Bitcoin (BTC) Technical Analysis: Current Support and Resistance

Bitcoin (BTC), which has shown an increase of 8.43% in the last 7-day period, is trading at $ 23,030 at the time of writing. We examined the technical view of Bitcoin and the current support – resistances for you.

After the inflation data announced at the beginning of last month came above expectations and Tesla’s BTC sales after a decline Bitcoin, Fed’s 75 basis points with an interest rate hike together, it has risen again.

Bitcoin Technical Analysis

Bitcoin, which made a bottom with inflation data, until the date Tesla announced that it sold BTC. for $24,200 experienced a rise. Bitcoin, which fell sharply again with the sale of Tesla, $20,700 turned upwards again from the levels and Up to $ 24,700 rose. Bitcoin continues its movements by making high bottoms and high tops. Although there are two contacts yet, an ascending trend can be mentioned, while in the upper region At $ 24,200-24,700 levels There is strong resistance.

Bitcoin is expected to decline in the short term. This decline $21,600 levels While it is predicted to occur until $24,000 resistance It seems possible to break it.

Some of the stolen Bitcoins in a hack of Tokyo-based Bitcoin exchange Mt.gox were given to their former investors. It will distribute 137,000 Bitcoins this month. is being considered. This may create a small selling pressure on the Bitcoin price, but experts think that if the whales do not participate in these selling movements, the price will not be affected.

Many analysts and commentators are at least assuming that the Fed will not hold an interest rate meeting in August. bullish on bitcoin for a while they are waiting.

  • The data contained in the content is strictly for informational purposes. Does not include investment advice.

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