Claim $500Bitcoin Price Analysis: $BTC Bulls Fight for Control, Will $31200 Resistance Give Way?
Bitcoin Price Analysis: Over the past seven months, the Bitcoin price showed a steady recovery in the weekly time frame chart. This rally backed by a rising trendline made a series of new higher highs and lows, resorting the bullish sentiment back to the largest cryptocurrency. Amid this bull run, the buyers reclaimed the first Fibonacci retracement barrier of 23.6% at $28000, giving an additional boost to further rally.
Also Read: US Fed Powell, ECB Lagarde Aggressively Hawkish, Can Bitcoin Price Still Hit $35000?
Bitcoin Price Daily Chart
- The Bitcoin price moved in a no-trading zone at $31200 and $29700.
- The potential buyers can look at the entry for $31200 or a retest to the rising trendline.
- The intraday trading volume in Bitcoin is $11.76 Billion, indicating a 27.5% loss.
Source-Tradingview
With a significant upswing in Mid-June, the Bitcoin price recently rechallenges the last swing high resistance near $31200. However, it’s been two weeks since the buyers are struggling to break this barrier, creating a narrow range of consolidation.
The breakout above the range barrier of $31200, will indicate that the bullish momentum is aggressive and thus, the buyers may drive the BTC price to the potential target of $36000, followed by $42400.
Conversely, a possible breakdown below the $29700 range support, will also indicate the failure of buyers to break the last swing high and thus weakness in bullish momentum.
This potential correction could tumble the price by 8% and retest the $28000 at 23.6% FIB.
Will Bitcoin Recovery Rally Sustain?
The potential pullback at $28000 support would also meet the long-coming support that’s been leading an uptrend for the last seven months. This retracement could offer a dip opportunity to reaccumulate at this trendline. Therefore, the market participants can maintain a bullish outlook until this trendline is intact.
Exponential Moving Average: The Bitcoin price above the weekly EMAs(20, 50, and 100) reflects a bullish sentiment among traders.
Relative Strength Index: A bearish divergence in the daily RSI slope project weakness and a higher chance of $29700 support.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.
Premium Partners
Related Articles
- Michael Saylor’s “Green Dots” Message Hints At Fresh Bitcoin Buying As BTC Faces $90K Wall
- Fed’s Hammack Signals No Rush to Cut Rates as January Hold Odds Near 80%
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
