- The inability of Bitcoin to sustainably stay above the $31,000 resistance level in its daily technical chart increases the likelihood of a decline.
- The expectation for the US inflation data is at 3.1, and if the data comes in below expectations, upward movements can be observed in the market.
- The range of $30,850 – $31,200 stands out as a significant resistance zone in the short-term technical chart of BTC.
When examining the daily technical price chart of Bitcoin, it can be seen that the price is struggling to surpass the $31,000 resistance level, and caution is needed in the market as the US inflation data is awaited. According to the short-term technical analysis, specific resistance zones and the inflation data can be determining factors in price movements.
Mid-Term BTC Price Analysis
Daily BTC/USD Price Chart
When examining the daily technical price chart of Bitcoin, it can be seen that the price has risen to around $30,600 again after encountering buying pressure from the $29,900 level. The US inflation data, which will be announced today, can have an impact on Bitcoin.
While the expectation for the US inflation data is at 3.1 levels, we observe that the previous inflation data was announced as 4. If the inflation data is announced below the 3.1 level, upward movements can be seen in the market.
However, if the inflation data comes in above 4, investors may expect downward movements. Analysts and investors generally maintain the expectation of 3.5. If an announcement below the 3.1 level is not made, sudden sharp movements can be observed in the market.
When examining the current technical chart of Bitcoin, the level of $31,400 stands out as a significant resistance zone. If the BTC price can achieve daily candlestick closings above the $31,400 level, it can continue its upward movement towards the $32,300 level.
With the inflation announcement, the Bitcoin price can make upward movements towards the $31,500 level. However, if the BTC price cannot make daily candlestick closings above $31,500, it can make a downward movement towards the $29,900 levels again.
If the Bitcoin price makes daily candlestick closings below the $29,500 level, it can aim for the downward target of $28,450. It is important to be cautious in today’s transactions with the inflation announcement.
Short-Term BTC Price Analysis
2-Hour BTC/USD Price Chart
When examining the short-term technical price chart of Bitcoin, it can be seen that the price made its decline to around $30,100 after encountering selling pressure from the significant resistance zone of $30,850 – $31,200.
Today, the BTC price retested the $30,850 resistance but experienced a decline to the $30,650 levels. Additionally, with the US inflation data set to be announced today, the Bitcoin price can test the $31,440 resistance zone again. However, it is expected that this announced data will be below the 3.1 level.
If the announced data comes in lower than expected, BTC can continue its downward movement and decline to the $29,500 levels. If the Bitcoin price makes 2-hour candlestick closings below $29,500, it can extend its downward movement to the $28,800 – $29,200 support range.
However, if BTC encounters strong buying pressure from the $28,800 – $29,200 support range, it can start its upward movement from this support zone and advance towards the $32,000 levels.
