BTC Price Analysis: Here’s How Bitcoin Is Preparing A Price Jump Above $30K This Month!
The post BTC Price Analysis: Here’s How Bitcoin Is Preparing A Price Jump Above $30K This Month! appeared first on Coinpedia Fintech News
Maintaining a sideways trend for the past ten days, the Bitcoin price action forms a range-bound movement between $29,000 and $29,800. The Bitcoin price action fails to exceed the $31,474 mark resulting in a bearish retracement.
Currently, the Bitcoin price trades at $29,092 and struggles to cling to the 50-day EMA, with an intraday fall of 0.25%. The buyers attempt to avoid a bearish breakdown of the consolidation range and resurface above the 50-day EMA.
With a closing price of $29,170, Bitcoin was at its lowest closing level in 44 days. This brings the oldest crypto close to its annual support trendline and hints at a new higher low formation. The ascending support trendline highlights the higher low formation in Bitcoin prices since the start of 2023.
The bearish breakout seems imminent, catalyzing a Bitcoin price drop to the support confluence of the 23.60% Fibonacci level and the trendline.
Analyzing the higher high formations, the Bitcoin prices bounce back from the 50% or 61.80% Fibonacci level of the previous price spike. And as per the bull run in late June, the 50% Fibonacci retracement level coincides close to $28000.
Moreover, the declining trend in the intraday trading volume during the retracement phase projects weakness on the bearish side. The RSI indicator also depicts a bullish divergence in the recent range bound movement, highlighting a possibility of a bullish reversal.
In case of a bullish reversal, the Bitcoin prices can reclaim the 50-day EMA and challenge the $29,800 resistance level before reaching the $30,000 mark.
However, a prolonged downtrend can challenge the bullish dominance of the $28,000 mark in case of a bearish outcome. The Bitcoin prices can plunge to the $25,000 support level, accounting for a drop of almost 12% from the current market price.
