<ul> 
 <li>Bitcoin has risen with strong buying reactions from the $29,500 support level and reached levels of $30,400.</li> 
 <li>In order for BTC to sustain its upward movement, it needs to continue daily candle closes above the $29,500 support and break the $30,500 resistance.</li> 
 <li>In a possible bearish scenario, Bitcoin could decline to levels around $29,000, but it could enter an upward trend with strong buying from the $28,600 – $28,200 support range.</li> 
</ul> 
The importance of the $29,500 support and the criticality of the $30,500 resistance for Bitcoin’s future movement have been emphasized. Candle closes above or below these two levels will play an important role in determining Bitcoin’s future trend. 
<h2 id="strong-medium-term-btc-analysis-strong">Medium-Term BTC Analysis</h2> 
<a href="https://en.coinotag.com/wp-content/uploads/2023/07/Can-Bitcoin-Rise-to-32000-July-20-BTC-Analysis.png" rel="noopener noreferrer nofollow"><img decoding="async" loading="lazy" class=" td-modal-image alignnone wp-image-135583 size-full" src="https://en.coinotag.com/wp-content/uploads/2023/07/Can-Bitcoin-Rise-to-32000-July-20-BTC-Analysis.png" alt="Daily BTC/USD Price Chart" width="3782" height="1966"></a> 
Daily BTC/USD Price Chart 
When examining Bitcoin’s daily technical chart, it can be seen that it rose to the $30,400 level after encountering buying reactions from the important support zone of $29,500. At the time of writing, the BTC price was trading at $30,244. 
If the Bitcoin price continues daily candle closes above the $29,500 support, it can potentially move back to the $32,000 levels. However, BTC also needs to break the $30,500 resistance in addition to closing candles above $29,500. 
If the BTC price maintains daily candle closes above $30,500, it can continue its upward movement towards the next target of $32,300. However, if Bitcoin price performs daily candle closes below the $29,500 level, it can extend the downward movement to the $28,600 – $28,200 support range. 
If Bitcoin encounters strong buying reactions from the $28,600 – $28,200 support range, it can initiate its upward trend from this zone and reach levels of $34,000. 
<h2 id="strong-short-term-btc-analysis-strong">Short-Term BTC Analysis</h2> 
<a href="https://en.coinotag.com/wp-content/uploads/2023/07/1689861083_902_Can-Bitcoin-Rise-to-32000-July-20-BTC-Analysis.png" rel="noopener noreferrer nofollow"><img decoding="async" loading="lazy" class=" td-modal-image alignnone wp-image-135584 size-full" src="https://en.coinotag.com/wp-content/uploads/2023/07/1689861083_902_Can-Bitcoin-Rise-to-32000-July-20-BTC-Analysis.png" alt="1 Hour BTC/USD Price Chart" width="3782" height="1968"></a> 
1 Hour BTC/USD Price Chart 
When examining Bitcoin’s hourly technical chart, it can be seen that it made movements near the $30,500 resistance. If candle closes above the mentioned $30,500 resistance occur, the BTC price can continue its upward movement towards $31,034. 
However, if the Bitcoin price fails to close candles above the $30,500 level, it can initiate a downward movement and follow the price action indicated by the blue line. Failure to break the $30,500 resistance for Bitcoin can lead to a start of downward movements in altcoins. 
The closest support for Bitcoin is at $29,500. If the BTC price closes candles below $29,500, it can extend its decline to levels around $29,000. 
The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/can-bitcoin-rise-to-32000-july-20-btc-analysis/">Can Bitcoin Rise to $32,000? July 20 BTC Analysis</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG EN</a>.

Can Bitcoin Rise to $32,000? July 20 BTC Analysis

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