{"id":26865,"date":"2023-07-17T02:55:14","date_gmt":"2023-07-17T06:55:14","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=26865"},"modified":"2023-07-17T02:55:14","modified_gmt":"2023-07-17T06:55:14","slug":"bitcoin-price-aims-fresh-increase-to-31k-this-support-is-the-key","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/07\/17\/bitcoin-price-aims-fresh-increase-to-31k-this-support-is-the-key\/","title":{"rendered":"Bitcoin Price Aims Fresh Increase To $31K, This Support Is The Key"},"content":{"rendered":"

Bitcoin price failed to surpass $31,800 and corrected most of its gains. BTC is now attempting a fresh increase from the $29,950 support zone.<\/em><\/p>\n

Bitcoin is consolidating losses above the $30,000 support zone.
\nThe price is trading below $30,500 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $30,320 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 $30,400.<\/p>\n

Bitcoin Price Holds Key Support<\/h2>\n

Bitcoin price rallied above the $31,400 resistance<\/a> but there was no follow-up move. BTC struggled to clear the $31,800 level and stayed below $32,000.<\/p>\n

A high was formed near $31,790 before there was a sharp decline. There was a move below the $31,000 and $30,400 levels. The price even spiked below $30,000. A low is formed near $29,950 and the price is now consolidating losses.<\/p>\n

Bitcoin is now trading below $30,500 and the 100 hourly Simple moving average<\/a>. There is also a key bearish trend line forming with resistance near $30,320 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $30,300 level and the trend line. The first major resistance is near $30,400. It is near the 23.6% Fib retracement level of the downward move from the $31,790 swing high to the $29,950 low, above which the price could gain bullish momentum.<\/p>\n\n

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

In the stated case, BTC might rise toward the $30,850 resistance. It is close to the 50% Fib retracement level of the downward move from the $31,790 swing high to the $29,950 low. The next major resistance is near the $31,150 level. Any more gains could open the doors for a move toward the $31,80 resistance zone.<\/p>\n

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

If Bitcoin fails to clear the $30,380 resistance, it could start a downside correction. Immediate support on the downside is near the $30,200 level.<\/p>\n

The next major support is near the $30,000 level, below which there could be a drop toward the $29,750 support zone. Any more losses might send the price toward the $29,350 level 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 now near the 50 level.<\/p>\n

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

Major Resistance Levels \u2013 $30,380, $30,850, and $31,150.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price failed to surpass $31,800 and corrected most of its gains. BTC is now attempting a fresh increase from the $29,950 support zone.<\/em><\/p>\n

Bitcoin is consolidating losses above the $30,000 support zone.
\nThe price is trading below $30,500 and the 100 hourly Simple moving average.
\nThere is a key bearish trend line forming with resistance near $30,320 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 $30,400.<\/p>\n

Bitcoin Price Holds Key Support<\/h2>\n

Bitcoin price rallied above the $31,400 resistance<\/a> but there was no follow-up move. BTC struggled to clear the $31,800 level and stayed below $32,000.<\/p>\n

A high was formed near $31,790 before there was a sharp decline. There was a move below the $31,000 and $30,400 levels. The price even spiked below $30,000. A low is formed near $29,950 and the price is now consolidating losses.<\/p>\n

Bitcoin is now trading below $30,500 and the 100 hourly Simple moving average<\/a>. There is also a key bearish trend line forming with resistance near $30,320 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $30,300 level and the trend line. The first major resistance is near $30,400. It is near the 23.6% Fib retracement level of the downward move from the $31,790 swing high to the $29,950 low, above which the price could gain bullish momentum.<\/p>\n

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

In the stated case, BTC might rise toward the $30,850 resistance. It is close to the 50% Fib retracement level of the downward move from the $31,790 swing high to the $29,950 low. The next major resistance is near the $31,150 level. Any more gains could open the doors for a move toward the $31,80 resistance zone.<\/p>\n

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

If Bitcoin fails to clear the $30,380 resistance, it could start a downside correction. Immediate support on the downside is near the $30,200 level.<\/p>\n

The next major support is near the $30,000 level, below which there could be a drop toward the $29,750 support zone. Any more losses might send the price toward the $29,350 level 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 now near the 50 level.<\/p>\n

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

Major Resistance Levels \u2013 $30,380, $30,850, and $31,150.<\/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-26865","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\/26865","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=26865"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/26865\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=26865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=26865"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=26865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}