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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below the resistance level of $30,800, indicating a potential breakout in the making. Despite a relatively stagnant week, with limited price fluctuations, BTC has been consolidating around the crucial $30,000 mark. The market sentiment has remained consistently bullish for the past few weeks, primarily driven by the excitement surrounding spot ETF news circulating in the cryptocurrency space. This news has sparked a surge of interest and optimism, suggesting that we might be on the verge of entering a new bull market, with Bitcoin once again setting its sights on higher price targets. Let’s take a look at the latest Bitcoin Price Prediction Daily (03-July-2023) to see where the price will be headed in the coming days.
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Analyzing the Charts
Switching to the 4-hour timeframe for Bitcoin, it becomes evident that the price is currently experiencing a tightening range, suggesting an imminent significant price shift. The market is poised for a substantial move as the price continues to be squeezed within this range.
On zooming out further it becomes apparent that the price is forming a bullish pennant pattern, indicating a potential upward movement in the near future.
If this bullish structure does breakout, the next target we will be eyeing for Bitcoin is the $35,000 mark. An area that has acted as both support and resistance for BTC in the past.
On the other hand, this structure could also play out as a bearish symmetrical triangle and if that happens the major support level we will be eyeing for Bitcoin is the $28,500 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently holding the support at $30,000 nicely and is aiming for higher targets once again. The price has been consolidating within the same zone for the past few days and a big move might be just around the corner. Right now, we are watching the bullish pennant highlighted above closely and will be looking for long opportunities on Bitcoin. If we don’t see more fud in the market another move towards the upside is quite likely.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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