Many experts have been warning that a price retreat is imminent for Bitcoin but the pioneering cryptocurrency has managed to surprise all. Rising high on the news of Microstrategy purchasing more BTC and institutional firms filing for ETFs, $BTC has managed to soldier on defying all odds. Usually, the 3-month chart tends to face a lot of resistance in the vicinity of the 0.618 FIB level which is currently situated at the $48k region.
Bitcoin 5-day chart
Pic Courtesy: Trading View
Bitcoin has been hovering near the $30k region which has become an important level to watch. It managed to breach and rise up to the $31k price level on 30 June but retraced soon after as news of the SEC rejecting ETF applications started to filter.
As per CryptoBullet, July may not be the month in which $BTC could offer a lot of bullish action.
Pic courtesy: Twitter
Even venture capitalist Tim Draper had to recently adjust his prediction for Bitcoin. He had earlier predicted that $BTC would reach $250k by now. However, he tweeted that the world might have to wait another two years for his prediction to come true.
Pic Courtesy: Twitter
However, almost all analysts seem to agree that the Bitcoin price has entered a period of strong consolidation after the over 20% price increase in the week following June 15, 2023. The traded volume continued to oscillate in tandem with the price displaying consolidation by whales. Usually, the trading volume tends to display a downtrend during the weekend.
The most interesting level to watch is $30k which has recently emerged both as a strong resistance and a support zone. Another key level to watch is $27,800 which is also the 20-day moving average for $BTC. It seems traders might have to bear with another few weeks of consolidation before a clear bullish rally emerges taking BTC to $40k levels after which the $48k price level would be the next hurdle.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
