Technical Analysis for BTCUSD for 5th July 2023
Bitcoin Bulls Firm, Primary Support at $30k
Past Performance of BTC
Bitcoin Technical Analysis
BTC prices broke higher on July 3, but buyers failed to maintain yesterday's uptrend. At this pace, the uptrend remains despite the losses. Technically, in a bullish formation led by the July 3 bar following consolidation, traders can look to buy the dips above $30k with targets at $31.3k and later $32.5k. Conversely, conservative traders can wait for a clean break above April highs while targeting $32.5k or $35k. Any loss below $30k will slow down buyers, and BTC could drop toward $28.3k in a cool-off.
What to Expect from BTC
Buyers are upbeat, but this can change if BTC continues falling today. The uptrend remains, but there can be more gains above $31.3k in future sessions, validating the June 21 and 23 bull bars.
Resistance level to watch: $31.3k
Support level to watch: $30k
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