Bitcoin Remains Flat Above $29,000 As Traders Remain Uncertain

Aug 01, 2023 at 08:06 // Price
Coin Idol
The bears have an advantage over the bulls

Bitcoin (BTC) is currently trading above the $29,000 support level and between the moving average lines.

Bitcoin price long term forecast: bearish

As Bitcoin consolidates above the $29,000 support level, the bears have an advantage over the bulls. Since July 24, the BTC price has stabilized above the $29,000 support level or the 50-day simple moving average line.

If the bears break the current $29,000 support, the market will come under selling pressure again. The most valuable cryptocurrency would fall to a low of $28,000. On the positive side, a rise above the current support level will see Bitcoin rise above the 21-day simple moving average (SMA) or resistance at $30,000. At the time of writing, the BTC price is at $29,449. In the meantime, the BTC price will remain range bound for a few more days.

Bitcoin indicator display

Bitcoin price remains in its range by consolidating above the 50-day line SMA, but below the 21-day line SMA. For the period of 14 days, the cryptocurrency is declining at the 46 level of the Relative Strength Index. The cryptocurrency has strong momentum above the daily stochastic threshold of 60. The positive momentum is shaky as the cryptocurrency continues to drift sideways.

BTCUSD(Daily Chart) – July 31.23.jpg

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?

Since July 24, bitcoin has consolidated in a narrow range between support at $29,000 and resistance at $29,600. Doji candlesticks have dominated price action over the past week. Price fluctuation has been limited to a price range. These candlesticks represent uncertainty among buyers and sellers about the direction of the market.

BTCUSD(4 Hour Chart) – July 31.23.jpg

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 Readers should do their research before investing in funds.

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