Bitcoin Holds Firm In Fight Against High Of $31,430
Cryptocurrency analysts of Coinidol.com report, Bitcoin (BTC) price has continued to rise as buyers maintain control over the psychological $30,000 price level. Since June 23, the bulls have maintained the current support while retesting the recent high.
Bitcoin price long-term forecast: bullish
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. At the time of writing, BTC/USD is trading at $30,236. If buyers break the $31,430 barrier, bitcoin will rise to a high of $32,400.
If investors fail to break above the recent high, the cryptocurrency asset will collapse and settle between $30,000 and $31,400. If the $30,000 support level is breached, selling pressure will pick up again. The largest altcoin could fall back to the $28,475 level. In the meantime, Bitcoin is limited to a price range above the psychological mark.
Bitcoin indicator display
Bitcoin is in the bullish trend zone at level 63 of the Relative Strength Index for period 14. The price bars are currently above the moving average lines, which is a good sign for Bitcoin’s rise. The cryptocurrency has regained its upward momentum. It is above the stochastic level of 25 on the daily basis.
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 is on an upswing and is approaching the $31,000 resistance level. Bitcoin has been in a sideways trend since June 23. Right now, the price movement is defined by a small uncertain candlestick known as a Doji. These candlesticks show that buyers and sellers are divided about the direction of the market.
On Jun 26, 2023, Coinidol.com reported that: The current uptrend was halted when the price peaked at $31,430. At the time of writing, Bitcoin is trading at a high of $30,387.
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.
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