{"id":26588,"date":"2023-07-11T03:52:49","date_gmt":"2023-07-11T07:52:49","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=26588"},"modified":"2023-07-11T03:52:49","modified_gmt":"2023-07-11T07:52:49","slug":"bitcoin-price-holds-ground-but-momentum-keeps-fading-below-31k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/07\/11\/bitcoin-price-holds-ground-but-momentum-keeps-fading-below-31k\/","title":{"rendered":"Bitcoin Price Holds Ground But Momentum Keeps Fading Below $31K"},"content":{"rendered":"

Bitcoin price is holding the key $30,000 support zone. BTC must settle above $31,000 and $31,400 to start a fresh increase in the near term.<\/em><\/p>\n

Bitcoin is showing a few positive signs above the $30,000 support zone.
\nThe price is trading above $30,200 and the 100 hourly Simple moving average.
\nThere is a short-term bullish trend line forming with support near $30,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could gain bullish momentum if there is a close above $31,200.<\/p>\n

Bitcoin Price Is Stable Above $30K<\/h2>\n

Bitcoin price started a fresh decline below the $30,500 support zone<\/a>. However, the bulls were again active above the $30,000 support zone. BTC remained in a range and made another attempt to clear $31,000 but failed.<\/p>\n

The recent low was formed near $30,214 and the price is now moving higher. There was a move above the 23.6% Fib retracement level of the recent decline from the $31,020 high to the $30,214 low. There is also a short-term bullish trend line forming with support near $30,400 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $30,200 and the 100 hourly Simple moving average<\/a>. The bulls are now facing resistance near the $30,600 level.<\/p>\n

The next resistance is near the $30,700 zone. It is close to the 61.8% Fib retracement level of the recent decline from the $31,020 high to the $30,214 low, above which the price might retest $31,000. To start a steady increase, the price must settle above $31,000.<\/p>\n\n

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

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 $30,700 resistance, it could start another decline. Immediate support on the downside is near the $30,200 level and the trend line.<\/p>\n

The next major support is near the $30,000 level, below which there could be a drop toward $29,850. Any more losses might send the price toward the $29,400 level.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $30,200, followed by $30,000.<\/p>\n

Major Resistance Levels \u2013 $30,700, $31,000, and $31,400.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is holding the key $30,000 support zone. BTC must settle above $31,000 and $31,400 to start a fresh increase in the near term.<\/em><\/p>\n

Bitcoin is showing a few positive signs above the $30,000 support zone.
\nThe price is trading above $30,200 and the 100 hourly Simple moving average.
\nThere is a short-term bullish trend line forming with support near $30,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could gain bullish momentum if there is a close above $31,200.<\/p>\n

Bitcoin Price Is Stable Above $30K<\/h2>\n

Bitcoin price started a fresh decline below the $30,500 support zone<\/a>. However, the bulls were again active above the $30,000 support zone. BTC remained in a range and made another attempt to clear $31,000 but failed.<\/p>\n

The recent low was formed near $30,214 and the price is now moving higher. There was a move above the 23.6% Fib retracement level of the recent decline from the $31,020 high to the $30,214 low. There is also a short-term bullish trend line forming with support near $30,400 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is now trading above $30,200 and the 100 hourly Simple moving average<\/a>. The bulls are now facing resistance near the $30,600 level.<\/p>\n

The next resistance is near the $30,700 zone. It is close to the 61.8% Fib retracement level of the recent decline from the $31,020 high to the $30,214 low, above which the price might retest $31,000. To start a steady increase, the price must settle above $31,000.<\/p>\n

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

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 $30,700 resistance, it could start another decline. Immediate support on the downside is near the $30,200 level and the trend line.<\/p>\n

The next major support is near the $30,000 level, below which there could be a drop toward $29,850. Any more losses might send the price toward the $29,400 level.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $30,200, followed by $30,000.<\/p>\n

Major Resistance Levels \u2013 $30,700, $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-26588","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\/26588","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=26588"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/26588\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=26588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=26588"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=26588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}