Bitcoin Technical Analysis Report | 24th-July-2023

Bitcoin has been facing challenges in breaking above the $31,000 resistance level, while also finding support near the $29,500 mark. The lack of a decisive breakout indicates a consolidation phase, with the price oscillating within a range. The fact that Bitcoin has not dropped below the $29,500 support and is being supported by buyers on minor dips is a positive sign for the bulls. The price of Bitcoin has also been hovering below the 20-day exponential moving average ($30,036), which serves as a short-term resistance level. As for macroeconomic events, the Federal Reserve’s meeting scheduled for July 25 and 26 is an important event that can have implications for the crypto market as a whole.

At the time of writing BTC was trading at $29,799.

Bitcoin Daily Chart | 24th 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 28% and made the high of $31,804. Post this move the asset started consolidating around $30k and is trading in a narrow range between $30,500 to $29,500 with low volumes. Breakouts on either side of the range with good volumes may further decide the trend for the asset. Bitcoin has a strong resistance at $32,500 whereas $28,500 will act as a strong support.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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