{"id":26770,"date":"2023-07-14T03:53:04","date_gmt":"2023-07-14T07:53:04","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=26770"},"modified":"2023-07-14T03:53:04","modified_gmt":"2023-07-14T07:53:04","slug":"bitcoin-price-attempts-to-follow-xrp-but-this-resistance-is-the-key","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/07\/14\/bitcoin-price-attempts-to-follow-xrp-but-this-resistance-is-the-key\/","title":{"rendered":"Bitcoin Price Attempts To Follow XRP But This Resistance Is The Key"},"content":{"rendered":"

Bitcoin price started a fresh increase after XRP\u2019s massive rally. BTC is trading above $31,400 and might rally if there is a close above $32,000.<\/em><\/p>\n

Bitcoin is moving higher above the $31,000 and $31,400 resistance levels.
\nThe price is trading above $31,000 and the 100 hourly Simple moving average.
\nThere was a break above a key contracting triangle with resistance near $30,700 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 $32,000.<\/p>\n

Bitcoin Price Starts Fresh Increase<\/h2>\n

Bitcoin price was able to clear the $30,500 resistance zone<\/a>. BTC started a fresh increase after a court ruling in favor of Ripple, stating XRP is not a security. There was a break above the $30,650 resistance.<\/p>\n

Besides, there was a break above a key contracting triangle with resistance near $30,700 on the hourly chart of the BTC\/USD pair. The pair even climbed above the $31,400 resistance zone. A high is formed near $31,790 and the price is now consolidating gains.<\/p>\n

It is trading near the 23.6% Fib retracement level of the recent increase from the $30,217 swing low to the $31,790 high. Bitcoin is now trading above $31,000 and the 100 hourly Simple moving average<\/a>.<\/p>\n\n

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

Immediate resistance is near the $31,600 level. The first major resistance is near $31,800, above which the price could gain bullish momentum. In the stated case, BTC might rise toward the $32,000 resistance. The next major resistance is near the $32,500 level. Any more gains could open the doors for a move toward the $33,200 resistance zone.<\/p>\n

Are Dips Supported in BTC?<\/h2>\n

If Bitcoin fails to clear the $31,800 resistance, it could start a downside correction. Immediate support on the downside is near the $31,200 level.<\/p>\n

The next major support is near the $31,000 level or the 50% Fib retracement level of the recent increase from the $30,217 swing low to the $31,790 high, below which there could be a drop toward the $30,800 support zone. Any more losses might send the price toward the $30,550 level in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $31,200, followed by $31,000.<\/p>\n

Major Resistance Levels \u2013 $31,650, $31,800, and $32,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started a fresh increase after XRP\u2019s massive rally. BTC is trading above $31,400 and might rally if there is a close above $32,000.<\/em><\/p>\n

Bitcoin is moving higher above the $31,000 and $31,400 resistance levels.
\nThe price is trading above $31,000 and the 100 hourly Simple moving average.
\nThere was a break above a key contracting triangle with resistance near $30,700 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 $32,000.<\/p>\n

Bitcoin Price Starts Fresh Increase<\/h2>\n

Bitcoin price was able to clear the $30,500 resistance zone<\/a>. BTC started a fresh increase after a court ruling in favor of Ripple, stating XRP is not a security. There was a break above the $30,650 resistance.<\/p>\n

Besides, there was a break above a key contracting triangle with resistance near $30,700 on the hourly chart of the BTC\/USD pair. The pair even climbed above the $31,400 resistance zone. A high is formed near $31,790 and the price is now consolidating gains.<\/p>\n

It is trading near the 23.6% Fib retracement level of the recent increase from the $30,217 swing low to the $31,790 high. Bitcoin is now trading above $31,000 and the 100 hourly Simple moving average<\/a>.<\/p>\n

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

Immediate resistance is near the $31,600 level. The first major resistance is near $31,800, above which the price could gain bullish momentum. In the stated case, BTC might rise toward the $32,000 resistance. The next major resistance is near the $32,500 level. Any more gains could open the doors for a move toward the $33,200 resistance zone.<\/p>\n

Are Dips Supported in BTC?<\/h2>\n

If Bitcoin fails to clear the $31,800 resistance, it could start a downside correction. Immediate support on the downside is near the $31,200 level.<\/p>\n

The next major support is near the $31,000 level or the 50% Fib retracement level of the recent increase from the $30,217 swing low to the $31,790 high, below which there could be a drop toward the $30,800 support zone. Any more losses might send the price toward the $30,550 level in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $31,200, followed by $31,000.<\/p>\n

Major Resistance Levels \u2013 $31,650, $31,800, and $32,000.<\/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-26770","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\/26770","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=26770"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/26770\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=26770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=26770"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=26770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}