Bitcoin Is Slowly Gaining Bullish Momentum, $30,000 Price Zone Could Be Recaptured
Key Points:
- Bitcoin experienced a generally sluggish week but showed a bullish renewal on Thursday.
- Technical analysis indicates a positive outlook for Bitcoin, as it rebounded from the $29,000 support level and is attempting to retest the $30,000 resistance zone.
- If Bitcoin manages to break through the upcoming price zone at $30,320, it could pave the way for a potential rally toward higher levels, such as $32,000 and $35,000.
Bitcoin price is trending higher on Thursday following a generally sluggish week in the cryptocurrency market. The most prominent coin is up 0.8% to $29,540 amid a renewed bullish push, with a 24-hour trading volume of $13.1 billion and $573 in market capitalization.
The technical analysis from the daily time frame provides a bullish outlook. On July 13, the BTC price reached a new yearly high of $31,800, only to experience a setback shortly afterward. The subsequent day formed a bearish engulfing candlestick (indicated by a red icon), which occurs when a large bearish candlestick completely engulfs the previous day’s bullish candle. Following that, in the following days, BTC held steady at $29,000 and found new upward momentum.
Presently, Bitcoin is making strides to retest the seller congestion at $30,000, with its uptrend strongly supported by the established zone around $29,000. This crucial area has played a vital role in preventing further declines to $28,000 and, subsequently $25,000.
The recent recovery wave of Bitcoin was initiated above the $29,000 resistance zone, gaining further ground after the Federal Reserve‘s interest rate decision. This move brought Bitcoin above the $29,200 resistance zone.
Despite the rally, the bears have been actively defending the $29,600 resistance zone, leading to no close above this price level. Currently, Bitcoin is trading below $29,600, and it’s worth noting that its gain over the past three days has been from the 38.2% Fibonacci retracement level.
Bitcoin is now trading below $29,600. We should notice that BTC’s gain over the past 3 days is from the 38.2% Fib level. The next big barrier is at the $29,800 level, over which the price may begin to rise steadily into the $30,000 resistance zone. The next big resistance mark is at $30,320, over which the price may develop upward momentum, the bulls can gain a fresh outlook on a rally to higher zones like $32,000 and $35,000.
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.
Author
Key Points:
- Bitcoin experienced a generally sluggish week but showed a bullish renewal on Thursday.
- Technical analysis indicates a positive outlook for Bitcoin, as it rebounded from the $29,000 support level and is attempting to retest the $30,000 resistance zone.
- If Bitcoin manages to break through the upcoming price zone at $30,320, it could pave the way for a potential rally toward higher levels, such as $32,000 and $35,000.
Bitcoin price is trending higher on Thursday following a generally sluggish week in the cryptocurrency market. The most prominent coin is up 0.8% to $29,540 amid a renewed bullish push, with a 24-hour trading volume of $13.1 billion and $573 in market capitalization.
The technical analysis from the daily time frame provides a bullish outlook. On July 13, the BTC price reached a new yearly high of $31,800, only to experience a setback shortly afterward. The subsequent day formed a bearish engulfing candlestick (indicated by a red icon), which occurs when a large bearish candlestick completely engulfs the previous day’s bullish candle. Following that, in the following days, BTC held steady at $29,000 and found new upward momentum.
Presently, Bitcoin is making strides to retest the seller congestion at $30,000, with its uptrend strongly supported by the established zone around $29,000. This crucial area has played a vital role in preventing further declines to $28,000 and, subsequently $25,000.
The recent recovery wave of Bitcoin was initiated above the $29,000 resistance zone, gaining further ground after the Federal Reserve‘s interest rate decision. This move brought Bitcoin above the $29,200 resistance zone.
Despite the rally, the bears have been actively defending the $29,600 resistance zone, leading to no close above this price level. Currently, Bitcoin is trading below $29,600, and it’s worth noting that its gain over the past three days has been from the 38.2% Fibonacci retracement level.
Bitcoin is now trading below $29,600. We should notice that BTC’s gain over the past 3 days is from the 38.2% Fib level. The next big barrier is at the $29,800 level, over which the price may begin to rise steadily into the $30,000 resistance zone. The next big resistance mark is at $30,320, over which the price may develop upward momentum, the bulls can gain a fresh outlook on a rally to higher zones like $32,000 and $35,000.
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.
Other Posts
Related Posts
Latest
Press Release
Shiba Inu Price Movements: Growing Buy Wall Suggests Large Surge Is Incoming For SHIB And This AI Token
