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Bitcoin

Bitcoin’s Struggle Below $31K Threatens Price Plummet

July 10, 2023 - Around 2 mins mins to read

Key Points:

  • Bitcoin price dropped below $30,500 and the 100 hourly Simple moving average after breaking the $30,500 support zone.
  • The price is now trading above the $29,850 support zone but might face resistance near the $30,500 zone.
  • Bulls could push the price toward $31,000 and open doors for a move toward the $32,000 resistance zone.
Bitcoin market experienced a decline as its price moved into the red zone.
image 529

This happened after it broke the $30,500 support zone, which sent Bitcoin‘s value plummeting. However, the downturns were limited, as the price seemed to be trading in a range above the $29,850 support zone.

Despite the fall, there was a move above the 23.6% Fib retracement level of the downward move from the $31,630 swing high to the $29,868 low. Even though there was an attempt to increase above the $30,500 resistance, it was unsuccessful. This means that Bitcoin is currently trading below $30,500 and the 100 hourly Simple moving average.

Bitcoins Struggle Below 31K Threatens Price Plummet 2

On the hourly chart of the BTC/USD pair, there was also a break below a contracting triangle with support near $30,200. If the price of Bitcoin increases again, it might face resistance near the $30,300 level and the 100 hourly Simple moving average. The next resistance is near the $30,500 zone, above which the price might retest $30,750. This is close to the 50% Fib retracement level of the downward move from the $31,630 swing high to the $29,868 low.

However, if the bulls push the price above the $30,750 level, there could be a drift toward $31,000. The next major resistance is near the $31,400 level. Any more gains could open the doors for a move toward the $32,000 resistance zone. Overall, Bitcoin’s price is currently hovering around support zones, but there are opportunities for gains if the bulls push the price higher.

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.

# Cryptocurrencies

#Bitcoin

BTC

crypto

Price Plummet

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Author

Annie

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’s Struggle Below $31K Threatens Price Plummet

Key Points:

  • Bitcoin price dropped below $30,500 and the 100 hourly Simple moving average after breaking the $30,500 support zone.
  • The price is now trading above the $29,850 support zone but might face resistance near the $30,500 zone.
  • Bulls could push the price toward $31,000 and open doors for a move toward the $32,000 resistance zone.
Bitcoin market experienced a decline as its price moved into the red zone.
image 529

This happened after it broke the $30,500 support zone, which sent Bitcoin‘s value plummeting. However, the downturns were limited, as the price seemed to be trading in a range above the $29,850 support zone.

Despite the fall, there was a move above the 23.6% Fib retracement level of the downward move from the $31,630 swing high to the $29,868 low. Even though there was an attempt to increase above the $30,500 resistance, it was unsuccessful. This means that Bitcoin is currently trading below $30,500 and the 100 hourly Simple moving average.

Bitcoins Struggle Below 31K Threatens Price Plummet 2

On the hourly chart of the BTC/USD pair, there was also a break below a contracting triangle with support near $30,200. If the price of Bitcoin increases again, it might face resistance near the $30,300 level and the 100 hourly Simple moving average. The next resistance is near the $30,500 zone, above which the price might retest $30,750. This is close to the 50% Fib retracement level of the downward move from the $31,630 swing high to the $29,868 low.

However, if the bulls push the price above the $30,750 level, there could be a drift toward $31,000. The next major resistance is near the $31,400 level. Any more gains could open the doors for a move toward the $32,000 resistance zone. Overall, Bitcoin’s price is currently hovering around support zones, but there are opportunities for gains if the bulls push the price higher.

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.