Bitcoin Bounces, But Does Not Break The $31,430 Mark

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

Bitcoin price long term forecast: bullish

Buyers have held the price above the current $30,000 support level since June 23. According to the price indications, BTC will continue to rise to the previous highs before reversing at the recent peak. A retraced candlestick tested the 78.6% Fibonacci retracement line on the upswing on June 23.

The retracement suggests that BTC would climb higher, only to stop at the 1.272 Fibonacci extension level, or $33,190.50. Meanwhile, the cryptocurrency value is encountering resistance at a high of $31,430. Bitcoin price fluctuated between $30,000 and $31,430 last week. On the downside, Bitcoin will continue to face selling pressure if the $30,000 support level is breached.

Bitcoin indicator display

Bitcoin is at the 68 level of the Relative Strength Index for the 14 period. The largest cryptocurrency is reaching the overbought zone of the market. The price bars are far above the moving average lines, which leads to a price increase. The cryptocurrency value is trading above the daily stochastic threshold of 80. Bitcoin has reached the overbought zone of the market. Further price gains are unlikely.

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 will remain in the bullish trend zone as long as buyers defend the current support level.

Meanwhile, the price movement has been defined by a Doji candlestick, which has a small body and is indecisive. Buyers and sellers are split on the further market's direction. 

On Jun 29, 2023, Coinidol.com reported that: Buyers tested the $31,000 resistance three times but failed to break the current high. BTC price dropped to a low of $29,842 as the bulls climbed back above $30,000.

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.