#Bitcoin Consolidates, BTC Resistance Remains At $31.3k
Past Performance of Bitcoin
At spot rates, there is nothing to write home about BTC. Prices remain within a consolidation, moving below 31.3k and above the primary support zone at between 29.8k and 30k. Even though buyers are optimistic, the rejection of higher highs can be a concern for bulls. Still, with prices consolidating horizontally, the breakout direction could shape the short-to-medium-term trajectory.
#Bitcoin Technical Analysis
Buyers are confident; every low should theoretically provide entries for buyers targeting 31.3k or better. The rejection of higher prices on June 28 was with light volumes. Therefore, the uptrend remains from an effort-versus-result perspective unless there are deep losses below 30k. Conversely, there could be a reprieve if there are gains above 31.3k. Before committing, conservative, risk-on traders can wait for definitive, high-volume breakouts above/below 31.3k and 29.8k, respectively.
What to Expect from #BTC?
Traders are closely watching how price action unfolds in the daily chart. As it is, the path of least resistance is northwards at least from a top-down preview. Even so, the weakness in the recent retracement questions the strength of buyers. Therefore, while bulls remain in control, a break below last week's lows could define the immediate trend for Bitcoin.
Resistance level to watch: 31.3k
Support level to watch: 29.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
At spot rates, there is nothing to write home about BTC. Prices remain within a consolidation, moving below 31.3k and above the primary support zone at between 29.8k and 30k. Even though buyers are optimistic, the rejection of higher highs can be a concern for bulls. Still, with prices consolidating horizontally, the breakout direction could shape the short-to-medium-term trajectory.
#Bitcoin Technical Analysis
Buyers are confident; every low should theoretically provide entries for buyers targeting 31.3k or better. The rejection of higher prices on June 28 was with light volumes. Therefore, the uptrend remains from an effort-versus-result perspective unless there are deep losses below 30k. Conversely, there could be a reprieve if there are gains above 31.3k. Before committing, conservative, risk-on traders can wait for definitive, high-volume breakouts above/below 31.3k and 29.8k, respectively.
What to Expect from #BTC?
Traders are closely watching how price action unfolds in the daily chart. As it is, the path of least resistance is northwards at least from a top-down preview. Even so, the weakness in the recent retracement questions the strength of buyers. Therefore, while bulls remain in control, a break below last week's lows could define the immediate trend for Bitcoin.
Resistance level to watch: 31.3k
Support level to watch: 29.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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