Bitcoin price is attempting a fresh increase from $29,500. BTC could gain bullish momentum if it clears the $30,200 resistance zone in the near term.
- Bitcoin is slowly moving higher from the $29,500 level.
- The price is trading below $30,200 and the 100 hourly Simple moving average.
- There is a major bearish trend line forming with resistance near $30,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a decent increase if there is a close above the $30,200 resistance.
Bitcoin Price Aims Higher
Bitcoin price followed a bearish path below the $30,200 pivot level. BTC even broke the $29,850 level and tested the $29,500 level. A low is formed near $29,500 and the price is now attempting a fresh increase.
The price climbed above the $29,850 and $30,000 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $30,448 swing high to the $29,500 low. The price is now consolidating near $30,000.
Bitcoin price is still trading below $30,200 and the 100 hourly Simple moving average. Immediate resistance is near the $30,080 level. There is also a major bearish trend line forming with resistance near $30,100 on the hourly chart of the BTC/USD pair.
The trend line is near the 61.8% Fib retracement level of the downward move from the $30,448 swing high to the $29,500 low. The first major resistance is near $30,200. A close above the $30,200 level might start a fresh increase.
Source: BTCUSD on TradingView.com
The next major resistance is near the $30,500 level. Any more gains could open the doors for a move toward the $31,000 resistance zone.
More Losses in BTC?
If Bitcoin fails to clear the $30,200 resistance, it could continue to move down. Immediate support on the downside is near the $29,650 level.
The next major support is near the $29,500 level, below which the price could gain bearish momentum. In the stated case, the price could drop toward the $29,200 support zone. Any more losses might send the price toward the $28,750 level in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $29,650, followed by $29,200.
Major Resistance Levels – $30,100, $30,200, and $30,500.
Bitcoin price failed to surpass $31,800 and corrected most of its gains. BTC is now attempting a fresh increase from the $29,950 support zone.
- Bitcoin is consolidating losses above the $30,000 support zone.
- The price is trading below $30,500 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near $30,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if there is a close above $30,400.
Bitcoin Price Holds Key Support
Bitcoin price rallied above the $31,400 resistance but there was no follow-up move. BTC struggled to clear the $31,800 level and stayed below $32,000.
A high was formed near $31,790 before there was a sharp decline. There was a move below the $31,000 and $30,400 levels. The price even spiked below $30,000. A low is formed near $29,950 and the price is now consolidating losses.
Bitcoin is now trading below $30,500 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $30,320 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $30,300 level and the trend line. The first major resistance is near $30,400. It is near the 23.6% Fib retracement level of the downward move from the $31,790 swing high to the $29,950 low, above which the price could gain bullish momentum.
Source: BTCUSD on TradingView.com
In the stated case, BTC might rise toward the $30,850 resistance. It is close to the 50% Fib retracement level of the downward move from the $31,790 swing high to the $29,950 low. The next major resistance is near the $31,150 level. Any more gains could open the doors for a move toward the $31,80 resistance zone.
More Losses in BTC?
If Bitcoin fails to clear the $30,380 resistance, it could start a downside correction. Immediate support on the downside is near the $30,200 level.
The next major support is near the $30,000 level, below which there could be a drop toward the $29,750 support zone. Any more losses might send the price toward the $29,350 level in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $30,200, followed by $30,000.
Major Resistance Levels – $30,380, $30,850, and $31,150.
Bitcoin price reclaimed resistance at $31,000 following a much-anticipated ruling in the lawsuit Ripple has been fighting against the Securities and Exchange Commission (SEC) since December 2020.
The largest cryptocurrency is up 2.4% to $31,200, boasting $607 billion in market capitalization and $23 billion in trading volume. This sudden bullish outlook can be seen across the market with Ethereum’s price rising 6.5% to $2,000.
XRP and the tokens the SEC had listed to be securities in early June exploded as investors reacted to the news that XRP is not a security. At the time of writing, XRP is up 70% to trade at $0.77 while ADA surged by 20% to $0.35, with MATIC posting a 15% upswing to $0.85.
Bitcoin Price Flips Bullish And These Are the Levels To Watch
Bitcoin price holds marginally above $31,000 on Friday with the Moving Average Convergence (MACD) indicator likely to flash a buy signal on the four-hour chart. Traders looking forward to increased exposure to BTC longs would be looking out for a bullish cross marked by the MACD line in blue flipping above the signal line in red.
Despite Bitcoin breaking above the short-term descending channel as observed, the seller congestion at $32,000 seems to be the biggest stumbling block to the expected move to $35,000 and $38,000.
For now, holding above the channel and subsequently $31,000 is crucial for the continuation of the uptrend. However, bulls will only be safe with the Bitcoin price breaking and upholding support at $32,000.
On-chain insights from Santiment compel traders to pay attention to address activity, particularly shark address activity. As reported earlier in the week, BTC accumulation is on the rise mainly among shark (0.1 – 100 BTC) and fish addresses (0 – 0.1 BTC).
“Sharks and whales are watching the $30k to $31k Bitcoin price ranging, just like the rest of traders. And it appears that they are accumulating stablecoins like $USDP & $DAI quite rapidly, which increases the probability of future big crypto buys,” Santiment said via a Twitter post.
If support at $31,000 weakens during the weekend, Bitcoin might resolve to the long-standing consolidation above $30,000. However, such a move would push a lot of pressure on lower support levels with investors likely to sell to buy BTC at $28,000 and $25,000.
Related Articles
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin price is moving higher above the $30,500 level. BTC is showing signs of a fresh move toward the $31,000 resistance zone.
- Bitcoin is slowly moving higher above the $30,500 support zone.
- The price is trading above $30,400 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near $30,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further toward the $31,000 resistance and then $31,400.
Bitcoin Price Holds Ground
Bitcoin price remained stable above the $30,000 support zone. A base was formed and BTC started a decent increase above the $30,200 level.
The price was able to spike a couple of times above the 50% Fib retracement level of the downward move from the $31,020 high to the $30,215 low. However, the bears seem to be active near the $30,700 resistance zone. There is also a key bullish trend line forming with support near $30,500 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $30,400 and the 100 hourly Simple moving average. Immediate resistance on the upside is seen near the $30,720 level. It is close to the 61.8% Fib retracement level of the downward move from the $31,020 high to the $30,215 low.
Source: BTCUSD on TradingView.com
The next resistance is near the $31,000 zone, above which the price could gain bullish momentum. In the stated case, BTC might rise toward the $31,400 resistance. The next major resistance is near the $32,000 level. Any more gains could open the doors for a move toward the $32,500 resistance zone.
Another Decline in BTC?
If Bitcoin’s price fails to clear the $30,700 resistance, it could start another decline. Immediate support on the downside is near the $30,500 level and the trend line.
The next major support is near the $30,300 level and the 100 hourly Simple moving average, below which there could be a drop toward the $30,000 support zone. Any more losses might send the price toward the $29,850 level in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $30,500, followed by $30,300.
Major Resistance Levels – $30,700, $31,000, and $31,400.
Bitcoin price is holding the key $30,000 support zone. BTC must settle above $31,000 and $31,400 to start a fresh increase in the near term.
- Bitcoin is showing a few positive signs above the $30,000 support zone.
- The price is trading above $30,200 and the 100 hourly Simple moving average.
- There is a short-term bullish trend line forming with support near $30,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if there is a close above $31,200.
Bitcoin Price Is Stable Above $30K
Bitcoin price started a fresh decline below the $30,500 support zone. However, the bulls were again active above the $30,000 support zone. BTC remained in a range and made another attempt to clear $31,000 but failed.
The recent low was formed near $30,214 and the price is now moving higher. There was a move above the 23.6% Fib retracement level of the recent decline from the $31,020 high to the $30,214 low. There is also a short-term bullish trend line forming with support near $30,400 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $30,200 and the 100 hourly Simple moving average. The bulls are now facing resistance near the $30,600 level.
The next resistance is near the $30,700 zone. It is close to the 61.8% Fib retracement level of the recent decline from the $31,020 high to the $30,214 low, above which the price might retest $31,000. To start a steady increase, the price must settle above $31,000.
Source: BTCUSD on TradingView.com
The next major resistance is near the $31,400 level. Any more gains could open the doors for a move toward the $32,000 resistance zone.
More Losses in BTC?
If Bitcoin’s price fails to clear the $30,700 resistance, it could start another decline. Immediate support on the downside is near the $30,200 level and the trend line.
The next major support is near the $30,000 level, below which there could be a drop toward $29,850. Any more losses might send the price toward the $29,400 level.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $30,200, followed by $30,000.
Major Resistance Levels – $30,700, $31,000, and $31,400.
Bitcoin price is moving lower below the $30,500 pivot level. BTC could decline heavily if there is a close below the $29,800 support zone in the near term.
- Bitcoin is moving lower below the $30,500 support zone.
- The price is trading below $30,500 and the 100 hourly Simple moving average.
- There was a break below a contracting triangle with support near $30,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its decline if it stays below $31,200 for a long time.
Bitcoin Price Shows Bearish Signs
Bitcoin price moved into the red zone after it broke the $30,500 support zone. BTC traded below the $30,000 level but the downsides were limited.
The price seems to be trading in a range above the $29,850 support zone. There was a move above the 23.6% Fib retracement level of the downward move from the $31,630 swing high to the $29,868 low. The price even attempted a fresh increase above the $30,500 resistance but failed.
Bitcoin is now trading below $30,500 and the 100 hourly Simple moving average. There was also a break below a contracting triangle with support near $30,200 on the hourly chart of the BTC/USD pair.
If there is another increase, the price might face resistance near the $30,300 level and the 100 hourly Simple moving average. The next resistance is near the $30,500 zone, above which the price might retest $30,750. It is close to the 50% Fib retracement level of the downward move from the $31,630 swing high to the $29,868 low.
Source: BTCUSD on TradingView.com
If the bulls push the price above the $30,750 level, there could be a drift toward $31,000. The next major resistance is near the $31,400 level. Any more gains could open the doors for a move toward the $32,000 resistance zone.
More Losses in BTC?
If Bitcoin’s price fails to clear the $30,300 resistance, it could continue to move down. Immediate support on the downside is near the $30,000 level.
The next major support is near the $29,850 level, below which there could be a drop toward $29,400. Any more losses might send the price toward the $28,800 level.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $29,850, followed by $29,400.
Major Resistance Levels – $30,300, $30,500, and $30,750.
Bitcoin price failed to settle above $31,000 and corrected lower. BTC could continue to move down toward the $30,000 support zone.
- Bitcoin is correcting gains from the $31,000 and $31,250 resistance levels.
- The price is trading below $30,800 and the 100 hourly Simple moving average.
- There was a break below a connecting bullish trend line with support near $30,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its decline and test the $30,000 support zone.
Bitcoin Price Corrects Lower
Bitcoin price failed to settle above the $31,000 resistance zone. BTC started a downside correction below the $31,000 and $30,850 levels.
Besides, there was a break below a connecting bullish trend line with support near $30,750 on the hourly chart of the BTC/USD pair. The bears were able to push the price below $30,250. A low is formed near $30,160 and the price is now consolidating losses.
It is trading near the 23.6% Fib retracement level of the recent decline from the $31,373 swing high to the $30,160 low. Bitcoin is trading below $30,800 and the 100 hourly Simple moving average.
Immediate resistance is near the $30,600 level. The first major resistance is near the $30,750 level and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $31,373 swing high to the $30,160 low, above which the price might retest $31,000.
Source: BTCUSD on TradingView.com
A close above the $31,000 resistance could start a steady increase. The next major resistance is near the $31,400 level. Any more gains could open the doors for a move toward the $32,000 resistance zone.
More Losses in BTC?
If Bitcoin’s price fails to clear the $31,750 resistance, it could continue to move down. Immediate support on the downside is near the $30,150 level and the recent low.
The next major support is near the $30,000 level, below which there could be a drop toward $29,550. Any more losses might send the price toward the $29,200 zone in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $30,150, followed by $30,000.
Major Resistance Levels – $30,750, $31,000, and $31,400.
Bitcoin Moves Between $30k and $31k, Cardano (ADA) Might be … Captain Altcoin
Source link ]]>
Bitcoin price stepped above $31,000 on Tuesday, although briefly. The extended weekend in the US left the crypto market quiet apart from the ongoing rout in the NFT space, which has seen many assets fall to extremely low floor prices.
Toward the end of the Asian trading session, Bitcoin price is down 1% to $30,845. Similarly, Ethereum is down 1% to $1,938. Considering the 1% dip in the total market cap to $1.25 trillion, the crypto market performance is expected to stay relatively depressed going into the weekend.
How to Navigate Bitcoin Price Technical Outlook
As investors step into the market from the long weekend, they’ll quickly realize that trading volume is down across the board. According to data from CoinGlass, all major exchanges continue to report sharp drops in volume in the range of 15-20%.
This significant drop in volume impacted the number of liquidations, summing to $47.67 million in the last 24 hours.
Intriguingly, the market has managed to sustain open interest at $14.50 billion, with the long/short ratio revealing that long traders have a slight upper hand over short traders.
On the other hand, trader sentiment is still a cause for worry, with a large portion of neutral traders equalizing the bearish and bullish crowd.
Where Is Bitcoin Price Heading?
The liquidity crunch in the market, according to CoinDesk, is a long-standing factor and cannot be wished away, considering it stems from fiat. Crypto and other risk assets, such as tech stocks, are the most affected.
However, given the influx of significant economic data slated for release this week, traders must be prepared to proactively respond as circumstances dictate.
Meanwhile, Bitcoin price is dealing with the stubborn resistance at $31,000, with its downside seemingly protected at $30,500. The largest cryptocurrency’s options are narrowing each passing day that it doesn’t uphold the upward trajectory beyond the $31,000 mark.
This means that overhead pressure will likely keep weakening support, especially the buyer congestion at $30,000. A confirmed break below this price point would imply a defeated bullish front.
On the other hand, it may trigger an aggressive bearish front, with investors likely to sell to protect accrued profits following the uptick from $25,000 to $31,500.
Pressure is likely to shoot up if short traders capitalize on an incoming sell signal from the Moving Average Convergence Divergence (MACD) indicator. This call to sell BTC would manifest when the MACD line in blue crosses below the signal line in red.
Generally, the movement of the momentum indicator as it drops toward the mean line (0.00) and possibly the negative region would tighten the bearish grip—a move likely to trigger a selloff below $30,000.
Some of the key levels that traders must keep in mind are the resistance at $31,000 and support at $30,000. Notably, a break and hold above $31,000 would encourage more investors to join the bandwagon, targeting a breakout to $35,000 and $38,000.
Bitcoin may be in grave danger of dropping to $25,000 in the event support at $30,000 crumbles. Traders must consider the tentative buyer congestion at $28,000, which might allow Bitcoin to sweep through fresh liquidity ahead of a kneejerk bullish reaction.
Related Articles
AD
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The crypto market structure has improved immensely over the last few weeks. Although not explosive, the largest crypto, Bitcoin, boasts a 54.4% growth in the last 30 days, bringing its cumulative yearly gain to 63.5%.
Bitcoin’s bullish outlook, which firmly steadied in June, has continued into July, and according to market insights, it could propel BTC to $38,000.
Based on live data from CoinGape, Bitcoin price is up 1.4% on the day, but of more importance, bulls have reclaimed resistance at $31,000 and are working on closing the gap to the next hurdle at $32,000.
Bitcoin Price Triumphs As Selling Pressure Dwindles
As discussed in our previous analysis, Bitcoin price was riding on a wave of several buy signals, starting with the Moving Average Convergence Divergence (MACD) indicator. In addition to flashing a buy signal in June, with the MACD line in blue crossing above the signal line in red, the momentum indicator crossed above the mean line, reinforcing the bullish outlook.
Subsequently, the SuperTrend indicator also flipped below Bitcoin price, thus validating the breakout from $25,000. This indicator overlays the chart like moving averages but goes a step further to gauge the volatility in the market by incorporating readings from the average true range (ATR).
Bitcoin will keep the uptrend intact as long as the SuperTrend indicator maintains its position below the price. Traders would anticipate an opposite reaction, with BTC cooling off if the volatility index flips above the price.
Notably, a daily close above $31,000 will go a long way to keep Bitcoin’s uptrend grounded. In other words, investors are likely to keep buying BTC if the elusive support at $31,000 obliges in the coming sessions.
On the other hand, a breakout above $32,000 would be another signal that Bitcoin price is finally on a trajectory to close the distance to two key levels: The stubborn seller congestion at $35,000 and the psychological resistance at $38,000.
On-chain insights from Santiment, a leading analytics platform, show that investor confidence has been increasing at a commendable rate, sparking interest in BTC accumulation.
However, “trader profits for BTC are a bit on the high end, which implies there could be a cooldown.”
#Bitcoin is making a run at breaking $31.3k as key stakeholders show confidence and more accumulation signs. Trader profits for $BTC are a bit on the high end, which implies there could be a cooldown. #Altcoins like $UNI & $SHIB have tremendous #FUD. https://t.co/1bIwnEMpl2 pic.twitter.com/EjmyE9UG0f
— Santiment (@santimentfeed) July 3, 2023
With that in mind, it would be prudent to tread carefully while keenly watching Bitcoin’s reaction to major price points like the recently reclaimed $31,000 and the subsequent hurdle at $32,000.
A break above $32,000 could be a game changer and open the door for gains targeting $38,000. On the other hand, rolling back under $31,000 would mean that bulls are accepting defeat. This may encourage bears to double down their efforts and eventually push BTC below $30,000 with $25,000 beckoning.
Blacklock Refiles Spot Bitcoin ETF
According to a Bloomberg report, Blackrock has resubmitted its spot Bitcoin exchange-traded fund (ETF) to the US Securities and Exchange Commission (SEC) proposal via Nasdaq.
The new filings were made with the SEC on Monday, highlighting that Coinbase Global Inc. will play a pivotal role in market surveillance for the proposed ETF by the world’s most colossal asset manager.
This development came in response to the regulatory body’s previous assertion that the original filings lacked comprehensive and required details.
Companies interested in offering a BTC ETF had last week amended their proposals to provide more details, including VanEck and Fidelity Investments.
If approved, a spot Bitcoin ETF will be a gateway for institutional investors to participate in the crypto market, which many believe will fuel the next bull market.
Related Articles
AD
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.