Crypto

Bitcoin (BTC) Price Analysis: July 1, 2021

  • Bitcoin price is retesting support at $34,000 after being rejected at $36,000.
  • The trading history pattern reveals solid support at roughly $34,000.

Bitcoin price is dealing with an influx of sell orders on Thursday and towards the end of the Asian session. The recent rejection, at just over $36,000, saw overall pressure hovering steadily as BTC sorted higher support.

At the time of writing, the leading cryptocurrency is consolidating between two critical technical levels and is currently trading at $34,250; 50 Simple Moving Average (SMA) support and 100 SMA resistance on the four-hour time frame.

Bitcoin price will continue its uptrend

The short-term technical outlook is bearish relative to the Moving Average Convergence Divergence (MACD) indicator. This technical indicator tracks an asset’s trend and calculates its momentum.

Last week, the MACD posted a bullish signal as the 12-day exponential moving average broke above the 26-day exponential moving average. The bullish view was later confirmed as the MACD moved above the zero line and into positive territory, which saw Bitcoin price surge above $36,000.

Meanwhile, a bearish signal was given after the moving averages above changed positions. Also, the indicator is moving towards the zero line.

Source: TradingView

Despite the short-term technical picture being bearish, BTC awaits multiple support levels starting at the 50 SMA at $34,000. IntoTheBlock’s on-chain Money In/Out (IOMAP) metric reveals that the region between $33,247 and $34,256 is a key support zone.

Bitcoin IOMAP chart
Bitcoin IOMAP chart

On the upside, resistance levels continue to weaken which means BTC could eventually rally to $40,000 in the near term. However, the support levels mentioned must be defended at all costs.

Bitcoin intraday levels

Spot rate: $34,250

Trend: Bearish trend

Volatility: Low

Support: $34,000

Resistance: $36,000

How much is Bitcoin (BTC) now?

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