Bitcoin Technical Analysis Report | 31st-July-2023

For the past few days, Bitcoin has been trading within a tight and limited range. One positive aspect is that this range has formed near a recent local high, indicating that the bulls are not in a rush to exit and are anticipating a potential upward move. During this period of consolidation, Bitcoin’s market dominance decreased to 48% from over 50% on June 30. This decline suggests that investors have been gradually diverting their attention towards specific altcoins that are starting to show signs of upward movement. However, this altcoin recovery is likely to remain in place only until Bitcoin demonstrates strength and resumes its own upward trend.

At the time of writing BTC was trading at $29,468.

Bitcoin Daily Chart | 31st July 2023
Bitcoin (BTC) Chart

BITCOIN, after making the recent high of $31,804 witnessed some profit booking and the prices dropped to $28,861.9. Post this move, the asset has been consolidating and trading sideways in a narrow range from $29,500 to $29,000 around its 50 Day Moving Average with low volumes. Bitcoin has very strong support at $28,500. If the price holds and sustains above the support then we can expect the bulls to resume the up move whereas $32,500 will act as a strong resistance. To witness a rally, the asset needs to break and close above the resistance.

Key Levels

Support 2Support 1AssetResistance 1Resistance 2.

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