$BTC Bulls Fight For Control, Will $31200 Resistance Give Way? – Crypto News – Crypto News
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$BTC Bulls Fight For Control, Will $31200 Resistance Give Way? – Crypto News

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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 of the rising trendline.
  • The intraday trading volume in Bitcoin is $11.76 Billion, indicating a 27.5% loss.

Bitcoin Price AnalysisSource-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 the 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 till this trendline is intact.

Exponential Moving Average: The Bitcoin price above the weekly EMA’s(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.

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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