the bulls, the recovery of the 21st period MA on the daily chart gave the Material Indicators chain analysis source a reason for optimism.

He told his Twitter followers overnight that BTC/USD may not trigger a buy signal at the close of the daily candle.

Similarly conservative in its price outlook was trading firm QCP Capital, which in its latest market update sent to Telegram channel subscribers said the overall picture was "very mixed".

Pointing to complex macroeconomic factors, QCP said that the monetary policy of the Federal Reserve would be a key factor driving the market in the future. It noted that Fed Chairman Jerome Powell, as noted, has not reached consensus on the pace and extent of future key rate hikes.

The briefing said "Global economic data points to low growth and an upcoming global recession,"

highlighting the upcoming consumer price index (CPI) inflation data for July, expected to be released on August 10

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