Bitcoin Trades In A Narrow Band And Struggles Below $31,500

Cryptocurrency analysts of Coinidol.com report, Bitcoin (BTC) price has remained above $30,000 support but below $31,500 resistance.

Bitcoin price long term forecast: bullish

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. According to the price indicator, Bitcoin will rise to its previous high.

On the upside, a break above $31,500 will send BTC to a high of $33,190.50 or the 1.272 Fibonacci extension. However, the market will be overbought at a high of $33,190.50. Sellers could emerge in the overbought region and drive prices lower, while Bitcoin is trading at $30,815.00 as of this writing. The presence of small candle bodies known as doji has delayed the price movement. If the current support line is broken, Bitcoin will fall.

Bitcoin indicator display

Bitcoin is in a sideways movement at the 64 level of the Relative Strength Index for the period 14. The cryptocurrency market is still in an uptrend. As long as the price bars remain above the moving average lines, the current uptrend will continue. The bullish momentum is confined to a narrow band. It is above the daily Stochastic value of 50.

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?

Buyers have successfully kept the price above the $30,000 level after the recent rally on June 23. The bitcoin price barely rose last week due to doji candlesticks. The fluctuation range of the price was maintained. Bitcoin will develop when the fluctuation ranges are broken.

On Jul 04, 2023, Coinidol.com reported that: 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.

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.