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Market Update 18 July 2023 : In Order for a Potential Rally to Take Place, the Bitcoin Price Must Surpass the Critical Level of $30,500.

Market Update 18 July 2023 : In Order for a Potential Rally to Take Place, the Bitcoin Price Must Surpass the Critical Level of $30,500.

Bitcoin’s price is currently experiencing downward movement, approaching the $29,200 level. However, for a potential upward surge in the near future, it is crucial for BTC to surpass the $30,500 mark.

The prevailing market conditions show bearish signals as Bitcoin is trading below both the $30,300 level and the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a significant bearish trend line is taking shape, indicating resistance near $30,200. This data feed is sourced from Kraken.

Should Bitcoin remain below the resistance level of $30,500, there is a possibility for further downward movement. As of now, the price decline continues, with Bitcoin attempting to recover after reaching a new weekly low of $29,669. However, it managed to surpass the $30,000 level and is currently undergoing a correction.

Bitcoin’s price trajectory places immediate resistance around the $30,200 level, along with the formation of the aforementioned bearish trend line. This trend line aligns with the 61.8% Fibonacci retracement level from the recent drop, spanning from the $30,447 swing high to the $29,669 low.

The primary resistance is located near $30,265, while the main resistance levels lie around $30,450 and $30,500. A decisive break above $30,500 could potentially initiate a fresh upward movement in Bitcoin’s price.

The critical level of resistance to watch for is situated around $30,850, beyond which further gains may pave the way for an upward move towards the resistance zone at $31,500.

However, if Bitcoin fails to overcome the $30,500 resistance, there is a possibility of a continued downward trajectory. Immediate support can be found around the $29,850 level, followed by a significant support zone near $29,550. A breach of this support may lead to a decline towards the $29,200 level. Further losses could potentially drive the price towards the $28,750 mark in the near term.

Considering the technical indicators, the hourly MACD is currently showing increased bearish momentum. Meanwhile, the hourly RSI (Relative Strength Index) for the BTC/USD pair is hovering around the 50 level.

Key levels to keep in mind are major support at $29,850, followed by $29,200, while major resistance levels include $30,200, $30,265, and $30,500.

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