Bitcoin

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/btc-price-analysis-heres-how-bitcoin-is-preparing-a-price-jump-above-30k-this-month/">BTC Price Analysis: Here’s How Bitcoin Is Preparing A Price Jump Above $30K This Month!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Maintaining a sideways trend for the past ten days, the Bitcoin price action forms a range-bound movement between $29,000 and $29,800. The Bitcoin price action fails to exceed the $31,474 mark resulting in a bearish retracement.&nbsp; 
Currently, the Bitcoin price trades at $29,092 and struggles to cling to the 50-day EMA, with an intraday fall of 0.25%. The buyers attempt to avoid a bearish breakdown of the consolidation range and resurface above the 50-day EMA.&nbsp; 
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With a closing price of $29,170, Bitcoin was at its lowest closing level in 44 days. This brings the oldest crypto close to its annual support trendline and hints at a new higher low formation. The ascending support trendline highlights the higher low formation in Bitcoin prices since the start of 2023.&nbsp; 
The bearish breakout seems imminent, catalyzing a Bitcoin price drop to the support confluence of the 23.60% Fibonacci level and the trendline.&nbsp; 
Analyzing the higher high formations, the Bitcoin prices bounce back from the 50% or 61.80% Fibonacci level of the previous price spike.&nbsp; And as per the bull run in late June, the 50% Fibonacci retracement level coincides close to $28000.&nbsp; 
Moreover, the declining trend in the intraday trading volume during the retracement phase projects weakness on the bearish side. The RSI indicator also depicts a bullish divergence in the recent range bound movement, highlighting a possibility of a bullish reversal. 
In case of a bullish reversal, the Bitcoin prices can reclaim the 50-day EMA and challenge the $29,800 resistance level before reaching the $30,000 mark. 
However, a prolonged downtrend can challenge the bullish dominance of the $28,000 mark in case of a bearish outcome. The Bitcoin prices can plunge to the $25,000 support level, accounting for a drop of almost 12% from the current market price.

BTC Price Analysis: Here’s How Bitcoin Is Preparing A Price Jump Above $30K This Month!

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