Technical Analysis

BTC/USD Price Analysis – July 19, 2023

By LonghornFX Technical Analysis
Jul 19, 20232 min
Signal 2023 05 25 122632 002

Daily Price Outlook

Bitcoin maintains its position above $30,000 as Cathie Wood provides reassurance and boosts confidence in BTC. Following a brief decline, the price of bitcoin has rebounded and reestablished its consolidation above the $30,000 threshold.

This recovery is attributed to recent remarks made by Cathie Wood, a well-known American investor and self-proclaimed cryptocurrency advocate. Wood's positive comments have contributed to bitcoin's steady performance above $30,000.

In a Bloomberg interview, Wood revised her long-term projection for bitcoin's market value, estimating it to reach $1.5 million by 2030. She cites growing trust in BTC within her company, Ark Invest, as the driving force behind this outlook.

Wood also acknowledges bitcoin's resilience during the March market turmoil when regional banks failed and stocks experienced significant downturns, highlighting its role as a safe-haven asset.

Meanwhile, the overall cryptocurrency market experienced a 0.8% decline in value to $1.20 trillion, with Bitcoin's performance showing a 0.9% decrease and Ethereum's dropping by 1.7%. Despite these fluctuations, bitcoin maintains its position above $30,000 while facing a crucial juncture.

BTC/USD Price Chart – Source: Tradingview
BTC/USD Price Chart – Source: Tradingview

BTC/USD - Technical analysis

Bitcoin's price is making an upward attempt from the $29,500 level, with the potential to gain bullish momentum if it surpasses the resistance at $30,200.

The recent price movement followed a bearish path, breaking below the $30,200 pivot level and testing support at $29,500. However, a low has been formed around $29,500, leading to a fresh increase in price.

If the price manages to break the trend line and surpass the 61.8% Fibonacci retracement level of the downward move, starting from the swing high at $30,448 to the low at $29,500, the first major resistance will be encountered near $30,200.

A close above this level could initiate a fresh increase, targeting the next major resistance at $30,500 and potentially reaching the $31,000 resistance zone.

However, if Bitcoin fails to clear the $30,200 resistance, further downside movement may occur. Immediate support can be found around the $29,650 level, followed by a major support level near $29,500.

A break below this level could lead to bearish momentum, potentially pushing the price towards the $29,200 support zone. Any additional losses might bring the price down towards the $28,750 level in the near term.



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