{"id":26529,"date":"2023-07-10T03:52:37","date_gmt":"2023-07-10T07:52:37","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=26529"},"modified":"2023-07-10T03:52:37","modified_gmt":"2023-07-10T07:52:37","slug":"bitcoin-price-could-nosedive-if-it-continues-to-struggle-below-31k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/07\/10\/bitcoin-price-could-nosedive-if-it-continues-to-struggle-below-31k\/","title":{"rendered":"Bitcoin Price Could Nosedive If It Continues To Struggle Below $31K"},"content":{"rendered":"

Bitcoin price is moving lower below the $30,500 pivot level. BTC could decline heavily if there is a close below the $29,800 support zone in the near term.<\/em><\/p>\n

Bitcoin is moving lower below the $30,500 support zone.
\nThe price is trading below $30,500 and the 100 hourly Simple moving average.
\nThere was a break below a contracting triangle with support near $30,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend its decline if it stays below $31,200 for a long time.<\/p>\n

Bitcoin Price Shows Bearish Signs<\/h2>\n

Bitcoin price moved into the red zone after it broke the $30,500 support zone<\/a>. BTC traded below the $30,000 level but the downsides were limited.<\/p>\n

The price seems to be trading in a range above the $29,850 support zone. There was a move above the 23.6% Fib retracement level of the downward move from the $31,630 swing high to the $29,868 low. The price even attempted a fresh increase above the $30,500 resistance but failed.<\/p>\n

Bitcoin is now trading below $30,500 and the 100 hourly Simple moving average<\/a>. There was also a break below a contracting triangle with support near $30,200 on the hourly chart of the BTC\/USD pair.<\/p>\n

If there is another increase, the price might face resistance near the $30,300 level and the 100 hourly Simple moving average. The next resistance is near the $30,500 zone, above which the price might retest $30,750. It is close to the 50% Fib retracement level of the downward move from the $31,630 swing high to the $29,868 low.<\/p>\n\n

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

If the bulls push the price above the $30,750 level, there could be a drift toward $31,000. 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 $30,300 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 $29,400. Any more losses might send the price toward the $28,800 level.<\/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 $29,850, followed by $29,400.<\/p>\n

Major Resistance Levels \u2013 $30,300, $30,500, and $30,750.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is moving lower below the $30,500 pivot level. BTC could decline heavily if there is a close below the $29,800 support zone in the near term.<\/em><\/p>\n

Bitcoin is moving lower below the $30,500 support zone.
\nThe price is trading below $30,500 and the 100 hourly Simple moving average.
\nThere was a break below a contracting triangle with support near $30,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend its decline if it stays below $31,200 for a long time.<\/p>\n

Bitcoin Price Shows Bearish Signs<\/h2>\n

Bitcoin price moved into the red zone after it broke the $30,500 support zone<\/a>. BTC traded below the $30,000 level but the downsides were limited.<\/p>\n

The price seems to be trading in a range above the $29,850 support zone. There was a move above the 23.6% Fib retracement level of the downward move from the $31,630 swing high to the $29,868 low. The price even attempted a fresh increase above the $30,500 resistance but failed.<\/p>\n

Bitcoin is now trading below $30,500 and the 100 hourly Simple moving average<\/a>. There was also a break below a contracting triangle with support near $30,200 on the hourly chart of the BTC\/USD pair.<\/p>\n

If there is another increase, the price might face resistance near the $30,300 level and the 100 hourly Simple moving average. The next resistance is near the $30,500 zone, above which the price might retest $30,750. It is close to the 50% Fib retracement level of the downward move from the $31,630 swing high to the $29,868 low.<\/p>\n

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

If the bulls push the price above the $30,750 level, there could be a drift toward $31,000. 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 $30,300 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 $29,400. Any more losses might send the price toward the $28,800 level.<\/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 $29,850, followed by $29,400.<\/p>\n

Major Resistance Levels \u2013 $30,300, $30,500, and $30,750.<\/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-26529","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\/26529","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=26529"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/26529\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=26529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=26529"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=26529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}