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- 1 Bitcoin price trades at $30156.01 with a loss of -0.23% during the intraday session.
- 2 BTC price has negatively crossed 20-day EMA but still trades above 50,100 and 200-day EMAs.
- 3 The year to date return of Bitcoin is 81.84%.
BTC price has entered into a consolidation zone ranging between $31500 and $29850, after the bullish rally that was initiated during the middle of June,. The bullish rally occurred due to BlackRock filing for Bitcoin Spot ETF.
The cryptocurrency price’s is struggling to stay above $31000 but the presence of bears in strong in the region. The price entered into a consolidation zone since the end of June. The recent candle has small bodies and shows that the price is stagnant at the present moment. BTC price surged on 13 July which was due to the XRP vs the Securities and Exchange Commission (SEC) lawsuit.
If bears can push the price below $29850, there is a possibility that the price might head toward the next support level of $28100, thereby cauisng a downfall of roughly 5.87%. Traders should wait for the candle to close below $29850 before looking for bids as it might provide slight confirmation.
On the other hand, if bulls enter the market and push the price above $30400, it might head toward retesting the $31500 level. The daily active addresses have reached 621,552, and have observed a loss of 24.9% in past three months. The daily transactions are up by 55.2% to 484,980. Total value locked is down by 12.3% to 181.3 million.
The market capitalization is down by 0.48% to $587,375,108 as of now. The 24-hour trading volume has increased by 22.34%.
Will BTC Price Fall To $28100?
The cryptocurrency’s price has negatively crossed the 20-day EMA, implying that bearish pressure is rising in the market. It still trades above the 50,100 and 200-day EMAs. Chaikin money flow score is -0.07, suggesting weakness in the market.
CMF has been trading below the 0 mark since 10 July. Relative strength index (RSI) is trading at 52.55, denoting that the price is in a neutral territory facing same pressure from bears and bulls.
The bands of bollinger have contracted, indicating low volatility in the market. Currently, the price is trading below the 20-day SMA of bollinger and is headed toward the lower band which resides at $29759. The long/short ratio is 0.94 with 48.5% longs and 51.5% shorts, indicating that there is higher pressure from the selling side in the last 24 hours.
Conclusion
The market structure and price action of Bitcoin has entered into an indecisive phase. The price is consolidating between the range of $31500 and $29850. The consolidation phase started on June 23 after the bullish rally cooled off.
Technical parameters suggest that there is increased participation of bears in the market but there is a strong presence of bulls as well.
Technical levels
Major support: $28100 and $26320
Major resistance: $31500 and $32000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
