BITCOIN PRICE ANALYSIS-$29,120: Bitcoin's Roller Coaster: What's Next?
- BTC is trading inside the Rising Channel Line on the long term
- The BTC price is finding support from the 100-Day Moving Average
- BTC price on the 4-hour chart is currently within the Descending channel line
Bitcoin is below $29,500 when paired with the US Dollar.
In mid-July, Bitcoin faced strong resistance at $30K, causing failed attempts to break through. The price has been supported around the 100-day moving average. At the moment, it is consolidating within a crucial range, which suggests the possibility of a substantial breakout in the near future.
On The Daily Chart:
The cryptocurrency market, especially Bitcoin, has seen significant volatility with impressive surges and sharp declines. The 100-day moving average provides support, but the price remains below $29,500, struggling to breach the $30,000 resistance. Recent declines broke support levels at $29,750 and $29,500, with a brief dip below $29,000. The current situation shows consolidation around a low near $28,928.
On The 4-Hour Chart:
Bitcoin is currently trading within a Descending channel line on the 4-hour chart. The price is facing resistance from the 200 Moving Average (4-hours) and has formed a shooting star pattern, suggesting selling pressure. Notably, the correction that began in early July has led the price to the important support levels at 0.5 and 0.618 Fibonacci retracement, which could potentially halt the recent downward movement.
According to Coingabbar Price Analysis, the market capitalization of BTC stands at $566,019,142,096. The 24-hour trading volume is approximately $11,264,164,860.
KEY LEVELS :
RESISTANCE LEVEL : $29,500-$30,000
SUPPORT LEVEL : $28,800-$28,300
Will the news of Binance potentially facing U.S. fraud charges impact the price of BTC? Can BTC expect a drop, or will it maintain its support? Share your thoughts in the comment box below.
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.
