#bitcoin has been stuck in a sideways trading range for almost a month, with the horizontal boundaries set at $31,500 and $29,500. Notably, the price has experienced three rebounds from each of these levels, underscoring the significant influence this range is exerting on market participants.
The Daily Chart:
Bitcoin's daily chart displayed significant price fluctuations, briefly surpassing $30,000 before a sharp decline. A bearish double-top pattern formed near the crucial $30K resistance level, facing strong dynamic resistance from the middle-trendline of the ascending channel. On July 13, BTC reached a new yearly high of $31,800, but quickly experienced a decline, marked by a bearish engulfing candlestick the next day. Since then, selling pressure has been evident. Interestingly, yesterday, BTC found support from the channel and formed a Red Long Wick Doji candle, suggesting market indecision and a potential shift in momentum.
The 4-Hour Chart:
Bitcoin's 4-hour chart indicates that the price has entered an extended consolidation phase after reaching the significant price zone of $30K. This critical range coincides with Bitcoin's previous significant swing high on April 14th, which has acted as strong resistance due to increased supply.
Currently trading at $30,050, Bitcoin has experienced a 0.70% loss and is steadily approaching the support level of $29,500. If buyers successfully hold this support, the consolidation phase is likely to persist for a more extended period.
According to Coingabbar Price Analysis, the market capitalization of #BTC stands at $584,200,033,832. The 24-hour trading volume is approximately $13,144,307,059.
KEY LEVELS :
RESISTANCE LEVEL : $30,400-$30,900
SUPPORT LEVEL : $29,600-$29,100
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
