NewsletterBitcoin Price Analysis: $BTC Price Coiling before the Next Leap; Is $33000 within Reach?
Bitcoin Price Analysis: The latter-June rally in BTC price was hugely influenced by the application of big asset management companies seeking approval for spot Bitcoin ETF. Thus, the optimistic view among market participants surged the coin price to a yearly high of $31170 on June 23. However, the coin price is currently witnessing a consolidation phase, trying to recuperate the exhausted bullish momentum for further rally.
Also Read: Binance CEO CZ More Bullish On Bitcoin, Here’s Why
Bitcoin Price Daily Chart:
- The daily chart projects a range formation between the $31291 to $29624 horizontal levels.
- A breakout above the 31291 barriers will trigger a quick 6% jump in the BTC price
- The intraday trading volume in Bitcoin is $22.04 billion, indicating a 30% loss.
(Source: Tradingview)
On 30th June, the BTC price showed a high wave neutral candle spread from $31291 to $29624. This candle reflects high volatility as the market reacted to the US SEC’s thoughts of inadequate application of spot Bitcoin ETF.
By the press time, the coin price trades at $30509 with a significant gain of $0.17. As either party shows no initiation to take trend control, the price could extend a sideways trend for a few more trading days.
The range of $31291 and $29624 stand as strong resistance and support respectively and can be used to determine future prices.
Will Bitcoin Price Rise to $33,000?
The ongoing consolidation in Bitcoin price is likely a temporary pause before the uptrend continuation. The sideways trend could replenish the bullish momentum and set a breakout above $31291 to prolong the bullish rally. The potential breakout could drive the prices to the next target of $33000.
- Relative Strength Index: Amid the price consolidation, the daily RSI slope falling represents weakening bullish momentum and the possibility of $28924
- Fibonacci Retracement level: until the ongoing consolidation or potential correction sustains above 50% FIB level, the overhead trend remains bullish.
- Eric Trump Says Now Is a Great Time to Buy Bitcoin Amid Crypto Crash
- Dogecoin, Cardano, Shiba Inu Eye Wider Adoption as Coinbase Announces Perpetual-Style Futures
- Solana News: SOL’s Supply Could Drop Twice as Fast as Disinflation Proposal Goes Live
- Trump Tariffs: White House Prepares Plan B as Crypto Market Awaits Supreme Court Ruling
- Michael Saylor’s Strategy Hints It Will Keep Buying Bitcoin, Citing 2022 Bear Market Playbook
- WLFI Price Soars 17%: What’s Fueling the Surge?
- Dogecoin Price Eyes $0.2 Rally Ahead of Grayscale’s NYSE ETF Debut on November 24
- Crypto Market Eyes Major Rebound as Fed Rate Cut Chances Rise to 71%
- Dogecoin Price Finds Support: Can the 21Shares & Grayscale DOGE ETFs Spark a Surge?
- Will Solana Price Crash Under $100 as Crypto Market Signals Further Downside?
- Ethereum price Drops Below $2,700 as US Jobs Data Hits Rate-Cut Hopes
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
