{"id":26380,"date":"2023-07-06T03:52:42","date_gmt":"2023-07-06T07:52:42","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=26380"},"modified":"2023-07-06T03:52:42","modified_gmt":"2023-07-06T07:52:42","slug":"bitcoin-price-rejects-31k-and-turns-at-risk-of-drop-to-30k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/07\/06\/bitcoin-price-rejects-31k-and-turns-at-risk-of-drop-to-30k\/","title":{"rendered":"Bitcoin Price Rejects $31K and Turns At Risk of Drop To $30K"},"content":{"rendered":"

Bitcoin price failed to settle above $31,000 and corrected lower. BTC could continue to move down toward the $30,000 support zone.<\/em><\/p>\n

Bitcoin is correcting gains from the $31,000 and $31,250 resistance levels.
\nThe price is trading below $30,800 and the 100 hourly Simple moving average.
\nThere was a break below a connecting bullish trend line with support near $30,750 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend its decline and test the $30,000 support zone.<\/p>\n

Bitcoin Price Corrects Lower<\/h2>\n

Bitcoin price failed to settle above the $31,000 resistance zone<\/a>. BTC started a downside correction below the $31,000 and $30,850 levels.<\/p>\n

Besides, there was a break below a connecting bullish trend line with support near $30,750 on the hourly chart of the BTC\/USD pair. The bears were able to push the price below $30,250. A low is formed near $30,160 and the price is now consolidating losses.<\/p>\n

It is trading near the 23.6% Fib retracement level of the recent decline from the $31,373 swing high to the $30,160 low. Bitcoin is trading below $30,800 and the 100 hourly Simple moving average<\/a>.<\/p>\n

Immediate resistance is near the $30,600 level. The first major resistance is near the $30,750 level and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $31,373 swing high to the $30,160 low, above which the price might retest $31,000.<\/p>\n\n

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

A close above the $31,000 resistance could start a steady increase. The next major resistance is near the $31,400 level. Any more gains could open the doors for a move toward the $32,000 resistance zone.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $31,750 resistance, it could continue to move down. Immediate support on the downside is near the $30,150 level and the recent low.<\/p>\n

The next major support is near the $30,000 level, below which there could be a drop toward $29,550. Any more losses might send the price toward the $29,200 zone in the coming sessions.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $30,150, followed by $30,000.<\/p>\n

Major Resistance Levels \u2013 $30,750, $31,000, and $31,400.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price failed to settle above $31,000 and corrected lower. BTC could continue to move down toward the $30,000 support zone.<\/em><\/p>\n

Bitcoin is correcting gains from the $31,000 and $31,250 resistance levels.
\nThe price is trading below $30,800 and the 100 hourly Simple moving average.
\nThere was a break below a connecting bullish trend line with support near $30,750 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend its decline and test the $30,000 support zone.<\/p>\n

Bitcoin Price Corrects Lower<\/h2>\n

Bitcoin price failed to settle above the $31,000 resistance zone<\/a>. BTC started a downside correction below the $31,000 and $30,850 levels.<\/p>\n

Besides, there was a break below a connecting bullish trend line with support near $30,750 on the hourly chart of the BTC\/USD pair. The bears were able to push the price below $30,250. A low is formed near $30,160 and the price is now consolidating losses.<\/p>\n

It is trading near the 23.6% Fib retracement level of the recent decline from the $31,373 swing high to the $30,160 low. Bitcoin is trading below $30,800 and the 100 hourly Simple moving average<\/a>.<\/p>\n

Immediate resistance is near the $30,600 level. The first major resistance is near the $30,750 level and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $31,373 swing high to the $30,160 low, above which the price might retest $31,000.<\/p>\n

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

A close above the $31,000 resistance could start a steady increase. The next major resistance is near the $31,400 level. Any more gains could open the doors for a move toward the $32,000 resistance zone.<\/p>\n

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

If Bitcoin\u2019s price fails to clear the $31,750 resistance, it could continue to move down. Immediate support on the downside is near the $30,150 level and the recent low.<\/p>\n

The next major support is near the $30,000 level, below which there could be a drop toward $29,550. Any more losses might send the price toward the $29,200 zone in the coming sessions.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $30,150, followed by $30,000.<\/p>\n

Major Resistance Levels \u2013 $30,750, $31,000, and $31,400.<\/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-26380","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\/26380","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=26380"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/26380\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=26380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=26380"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=26380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}