Bitcoin Technical Analysis Report | 17th-July-2023

The recent legal victory of Ripple over the SEC initially sparked some excitement in Bitcoin, on July 13. However, this enthusiasm was short-lived as sellers brought the price back into its previous sideways range on July 14, indicating their continued activity at higher price levels. Despite this, a positive sign for Bitcoin is that the bulls have managed to keep the price above the $30,000 support level. The asset’s dominance in the overall crypto market has dropped below 50%, suggesting that investors may be shifting their focus to altcoins in the short term. Notably, a significant amount of Bitcoin supply moved at the price level of $30,200, indicating that this level is relevant and attracting attention from market participants.

At the time of writing, BTC was trading at $30,261.

Bitcoin Daily Chart | 17th July 2023
Bitcoin (BTC) Chart

BITCOIN after taking multiple supports at the key level of $25,000 (Horizontal Trendline, 200 Day Moving Average & 50% Fibonacci retracement level) started moving up and the prices surged almost by 26% and made the high of $31,500. Post this move the asset started consolidating around $30k and is trading in a range between $31,500 to $30,000. Though BTC made a high of $31,804 last week the bulls are struggling to sustain and give a weekly close above $31,000. Currently, BITCOIN is trying to make a ‘Bullish Flag’ pattern. $32,500 will be the major hurdle for the Bulls. If it breaks, closes and sustains above the key resistance then we can expect further rally whereas $28,500 will act as a strong support for the asset.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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