Bitcoin (BTC) Price Analysis – Moving Steadily

6:51 am, Fri, 30 July 21

Current Bitcoin Data

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Volume (24h)
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1y

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just below the $40,000 level and is moving sideways for the past few days. The price is currently bouncing within an important resistance zone between $39,500 and $40,600. BTC is consistently trying to break above this region and has already tested the top several times.

Bitcoin (BTC) Price Analysis 2021-July-30

It is only a matter of time for BTC to break above this region and move towards higher targets.

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Analyzing the Shorter Timeframes

On the shorter timeframes, the price of Bitcoin seems to be squeezing and could breakout anytime soon. We can also observe that BTC is forming a symmetrical triangle on the 1-hour timeframe, and the price could go either way.

Bitcoin (BTC) Price Analysis 2021-July-30

BTC is respecting the important level of $39,500, which is a bullish sign. It also suggests that this symmetrical triangle is more likely to break above the upside.

If we break above this triangle, our next immediate target to challenge will be the $42,300 region. It has previously acted as our support and could become a major resistance level.

Bitcoin (BTC) Price Analysis 2021-July-30

On the other hand, if we break below the symmetrical triangle, our next target to watch will be $36,400. This region is our strong support, and bulls will try to keep the price above it.

Bitcoin (BTC) Price Analysis 2021-July-30

Conclusion: Is Bitcoin Still Bullish?

Bitcoin is still trading around the $40,000 region and is looking quite steady. The price is holding well at the moment, and we are looking to get above our resistance of $40,600. Once we get above this region, we could see a breakout towards the $42,300 region. We will also be interested in putting a long trade on Bitcoin if it gets above $40,600.

BTC Price Analysis 2021-July-30

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