Bitcoin hit a year-high of $31.7k to smash past the $30.9k resistance level after weeks of price rejection.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Open Interest rose by $1B to signal bullish conviction from speculators.made its most emphatic statement of the year, rising to a year-high of $31.7k. This pushed the king coin past the $30.9k resistance level. Previously, BTC was stuck in a tight price range for over three weeks after its solid bullish performance in late June.
This dropped BTC to a tight range with prices oscillating between $29.4k and $30.9k. After the latest notable drop to $29.8k on 6 July, Bitcoin began to make a slow advance for the $31k resistance again. Despite two rejections on 10 July and 12 July, bulls finally found the buying pressure to close above $31k over the past 24 hours. With BTC trading at $31.2k at press time, new buying opportunities could be on the horizon.
The RSI showed that the bullish momentum was still going strong, as it remained above the median-50 mark with a reading of 61. The MACD also posted a bullish crossover with slight green bars above the zero mark. New buyers can wait for a retest of the $30.9k-$30.5k area, with a stop-loss below the $30.2k mark. A break below the $30.2k mark will invalidate the buy idea. The target for bulls will be a year-high $31.7k with extended levels at $32.2k.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Whales accumulate stablecoins- Here’s why its bullish for BitcoinWhales are amassing stablecoins, hinting at a potential surge in Bitcoin accumulation. With growing user numbers and mixed price signals, crypto markets anticipate a transformative shake-up.
Read more »
Bitcoin: Uncle Sam makes moves – what about your holdings?The U.S. government moves its BTC holdings yet again, causing FUD across the market. However, traders remain hopeful despite the growth in the king coin's Implied Volatility.
Read more »
Bitcoin loses lead in daily transactions: Here’s whyEthereum has been leading the blockchain segment in terms of daily transactions. It has reportedly outperformed Bitcoin by almost double. Algorand has also outperformed Bitcoin by daily transactions
Read more »
Bitcoin silently breaches resistance, spurred by altcoin rallyBitcoin’s price crosses the $31,500 resistance level for the first time after 1 June 2022. However, a few metrics turn bearish.
Read more »
What next as Bitcoin Cash drops below $300?BCH eases below $300 psychological level but bulls are still firmly in control unless ...
Read more »
Bitcoin ETFs expand out of U.S, find root in…As per a recent Financial Times report, Jacobi will launch its BTC ETF this month. It will be Europe's first BTC ETF to get listed.
Read more »