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BITCOIN PRICE ANALYSIS CMP-$30,700: BTC Destiny Hinges on U.S. Data

Key Takeaways
  • Bitcoin is currently trading within a bullish rectangle pattern
  • On the daily chart, BTC is currently trading within the Ascending Channel Pattern
  • BTC is currently trading above $30,500 and showing a significant bullish trend line on the hourly chart
12-Jul-2023 By: Lokesh Gupta
BITCOIN PRICE ANALYSIS CMP-$30,700: BTC Destiny Hinges on U.S. Data

BTC is presently holding a significant support at $30,500.

As the crypto market experiences consolidation, Bitcoin remains above the $30,000 mark. Meanwhile, investors are eagerly anticipating the release of the CPI, a significant inflation indicator. The CPI will play a crucial role in guiding the Federal Reserve's decision-making, particularly after the pause in interest rate hikes earlier in June.

The Daily Chart:

Bitcoin's price is currently trading within a bullish rectangle pattern, indicating a temporary pause in the upward trend and the potential for consolidation before the next bullish breakout.

For the breakout to occur, the price needs to surpass the upper boundary of the rectangle pattern, which is set at $31,400. Traders will confirm the breakout with a significant increase in trading volume and sustained upward movements beyond the resistance level.

In this scenario, investors will be observing a target for the breakout, calculated by measuring the width of the pattern and extending it above the upper boundary. Traders holding long positions in BTC would be anticipating a 5% upward move to reach approximately $33,000.

Bitcoin is currently showing an upward trend, surpassing the $30,500 level and indicating potential for further upward movement towards the resistance zone at $31,000. Traders are closely monitoring this development, as it suggests bullish momentum in the market.

Looking at the 4-hour chart, Bitcoin is consolidating within a range of $31,500 to $30,000. The $30,000 support zone has proven to be strong and is holding firm. The price action within this range will determine the next trend, making it a crucial decision point for traders.

According to Coingabbar Price Analysis, the market capitalization of BTC stands at $596,485,695,930. The 24-hour trading volume is approximately $11,085,806,257.


RESISTANCE LEVEL : $31,000-$31,500

SUPPORT LEVEL : $30,400-$29,900

Will the CPI impact the price of BTC and influence investor confidence in the upcoming Bitcoin rally, considering the approaching BTC halving? Can the current narrow price range be seen as a favorable opportunity for accumulation as we await the storm?

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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