Bitcoin

$BTC Price Coiling before the Next Leap; Is $33000 within Reach?

07/01/2023
Bitcoin Ethereum News

Published 11 seconds ago

Bitcoin Price Analysis: The latter-June rally in BTC price was hugely influenced by the application of big asset management companies seeking approval for spot Bitcoin ETF. Thus, the optimistic view among market participants surged the coin price to a yearly high of $31170 on June 23. However, the coin price is currently witnessing a consolidation phase, trying to recuperate the exhausted bullish momentum for further rally.

Also Read: Binance CEO CZ More Bullish On Bitcoin, Here’s Why

Bitcoin Price Daily Chart:

  • The daily chart projects a range formation between the $31291 to $29624 horizontal levels.
  • A breakout above the 31291 barriers will trigger a quick 6% jump in the BTC price
  • The intraday trading volume in Bitcoin is $22.04 billion, indicating a 30% loss. 

TradingView Chart(Source: Tradingview)

On 30th June, the BTC price showed a high wave neutral candle spread from $31291 to $29624. This candle reflects high volatility as the market reacted to the US SEC’s thoughts of inadequate application of spot Bitcoin ETF.

By the press time, the coin price trades at $30509 with a significant gain of $0.17. As either party shows no initiation to take trend control, the price could extend a sideways trend for a few more trading days. 

The range of $31291 and $29624 stand as strong resistance and support respectively and can be used to determine future prices.

Will Bitcoin Price Rise to $33,000?

The ongoing consolidation in Bitcoin price is likely a temporary pause before the uptrend continuation. The sideways trend could replenish the bullish momentum and set a breakout above $31291 to prolong the bullish rally. The potential breakout could drive the prices to the next target of $33000.

  • Relative Strength Index: Amid the price consolidation, the daily RSI slope falling represents weakening bullish momentum and the possibility of $28924
  • Fibonacci Retracement level: until the ongoing consolidation or potential correction sustains above 50% FIB level, the overhead trend remains bullish.

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/bitcoin-price-analysis-btc-price-coiling-before-the-next-leap-is-33000-within-reach/