- Bitcoin (BTC) price experienced a slight recovery from its weekly low.
- Last week, the price dipped below the $30K support level.
- The 25 bps rate hike by the Fed did not have a significant impact on Bitcoin’s price.
Bitcoin (BTC), the oldest gem in the crypto market, witnessed a slight recovery from its weekly low of $29,030 and soared to the $29,428 price level. However, the rebound seems to be faltering as the digital asset faces selling pressure.
Last week, Bitcoin experienced selling pressure that pushed its price below the crucial psychological & support level of $30,000, leading to a drop of around $29,000. Also, the 25 bps rate hike by the Federal Reserve on July 26, along with the subsequent commentary by Fed Chair Jerome Powell failed to significantly impact Bitcoin’s price, indicating that the market had already priced in the expected outcome.
Furthermore, the crypto market continued its lackluster performance on the weekend, following the release of the US Personal Consumption Expenditures (PCE) Index, which came in lower than analysts’ expectations.
Bitcoin (BTC) Price Analysis
At the time of writing, Bitcoin is trading at $29,258 with a 24-hour trading volume of $11.6 billion, which soared 76%. The current price of BTC shows that the bounce off the 50-day simple moving average at $29,250 is losing steam near the 50-day exponential moving average of $29,434, signaling that price levels are attracting sellers.
On the other hand, the Relative strength index (RSI) is in the negative territory, suggesting that bears currently have a slight edge in the market. On a positive note, the 50-day moving average crossing above the 200-day moving average indicates a buy signal.
Bitcoin (BTC) Price Chart (Source: Tradingview)
If Bitcoin manages to breach the $31,016 level, it could rise to $37,879. Conversely, a bearish move below the immediate support at $28,410 may lead to a downward movement towards $27,088, and potentially down to $24,947.
Such a move would indicate that Bitcoin might remain within the $24,800-to-$31,000 range for some time. However, the $31,000-to-$32,400 region will serve as a significant test for the bulls.
Moreover, Bitcoin is currently experiencing historically low volatility, suggesting that it is at its lowest level ever since its inception. This reduced volatility is believed to be influenced by the halving event.
What are you doing during the choppy market? Longing, shorting, or just HODLing?
Tweet us @The_NewsCrypto and let us know
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- Source: https://thenewscrypto.com/bitcoin-btc-price-faces-selling-pressure-whats-next/
