Bitcoin Pulls Back But Trades Just Above $30,000 Support

Cryptocurrency analysts of Coinidol.com report, Bitcoin (BTC) price is trading below the upper resistance level of $31,000.

Bitcoin price long-term forecast: bullish

The current uptrend was halted when the price peaked at $31,430. At the time of writing, Bitcoin is trading at a high of $30,387.

The cryptocurrency asset is currently trading in the overbought zone of the market. Bitcoin is overbought, so further price increases are unlikely. The bitcoin price was beaten back at the overriding resistance of $31,000. The overriding resistance will be broken in a strongly trending market. Bitcoin will rise to a new high of $32,400.

If Bitcoin is rejected at the overhead resistance, the market will fall to the breakout level of $28,475. However, if Bitcoin falls and finds support above $28,000, the cryptocurrency will be forced to trade in a range between $28,000 and $31,000.

Bitcoin indicator display

Bitcoin is on the retreat after reaching the Relative Strength Index of 72 for the period 14. Sellers are emerging as the market reaches the overbought zone. While the rally continues, the price bars are currently above the moving average lines. The bearish momentum has stalled below the stochastic daily level of 40.

Technical Indicators:

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

What is the next direction for BTC/USD?

Bitcoin price is declining after reaching the high of $31,000. On the lower time frame, the cryptocurrency price has declined between the moving average lines. This means that the BTC price will be forced to move sideways between the moving average lines. In the meantime, Bitcoin is trading marginally.

On Jun 22, 2023, Coinidol.com reported that: On June 14, the Bitcoin price fell as low as $24,838 before the bulls struck. The Bitcoin price corrected higher, but remained stuck at the 21-day simple moving average.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

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