Bitcoin has been displaying a sideways movement for the past couple of weeks, which has raised concerns among participants in the market. Nonetheless, it is expected that this trend will continue in the foreseeable future. The release of June's US NonFarm Payrolls data showed a moderate increase of 209,000 jobs, which fell slightly below the market's anticipated figure of 225,000. This outcome could potentially contribute to renewed upward movement in the price of Bitcoin.
The daily chart for Bitcoin indicates several indicators pointing towards a potential short-term correction. The current market conditions of Bitcoin are characterized by volatility, but it has stabilized around the $30,000 level, which is considered a crucial psychological support level for traders. Looking at the larger picture on a daily time frame, Bitcoin is currently consolidating within a narrow range. Resistance is seen around $31,400, while support is found near $29,600.
On the 4-hour chart, Bitcoin is currently in a phase of horizontal consolidation. This extended consolidation period has given rise to a bearish double-top pattern, causing a slight decline due to increased selling pressure outweighing demand. Although there is a newly established support level at $30,000, the market conditions remain uncertain, leading to a lack of substantial upward momentum from buyers. While there are possibilities for a bullish breakout, there is also a clear potential for a bearish impact, which may drive the price towards the $29,000 level.
Based on Price Analysis, the market capitalization of BTC stands at $587,021,273,474. The 24-hour trading volume is approximately $9,364,277,943.
KEY LEVELS :
RESISTANCE LEVEL : $30,500-$30,900
SUPPORT LEVEL : $29,900-$29,500
When will Bitcoin achieve a moonshot and soar to new heights, leaving enthusiasts and investors pondering? While some experts predict a potential surge above $40,000 in the upcoming months, the precise timing of Bitcoin's meteoric rise remains uncertain.
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.
