Bitcoin Could Fall As Traders Reach A Stalemate

Cryptocurrency analysts of Coinidol.com report, Bitcoin (BTC) is trading sideways above the psychological $30,000 price level.

Bitcoin price long-term forecast: fluctuating

Over the past week, the Bitcoin price has hovered between $30,000 and $31,500, with buyers working feverishly to keep the price above the $31,500 threshold. The recent high of $31,500 was decisively rejected on June 24 and July 6.

At the time of writing, the Bitcoin price is at $30,092. If the bulls break through the $31,500 resistance, Bitcoin will reach a high of $33,000. However, the uptrend is shaky as the market approaches overbought territory.

However, if Bitcoin fails at the recent high, the bears will use the opportunity to break the existing support. On the other hand, a break below the 21-day line SMA would send the cryptocurrency value down to the 50-day line SMA or to a low of $28,000. Meanwhile, the BTC price is trading above the 21-day simple moving average.

Bitcoin indicator reading

The BTC price bounces and approaches the Relative Strength Index level 56 for the period 14. Cryptocurrencies will rise as they are in an uptrend. Similarly, Bitcoin will rise as long as the price bars remain above the moving average lines. Bearish momentum has stalled below the daily stochastic reading of 40. As the cryptocurrency consolidates, Bitcoin hovers above its current support.

Technical indicators:  

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

What is the next direction for BTC/USD?

Bitcoin has been in a horizontal trend since it was rejected at the last high. Buyers and sellers have been at odds over the past week as Bitcoin maintains its sideways trend. However, if the bears fall below the existing support, Bitcoin will crash. Nonetheless, the bitcoin price remains bound in a tight range.

On Jul 06 2023, Coinidol.com reported that: The largest cryptocurrency is trading in a limited range of $30,000 to $31,500. Buyers tested the recent high on June 23 and again on July 3, but were beaten back. 

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

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• Source: https://coinidol.com/bitcoin-could-fall/