{"id":26082,"date":"2023-06-29T03:52:37","date_gmt":"2023-06-29T07:52:37","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=26082"},"modified":"2023-06-29T03:52:37","modified_gmt":"2023-06-29T07:52:37","slug":"bitcoin-price-needs-to-clear-31k-for-hopes-of-a-fresh-rally","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/29\/bitcoin-price-needs-to-clear-31k-for-hopes-of-a-fresh-rally\/","title":{"rendered":"Bitcoin Price Needs To Clear $31K For Hopes of a Fresh Rally"},"content":{"rendered":"

Bitcoin price is still facing a major hurdle near $31,000. BTC could correct lower below $29,800 if it stays below $31,000 for a long time.<\/em><\/p>\n

Bitcoin is still consolidating below the $31,000 resistance zone.
\nThe price is trading below $30,500 and the 100 hourly Simple moving average.
\nThere is a key declining channel forming with resistance near $30,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower toward the $29,550 support or even $29,000.<\/p>\n

Bitcoin Price Stuck In A Range<\/h2>\n

Bitcoin price remained in a major range below the $31,000 resistance zone<\/a>. BTC made another attempt to gain pace above the $31,000 resistance but failed.<\/p>\n

A high was formed near $31,008 before there was a fresh decline. There was a move below the $30,500 level but the bulls were active above the $29,800 zone. A low is formed near $29,834 and the price is now trading in a range.<\/p>\n

It is trading near the 23.6% Fib retracement level of the recent decline from the $31,008 swing high to the $29,834 low. Bitcoin price is now trading below $30,500 and the 100 hourly Simple moving average<\/a>. There is also a key declining channel forming with resistance near $30,200 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $30,200 level. The first major resistance is near the $30,420 level or the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $31,008 swing high to the $29,834 low, above which the price might revisit the $31,000 resistance zone.<\/p>\n\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

An upside break above the $31,000 resistance might send BTC toward $31,500. Any more gains could open the doors for a move toward the $32,200 resistance zone.<\/p>\n

More Losses in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $30,420 resistance, it could continue to move down. Immediate support on the downside is near the $30,000 level.<\/p>\n

The next major support is near the $29,850 level, below which there could be a drop toward the $29,550 support. Any more losses might send the price toward the $29,000 zone in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is below the 50 level.<\/p>\n

Major Support Levels \u2013 $30,000, followed by $29,550.<\/p>\n

Major Resistance Levels \u2013 $30,200, $30,420, and $31,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is still facing a major hurdle near $31,000. BTC could correct lower below $29,800 if it stays below $31,000 for a long time.<\/em><\/p>\n

Bitcoin is still consolidating below the $31,000 resistance zone.
\nThe price is trading below $30,500 and the 100 hourly Simple moving average.
\nThere is a key declining channel forming with resistance near $30,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower toward the $29,550 support or even $29,000.<\/p>\n

Bitcoin Price Stuck In A Range<\/h2>\n

Bitcoin price remained in a major range below the $31,000 resistance zone<\/a>. BTC made another attempt to gain pace above the $31,000 resistance but failed.<\/p>\n

A high was formed near $31,008 before there was a fresh decline. There was a move below the $30,500 level but the bulls were active above the $29,800 zone. A low is formed near $29,834 and the price is now trading in a range.<\/p>\n

It is trading near the 23.6% Fib retracement level of the recent decline from the $31,008 swing high to the $29,834 low. Bitcoin price is now trading below $30,500 and the 100 hourly Simple moving average<\/a>. There is also a key declining channel forming with resistance near $30,200 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $30,200 level. The first major resistance is near the $30,420 level or the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $31,008 swing high to the $29,834 low, above which the price might revisit the $31,000 resistance zone.<\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

An upside break above the $31,000 resistance might send BTC toward $31,500. Any more gains could open the doors for a move toward the $32,200 resistance zone.<\/p>\n

More Losses in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $30,420 resistance, it could continue to move down. Immediate support on the downside is near the $30,000 level.<\/p>\n

The next major support is near the $29,850 level, below which there could be a drop toward the $29,550 support. Any more losses might send the price toward the $29,000 zone in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is below the 50 level.<\/p>\n

Major Support Levels \u2013 $30,000, followed by $29,550.<\/p>\n

Major Resistance Levels \u2013 $30,200, $30,420, and $31,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-26082","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/26082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=26082"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/26082\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=26082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=26082"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=26082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}