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Home»Analysis»Bitcoin price rejects $31,000 and threatens to drop to $30,000
Analysis

Bitcoin price rejects $31,000 and threatens to drop to $30,000

2023-07-06No Comments2 Mins Read
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Bitcoin price failed to move above $31,000 and corrected lower. BTC could decline further towards the USD 30,000 support zone.

  • Bitcoin is correcting gains from the $31,000 and $31,250 resistance levels.
  • The price is trading below $30,800 and the 100 simple hourly moving average.
  • There was a break below a contiguous bullish trendline with support near USD 30,750 on the BTC/USD pair hourly chart (Kraken data feed).
  • The pair could extend its decline and test the $30,000 support zone.

Bitcoin price corrects lower

Bitcoin price failed to break above the USD 31,000 resistance zone. BTC started a downside correction below the USD 31,000 and USD 30,850 levels.

Moreover, there was a break below a contiguous bullish trendline with support near USD 30,750 on the hourly chart of the BTC/USD pair. The bears managed to push the price below $30,250. A low is forming near USD 30,160 and the price is now consolidating losses.

It is trading near the 23.6% Fib retracement level from the recent drop from the $31,373 swing high to the $30,160 low. Bitcoin is trading below USD 30,800 and the 100 simple hourly moving average.

Immediate resistance is near the $30,600 level. The first major resistance is near the USD 30,750 level and the 100 simple hourly moving average. It is close to the 50% Fib retracement level of the recent drop from the $31,373 swing high to the $30,160 low, above which the price could retest $31,000.

Bitcoin price

Source: BTCUSD at TradingView.com

A close above the $31,000 resistance could start a steady rise. The next major resistance is near the USD 31,400 level. More gains could open the door for a move into the $32,000 resistance zone.

See also  Challenger exchanges appear to be competing with Binance as OKX and Bitget claim market share

Lose more in BTC?

If the price of Bitcoin fails to clear the $31,750 resistance, it could fall further. Immediate downside support is near the $30,150 level and the recent low.

The next major support is near the USD 30,000 level, below which there could be a decline towards USD 29,550. More losses could send the price towards the $29,200 zone in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Key Support Levels – $30,150 followed by $30,000.

Major resistance levels – $30,750, $31,000 and $31,400.

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Bitcoin Drop Price Rejects Threatens
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