{"id":119680,"date":"2023-07-08T12:51:19","date_gmt":"2023-07-08T12:51:19","guid":{"rendered":"https:\/\/dripp.zone\/news\/will-bitcoin-price-hold-29600-support-amid-current-market-sell-off-crypto-news\/"},"modified":"2023-07-08T12:51:21","modified_gmt":"2023-07-08T12:51:21","slug":"will-bitcoin-price-hold-29600-support-amid-current-market-sell-off-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/will-bitcoin-price-hold-29600-support-amid-current-market-sell-off-crypto-news\/","title":{"rendered":"Will Bitcoin Price Hold $29600 Support Amid Current Market Sell-off?\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"post-153701\">\n<p><!--\n     \n\n<div class=\"marketThumbs\">\n             <noscript><img loading=\"lazy\" width=\"1200\" height=\"681\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/07\/08180748\/dMdIuqnC-e1688819880691.png\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Bitcoin Price\" decoding=\"async\" srcset=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/07\/08180748\/dMdIuqnC-e1688819880691.png 1200w, https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/07\/08180748\/dMdIuqnC-e1688819880691-300x170.png 300w, https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/07\/08180748\/dMdIuqnC-e1688819880691-768x436.png 768w, https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/07\/08180748\/dMdIuqnC-e1688819880691-150x85.png 150w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/noscript><\/div>\n\n\n--><\/p>\n<p class=\"MarketsUp f-14 d-block\">Published 10 minutes ago  <\/p>\n<div class=\"Atcs\">\n<p><span style=\"font-weight: 400;\">While the bullish hype built up from the application of various US-based companies for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/jpmorgan-believes-spot-bitcoin-etf-wont-be-a-game-changer-heres-why\/\">spot bitcoin etf<\/a> Faded, the crypto market witnessed a downturn this week.  As a result, the largest cryptocurrency Bitcoin turned down from the multiple-month resistance zone of $31400-31300.  The bearish reversal has plunged the coin price to 4.5% to retest the demand zone at $29640.  Will the BTC price continue its downward projection from here?<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p>Also Read: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/arthur-hayes-sees-bitcoin-as-currency-for-ai-sets-new-price-target\/\">Arthur Hayes Sees Bitcoin as Currency for AI, Sets New Price Target<\/a><\/p>\n<h2><strong>Bitcoin Price Daily Chart<\/strong><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The range formation projects a no-trading zone between the $31300 and $29640 horizontal levels.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The $28130 level stands as a strong support zone for Bitcoin buyers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The intraday trading volume in Bitcoin is $10.5 Billion, indicating a 45% loss.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"Bitcoin Price\" width=\"1946\" height=\"1104\" data-lazy-src=\"https:\/\/s3.tradingview.com\/snapshots\/d\/dMdIuqnC.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/s3.tradingview.com\/snapshots\/d\/dMdIuqnC.png\" alt=\"Bitcoin Price\" width=\"1946\" height=\"1104\"\/><\/noscript>Source-Tradingview<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Over the past two weeks, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/price\/bitcoin\/#:~:text=About%20Bitcoin%20(BTC),the%20Coingape%20Crypto%20Price%20Page.\">bitcoin price<\/a> continues to wobble in a tight range stretching from $31300 to $29640.  On July 7th, the coin price bounced from the range&#8217;s support level indicating the buyers continue to defend higher prices and thus it could prolong the sideways action.<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">If the bullish momentum persists, the coin holders may witness a 2.7% rise to rechallenge overhead resistance.  Therefore, the Bitcoin price needs a suitable breakout from this range to determine the potential trend in the near future.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">As the current consolidation is considered a temporary break from a high-momentum rally, the buyers will more likely continue the upward trend once the bullish momentum recuperates.  A breakout above $31300 could extend the bull run to $33000, followed by $34850 and $37470.<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<h2><b>What if Bitcoin Price Breaks $29640 Support?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The Bitcoin price may enter a longer correction mode if the sellers break below the $29640 support.  This breakdown could tumble the prices by 5% and reach the combined support of $28100 and 50% Fibonacci retracement support.  The coin holders can maintain their bullish sentiment until the aforementioned horizontal support and a long-coming trendline are intact.<\/span><\/p>\n<ul>\n<li><b>Average Directional Index: <\/b><span style=\"font-weight: 400;\">A slight downtick in the daily ADX slope reflects the buyers still holding sufficient strength.<\/span><\/li>\n<li><b>Exponential Moving Average: <\/b><span style=\"font-weight: 400;\">The Bitcoin price rebounded from the 20-day <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/education\/exponential-moving-average-how-to-leverage-it-in-crypto-market\/\">EMA<\/a> indicating the market sentiment is still aggressively bullish.<\/span><\/li>\n<\/ul><\/div>\n<div class=\"TabDicA\">\n<div class=\"TBAcon \">\n<div class=\"authorFlip tabcS\" id=\"TabA153701\">\n<div class=\"authorBox\">\n<div class=\"author_Name\">\n<!--\n                                      \n\n<div class=\"getAuthoname\">\n                                          \n                                                                                 \n                                       <\/div>\n\n \n--><\/p>\n<p>From the past 5 years I am working in Journalism.  I follow the Blockchain &#038; 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                         <\/p>\n<\/p><\/div>\n<div class=\"author_Image\">\n                                             <img loading=\"lazy\" alt=\"\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" data-lazy-srcset=\"https:\/\/secure.gravatar.com\/avatar\/97819e56237550ccb85011dd23b241ea?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\" data-lazy-src=\"https:\/\/secure.gravatar.com\/avatar\/97819e56237550ccb85011dd23b241ea?s=200&#038;d=mm&#038;r=g\"\/><noscript><img loading=\"lazy\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/97819e56237550ccb85011dd23b241ea?s=200&#038;d=mm&#038;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/97819e56237550ccb85011dd23b241ea?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\"\/><\/noscript>                                       <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"TabDesCm tabcS\" id=\"TabD153701\">\n<p>    The content presented may include the personal opinion of the author and is subject to market condition.  Do your market research before investing in cryptocurrencies.  The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n<p>     <!--           <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/category\/price-analysis\/\" class=\"closeArticle2 close-btn\">Close Story<\/a>--><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Published 10 minutes ago While the bullish hype built up from the application of various US-based companies for spot bitcoin etf Faded, the crypto market witnessed a downturn this week. As a result, the largest cryptocurrency Bitcoin turned down from the multiple-month resistance zone of $31400-31300. The bearish reversal has plunged the coin price to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":119681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-119680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/119680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=119680"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/119680\/revisions"}],"predecessor-version":[{"id":119682,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/119680\/revisions\/119682"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/119681"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=119680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=119680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=119680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}