BTC/USD At Risk As It Breaches The $29,768 Price Mark
Bitcoin’s recent price changes have gotten the attention of cryptocurrency industry players and traders alike. Market analyst Sally Ho with Crypto Daily, in her technical analysis on July 23rd, highlighted key levels and possible price movements for BTC/USD.
The latest analysis on the Crypto Daily platform shows that the downside price pressures followed a move near $30,060 and resulted in a reversal around the $29,768.19 price region. The reverse happened close to a price target on the downside of recent selling pressure at the $30,421 and $30,281 levels.
Traders are keenly watching these levels as potential major support points because the market is still on edge. Further analysis insinuates that investors may become concerned if $29,768 is breached since it could indicate more pessimistic sentiment.
Ho’s analysis identifies several price targets that traders are closely monitoring. These price targets, according to Ho, are $30,762, $30,526, $30,611, and $31,145 areas are among them. Should BTC/USD break past these resistance levels, it might imply a bullish momentum, luring more potential investors to the market.
However, various experts analysis have also issued a series of warnings as the technical indications now show a bearish outlook. On the 4-hourly chart, the 50-bar Moving Average (MA) is below the 100-bar MA, indicating a negative trend. Bitcoin also set a new buying potential with new technical support at $26,272, $28,306, $26,428, and $27,466 price levels.
Experts Predict Further Slop, As Traders Monitor Trend
According to Sally Ho’s analysis, there are still more downside price objectives if BTC/USD keeps trending downward. Among the price levels mentioned are $29,089, $28,775, $28,386, $29,403, and $27,757 price marks. Traders may expect a probable bounce or consolidation at current levels, but a clear breach could amplify the sell-off.
It is also significant that the 50-bar MA is higher than the 200-bar MA, which may intensify the negative attitude. Traders are watching these moving averages extensively for any trend reversal indications.
Further investigation shows that traders have continued closely monitoring technical assessments from authorities like Sally Ho to acquire insights into potential price changes as the market reacts to current events and news.
BTC/USD is currently experiencing severe pricing issues, and a breach of $29,768 is possible. Traders must be aware of the bearish signals provided by the moving averages. She has also explained that the “upside price objectives may present opportunities for bullish momentum.”
Meanwhile, price data from CoinMarketCap shows that Bitcoin ended today’s trading negatively, losing slightly 0.06% to close at $29,852.79. This also affected the market capitalization, ending at a low, stopping at $580,033,184,026. The trading volume in the last 24 hours has also lost 30.83%, stopping at $7,744,689,372.
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