Bitcoin 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.