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.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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