Bitcoin Technical Analysis Report | 3rd July 2023

Bitcoin has been experiencing a period of consolidation within a narrow price range, but this does not diminish the impressive 84% rally it achieved in 2023. The significant recovery in Bitcoin’s price has also contributed to increased buying activity in various Altcoins, causing them to rise substantially from their lows earlier in the year. Although Bitcoin is currently facing strong resistance at the $31,000 level, it appears that bullish investors are not eager to take profits yet, indicating their expectation for further upward movement. Historical data reveals that the month of July has generally been favourable for Bitcoin, with only three instances of negative monthly closes since 2013. These statistics suggest that the overall sentiment remains bullish, giving an advantage to the buyers in the market. 

At the time of writing BTC was trading at $30,745.

BITCOIN took multiple supports at the key level of $25,000 ( Horizontal Trendline, 200 Day Moving Average & 50% Fibonacci retracement Level) and started moving up. The asset broke the resistance of $28,500 and surged up to $31,431. Post this move, BTC  has been consolidating and is trading in a narrow range from $29,775 to $31,000 by making small candles indicating indecision. The asset is struggling to sustain and give a close above the previous high of $31,000 and it also has a strong resistance at $32,500. Hence to further rally, it needs to close and sustain above these resistance levels whereas $28,500 will act as a strong support for the asset.

Key Levels

Support 2Support 1AssetResistance 1Resistance 2.

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