Is Bitcoin Starting Its Rise? July 31 BTC Analysis

  • In the 4-hour technical chart of Bitcoin, the range between $28,990 and $28,700 is seen as a significant support zone, and if the price closes above these levels, there is potential for a rise towards the $31,000 level.
  • Daily closes above the $29,500 resistance mentioned in the analysis are considered a positive sign for the rise towards the $31,000 resistance and serve as an important point for investors to monitor.
  • If the Bitcoin price maintains its position above $31,300, it may continue its rise towards the $32,000 levels.

Clear support and resistance levels on Bitcoin’s technical chart are of critical importance for price movements. The strong support zone between $28,990 and $28,700, as well as the $29,500 resistance, will provide investors with more information about the direction of the price.

Medium-Term BTC Analysis

BTCUSDT-1

Daily BTC/USD Price Chart

Upon examining Bitcoin’s current technical chart, it can be observed that after the drop to around $29,033 levels last night, it bounced back to around $29,400 levels with significant buying reactions.

If daily closes above the important resistance level of $29,500 are achieved, it may indicate a desire to continue the upward movement. The $29,500 resistance stands out as a critical level for the price. If it manages to close above this level on a daily basis, the first target for the price will be $31,000, followed by a potential rise to $32,000 levels.

However, if the Bitcoin price fails to achieve daily closes above the $29,500 level, it may initiate a downward movement towards the support range mentioned in the analysis between $28,600 and $28,200. Nevertheless, if strong buying reactions are encountered at this support range, the price may initiate its rise from this area and reach up to $33,000 levels.

Short-Term BTC Analysis

BTCUSDT.P-4

4-Hour BTC/USD Price Chart

Upon examining the 4-hour technical chart of Bitcoin, the range between $28,990 and $28,700 is observed to be a significant support zone. As long as the BTC price maintains 4-hour candle closes above $28,700, it may continue its rise towards the $31,000 levels.

If the price manages to achieve 4-hour closes above the $29,500 level mentioned in the analysis, it may more positively support the rise towards the $31,000 resistance. Bitcoin investors can gain more insights about the trend direction by monitoring the specified support and resistance levels.

If the Bitcoin price establishes its position above $31,300 with 4-hour candle closes, it may continue its rise towards $32,000 levels. Therefore, investors should closely watch whether the price surpasses these critical levels or not.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

KRAKEN: SOGNI will be available for trading!

KRAKEN: SOGNI will be available for trading!

Robinhood expands into tokenized equities and crypto perp futures, plans Layer 2 blockchain with Arbitrum

Robinhood expands into tokenized equities and crypto perp futures,...

Robinhood Launches ETH and SOL Staking Services for U.S. Users Starting June 30

On June 30, Robinhood expanded its cryptocurrency offerings by...

Insider Brother Achieves $197,000 Floating Profit with 40x Bitcoin and 25x Ethereum Shorts

The trader known as the Insider Brother currently holds...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img