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Bitcoin price analysis: Will sideways drifting take BTC/USD below $30K?

Bitcoin price analysis Will sideways drifting take BTCUSD below K

TL;DR Breakdown

  • Bitcoin price analysis shows $30,000 support still holding well.
  • The price action is sideways and consolidating within a tight region.
  • BTC/USD sloping upward action is restricted by heavy selling
  • Crypto market is undergoing a general bearish tone, and sellers are in charge.
Bitcoin price analysis: Will sideways drifting take BTC/USD below $30K? 1
Cryptocurrency heat map by Coin360

Today, the trading session began with Bitcoin on the losing side, as seen from its 12-hour chart. The BTC/USD pair has held on to a crucial support level at around $3,1110 as the buyers tried pushing the BTC/USD pair above the crucial $32,500 level.

The price has fluctuated to only a $31,187 high in the last 24 hours. The pair is confined in a narrow alley between $31K, and $32,545 for the past four days.

Candlestick chart with a ‘doji’ means that cryptocurrency bulls and bears are canceling each other out. The current price of BTC/USD sees an opportunity to rise, but it might also undergo a decline. Such a gradual and zig-zag price movement seems to be helped by the negative trend along with the technical indicators including the Relative Strength Index and MACD.

Bitcoin price movement in the last 24 hours: Slow erosion in BTC/USD

It seems that bears are going to achieve fresh lows in the day around $30,510 level, as per Bitcoin price analysis. It could also touch the sub-$30,400 region. If it does, it could go to a swing low of $30K or even lower price levels.

The Awesome Oscillator indicator recommends that the price of Bitcoin will continue to decline in the near future. Investing in the volatile crypto market can be a daunting task that is made even more difficult for first-time traders. Bitcoin price analysis shows a rise in the bearish trend on the hourly charts.

If the pair continues to remain under the 100-day SMA, the bearish overtone will remain dominant. In case of excessive selling, the price can also break towards lower support levels at $28,000, and then at $26,570.

BTC/USD 4-hour chart: How long will $30K support hold?

Bitcoin price analysis: Will sideways drifting take BTC/USD below $30K? 2
Bitcoin price chart by TradingView

The MACD technical indicator might be the latest bullish signal once it crosses and stays above the orange line. More detailed Bitcoin price analysis shows that it is difficult for Bitcoin to rally upwards when it faces significant resistance around $33,400 where the 50-day SMA resides.

Even if buyers can break above this resistance, there is more pressure at $35,150 and it will be challenging. To go further up, the BTC/USD pair must cross $36,400 region.

Overall, BTC is on weak support and it will probably go down, not up. The index will likely reach for under $30,000 price level due to weak upside momentum. The hourly relative strength index levels are currently not oversold. Historical indicators suggest that Bitcoin may not be able to rebound significantly until well into the future.

Bitcoin price analysis conclusion: $30K is the vital support for bulls

BTC’s volatility currently contradicts today’s popular price prediction frameworks, including the S2F model. Additionally, the 18th of July marked the day when a series of unlockings at Grayscale Bitcoin Trust ($GBTC) came to fruition.

Even though people were expecting to see significant changes in the Bitcoin price, there have not been any at press time. Given the recent troubles in the market, trade sentiment for Bitcoin has been mixed as per Bitcoin price analysis.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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