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Crypto Watchlist: Pullback Opportunity for Bitcoin (BTC/USD)?

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Bitcoin just bounced from the $20,000 mark!

Will the crypto extend its upswing? Or are we just looking at a pullback?

Here’s the chart that I’m looking at today:

Bitcoin (BTC/USD) 1-hour Chart

Bitcoin (BTC/USD) 1-hour Chart

In case you were too busy posting your equity portfolio losses on r/WallStreetBets, Bitcoin has been sliding on the charts since the start of the month when BTC/USD cracked the $30,000 support.

Fortunately for our HODLer friends, there were enough bulls around the $20,000 psychological level to defend the support zone not once, but TWICE so far this week.

BTC/USD is now trading closer to $22,000 which is not far from a descending channel resistance and the 100 SMA on the 1-hour chart.

Will BTC/USD extend its upswing from the $20,000 mark? Or did Bitcoin just pull back from its downtrend?

The odds are on the bears’ favor as it looks like BTC bulls and bears are minding the 100 SMA and channel resistance zones. Oh, and check out Stochastic just leaving the overbought territory!

Unless we see big crypto-related headlines, though, BTC/USD’s next direction will likely depend on overall market sentiment.

“Risky” bets like cryptocurrencies and comdolls got a bit of a boost after the Fed raised its interest rates by 75 basis points and hinted of a few more rate hikes before the year ends.

If traders focus on the major central banks raising interest rates too quickly and possibly choking growth, then BTC/USD will likely return to its sub-$20,000 lows if not make new monthly lows.

If risk-taking gains momentum, however, or if more bulls jump in just above $20,000, then BTC/USD could make a play for its $30,000 previous highs.

What do you think? Which way will BTC/USD go in the next few days?

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