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Bitcoin Price Signaling Possible Bearish Momentum Below $30k – $25k Coming Soon?

Bitcoin price struggles to reclaim $30k – a move that would encourage investors to double their bullish efforts to $33k.
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Bitcoin Price Signaling Possible Bearish Momentum Below $30k – $25k Coming Soon?

Bitcoin price continues to struggle below $30,000 with declines seemingly in the offing. The largest cryptocurrency has in the last 24 hours rolled back 0.5%, and is trading at $29,780.

Investors are cautiously navigating the market ahead of a busy week, including interest rate decisions from the United States Federal Reserve, the European Central Bank, and the Bank of Japan.

A 25-basis points hike is anticipated in the US in addition to the release of the “actual GDP in the second quarter and the PCE price index in June,” Coin Wu of Wu Blockchain reported.

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Bitcoin Price Breaks Out of The Range: Could Declines Soar

Bitcoin price is trading slightly below the range channel discussed extensively over the last few weeks.

With the support previously provided by the 200-day Exponential Moving Average (EMA) now acting as resistance at $29,863, the path with the least resistance could remain on the downside, which could put more pressure on support areas at $28,000 and $25,000.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator will likely confirm a sell signal on the four-hour chart. This call to sell BTC would manifest with a bearish cross, marked by the MACD line in blue flipping below the signal line in red.

BTC/USD four-hour chart | Tradingview

The Relative Strength Index (RSI) is back below the midline, still adding downward pressure. Two scenarios are likely to take place this week. First, Bitcoin price bulls may arrest the bearish situation below $30,000 before it takes shape and push for a substantial rebound toward $33,000 and $35,000, respectively.

Secondly, if the economic indicators set to be released later in the week are unfavorable to risk assets investors, losses of $28,000 and $25,000 would be imminent. For now, traders should be on the look for BTC to reclaim the range channel support reinforced by the 200-day EMA.

Captain Faibik, a popular crypto analyst to his over 61k followers on Twitter that “the failure to break above $31k level could lead to a retest of the weekly EMA200 ($25.5k).

However, investors should not fret, with Faibik reckoning that there is a possibility of “a successful clearance of the $31k level, which might pave the way for a significant bullish rally of around 30-35% in August/September.

Other market watchers like the Senior Researcher at LBank Labs, Jonny Teng believe developments surrounding the ruling in the case between Ripple and the Securities and Exchange Commission (SEC) continue to negatively influence trading across the crypto market, with Bitcoin investors choosing to stay cautious.

“The disappointment expressed by SEC chair Gary Gensler over the court’s ruling on the securitization of XRP token has added to uncertainty, with the possibility of an appeal by the SEC further complicating the situation,” Teng.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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