- The trading volume has dropped by 30% in the past 24 hours.
- BTC price has struggled to defend the 20-day EMA as sellers are strong in the demand zone.
Based on the technical chart, the BTC price has witnessed strong buying pressure in the first quarter of 2024. The digital asset price has attempted multiple times since March to overcome the major resistance level of $72K. However, sellers were strong and have kept the price below this boundary.
Historically, the price has displayed profit booking after facing resistance from the major resistance level. As per the chart structure, the price has surpassed the 20-day EMA and reached the $70K hurdle.
The buyers have tried twice in the past 10 days to trigger a breakout from the $70 hurdle. But has failed to do so, showed weakness, and melted to the 20-day EMA.
The 24-hour trading volume was $27.91 Billion, and the circulating supply has been $19,733,737 BTC. The fully diluted market cap was $1.38 Trillion.
At press time, Bitcoin was being traded at $66K, which had remained neutral for the past 24 hours. The market capitalization was $1.30 Trillion and ranked 1st in the cryptocurrency market.
Let’s Explore the Bitcoin Price Forecast
Based on a source on X, the Bitcoin price is falling to the major support level of $64K in a 4-H time frame.
$BTC lets see pic.twitter.com/SYtCzrpPdN
— cone (@NemanjaIv6) July 30, 2024
In this supply zone, buyers may lift the price for a $70K hurdle. The price below the $60K mark might lead to strong selling pressure.
Could the BTC Price Reach a New ATH Soon?
After multiple attempts, the price has reached the major resistance level. If the price manages to trigger a breakout from the $72K hurdle, the buyers may show interest. Breakout from this hurdle may tempt buyers to a bullish phase of the cryptocurrency.
The Bitcoin price has historically shown weakness near the $72K hurdle. At press time, the buyers lifted the price to this level, and the price dropped by 5% in 2 days.
Sellers might show faith in the demand zone if the digital asset price slips below the 20-day EMA. Departing the price from this zone may lead to a bearish trend and drag the price down to the 200-day EMA.
Based on the technical indicators, the Bitcoin price has been trading over the key moving averages. This showcases the bullish trend.
RSI has generated a death crossover, with the key moving average demonstrating the bearish forecast.
Will the Bitcoin Price Show Weakness?
Based on BTC price movement analyses and technical indicators, the cryptocurrency appears to face strong resistance at the $72K level. There have been multiple attempts to break through this level.
However, sellers have exerted strong pressure, causing the price to fall. In the near term, monitoring whether the price can sustain above the 20-day EMA will be crucial. It could signal a potential bearish trend if it slips below this level.
Technical Levels
The BTC price is expected to face resistance from the $70K and $72K in a bullish move. The price may take support on the $60K and $55K mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Rajat is an MBA graduate specialized in finance who is a motivated self-starter, highly organized, and holds a good flair for understanding financial markets. His interest in economics and finance draws his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. His primary focus is on cryptocurrency price analysis and industry news coverage.