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Bitcoin

Bitcoin Price Plummets Below $31K, Experts Predict Further Decline

July 11, 2023 - Around 2 mins mins to read

Key Points:

  • Bitcoin price in decline, but bulls remain active above $30,000 support zone.
  • Short-term bullish trend line forming, with support near $30,400.
  • Next resistance near $30,700 and $31,400 levels, with potential for gains towards $32,000.
Bitcoin price started a fresh decline below the $30,500 support zone, which worried investors.
Bitcoin Price Plummets

However, the bulls were again active above the $30,000 support zone, which helped to mitigate some of the concerns. Despite this, the price of BTC remained in a range and made another attempt to clear $31,000 but unfortunately failed.

image 619

Looking at the hourly chart of the BTC/USD pair, we can see that the recent low was formed near $30,214, which is a considerable drop from its recent high. However, the price is now moving higher, which is a good sign for investors. There was a move above the 23.6% Fib retracement level of the recent decline from the $31,020 high to the $30,214 low, indicating that there may be some bullish momentum building.

A short-term bullish trend line is forming with support near $30,400 on the same hourly chart. This trend line suggests that there are still some investors who are optimistic about Bitcoin’s future prospects.

Bitcoin price is trading above $30,200 and the 100 hourly Simple moving average, which is a positive development. However, the bulls are now facing resistance near the $30,600 level, which could make it challenging for prices to rise even further.

image 620

The next resistance is near the $30,700 zone, which is close to the 61.8% Fib retracement level of the recent decline from the $31,020 high to the $30,214 low. If the price manages to break above this resistance level, it might retest $31,000, which would be a significant milestone for investors.

The price must settle above $31,000, and the next major resistance is near the $31,400 level. If the price manages to break through this level, it could open the doors for a move toward the $32,000 resistance zone, which would be a strong indicator of Bitcoin’s long-term potential.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Bitcoin Price Plummet

Bitcoin Price Plummets

BTC

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Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Bitcoin

Bitcoin Price Plummets Below $31K, Experts Predict Further Decline

Key Points:

  • Bitcoin price in decline, but bulls remain active above $30,000 support zone.
  • Short-term bullish trend line forming, with support near $30,400.
  • Next resistance near $30,700 and $31,400 levels, with potential for gains towards $32,000.
Bitcoin price started a fresh decline below the $30,500 support zone, which worried investors.
Bitcoin Price Plummets

However, the bulls were again active above the $30,000 support zone, which helped to mitigate some of the concerns. Despite this, the price of BTC remained in a range and made another attempt to clear $31,000 but unfortunately failed.

image 619

Looking at the hourly chart of the BTC/USD pair, we can see that the recent low was formed near $30,214, which is a considerable drop from its recent high. However, the price is now moving higher, which is a good sign for investors. There was a move above the 23.6% Fib retracement level of the recent decline from the $31,020 high to the $30,214 low, indicating that there may be some bullish momentum building.

A short-term bullish trend line is forming with support near $30,400 on the same hourly chart. This trend line suggests that there are still some investors who are optimistic about Bitcoin’s future prospects.

Bitcoin price is trading above $30,200 and the 100 hourly Simple moving average, which is a positive development. However, the bulls are now facing resistance near the $30,600 level, which could make it challenging for prices to rise even further.

image 620

The next resistance is near the $30,700 zone, which is close to the 61.8% Fib retracement level of the recent decline from the $31,020 high to the $30,214 low. If the price manages to break above this resistance level, it might retest $31,000, which would be a significant milestone for investors.

The price must settle above $31,000, and the next major resistance is near the $31,400 level. If the price manages to break through this level, it could open the doors for a move toward the $32,000 resistance zone, which would be a strong indicator of Bitcoin’s long-term potential.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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