Will Bitcoin Start Its Rise from Criticism Support? July 23 BTC Analysis

  • Bitcoin continues to close below the $29,900 level on the daily chart, indicating a continuation of the downward movement.
  • Analysts believe that BTC could drop to the $28,600 – $28,200 support zone.
  • Investors should also consider the possibility of a rise from the $27,400 level and shape their decisions by following support and resistance levels.

The daily technical chart of Bitcoin shows that the price continues to close below the important resistance level of $29,900. Analysts emphasize the importance of the $28,600 – $28,200 support zone, stating that the downward movement may continue. Investors can make accurate decisions by closely monitoring these critical levels for future price movements.

Medium-Term BTC Analysis

Daily BTC/USD Price Chart
Daily BTC/USD Price Chart

When we examine the daily technical chart of Bitcoin, it is observed that the price continues to close below the important resistance zone of $29,900 on a daily basis. This indicates the possibility of a further downward movement.

Bitcoin analysts believe that the price could drop to the $28,600 – $28,200 support zone. If Bitcoin encounters strong buying reactions in this support range, it can continue its rise from this zone and reach levels of $32,300.

However, if the Bitcoin price closes daily below the $28,200 support, it can extend the downward movement to the $27,400 levels. In this case, according to some analysts, Bitcoin can rise from the $27,400 level.

Investors can make accurate decisions for future price movements by carefully monitoring these important support and resistance levels of Bitcoin.

Short-Term BTC Price Analysis

3 Hour BTC/USD Price Chart
3 Hour BTC/USD Price Chart

When we examine the 3-hour technical chart of Bitcoin, it is observed that the price continues its sideways movement at the $29,877 level. It is predicted that the BTC price may make an upward movement to the $30,400 level in the coming hours. However, it needs to close above the $29,900 level on a 3-hour basis before this rise.

The nearest resistance zone for Bitcoin is at $30,200. If the BTC price closes above the $30,200 level on a 2-hour basis, it can aim to continue its rise. However, if it fails to close above this level, it can extend the downward movement to the $28,990 – $28,800 range.

If the Bitcoin price encounters strong buying reactions from the $28,990 – $28,800 range, it can rise from this zone and reach levels of $32,000.

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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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