During the past week, on the dates July 19, 21, and 23, 2023 Bitcoin briefly touched prices below $30,000. The $30,000 price level has become a crucial support level that determines whether Bitcoin can sustain its rally or not. The recent decline from above $31,000 to the current trading price of $30,112 is evidence of Bitcoin's weakness. This decline is attributed to profit-taking actions, and there haven't been any recent catalysts, such as updates on ETF news submitted by BlackRock and other fund management entities to positively impact the cryptocurrency market and price.
Currently, Bitcoin is predicted to revisit prices below $30,000 with a support level at $29,500 being the last line of defense to determine if Bitcoin can recover to $30,000 or not under normal sentiment conditions. The $29,500 area is also supported by the 200-day moving average, which plays a significant role in determining price movements.
Currently, Bitcoin is predicted to revisit prices below $30,000 with a support level at $29,500 being the last line of defense to determine if Bitcoin can recover to $30,000 or not under normal sentiment conditions. The $29,500 area is also supported by the 200-day moving average, which plays a significant role in determining price movements.