Bitcoin Price Rejects $31K and Turns At Risk of Drop To $30K

2023-7-6 06:12

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.

origin »

Bitcoin (BTC) на Currencies.ru

$ 95857.24 (+0.21%)
Объем 24H $27.524b
Изменеия 24h: -0.46 %, 7d: -2.01 %
Cегодня L: $95182.65 - H: $96282.9
Капитализация $1900.463b Rank 1
Цена в час новости $ 30819.01 (211.03%)

bitcoin price levels resistance toward move down

bitcoin price → Результатов: 126


Bitcoin Price Remains Bullish As Monthly Stochastic Sits Above 80, Here’s Why

The Bitcoin price has struggled to break above the $100,000 threshold decisively over the past four weeks, largely fluctuating within the $90,000 to $100,000 range. This correction and lackluster price action have caused a degree of bearish sentiment among traders, with some speculating that Bitcoin might have already reached its peak for the current cycle. […]

2025-1-15 18:30


Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH

The Bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent surge to an all-time high (ATH) above $106,000, the Bitcoin price has played out an interesting pattern on the 1-day candlestick timeframe, which points to an extremely bullish outlook for the leading cryptocurrency.

2024-12-16 11:30


Are Bitcoin Whales Still Holding For Higher Profit? This On-Chain Signal Suggests So

The Bitcoin price performance in 2024 is one for the history books, with the premier cryptocurrency crossing the $100,000 mark for the first time ever. However, hitting this milestone opened the door to another conversation — when will the market top be in? As a result, several predictions of the Bitcoin price top have emerged […]

2024-12-15 12:30