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Bitcoin Falls Short of Various Concerns; These Are The Key Levels to Keep an Eye On.

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Bitcoin has dropped substantially since last night, going from a high of $22,240 at about 10 p.m. to a low of $20,855 early this morning, the lowest since July 18, a decline of more than 6% in a matter of hours.

A few events have heightened investor risk aversion since yesterday, including Gazprom’s announcement that it will reduce the flow of the Nord Stream 1 gas pipeline from around 40 million cubic meters per day to 33 million cubic meters per day since its restart last week, further aggravating Europe’s energy crisis.

It should also be noted that Walmart (NYSE:WMT) reported poor Q2 numbers, as well as a cautious forecast for Q3, which froze global markets.

The possibility of another 0.75 percent rate rise by the Fed at its meeting on Wednesday is also dragging on Bitcoin.

Aside from monetary policy, Bitcoin investors will be watching the earnings of numerous prominent technological firms this week, including Microsoft (NASDAQ:MSFT), Meta Platforms (NASDAQ:META), and even Alphabet (NASDAQ:GOOGL). Given the link between US tech stocks and Bitcoin, these findings may have an impact on the cryptocurrency market.

Bitcoin Thresholds to Track

In terms of short-term technical levels to watch on BTC/USD, yesterday’s low of $20,854 and the July 18 low of $20,750 represent the first support levels before the significant psychological level of $20,000.

On the upside, the hourly chart suggests probable resistance near $21,500, before $22,000, and then the previous day’s high at $22,240.

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