Bitcoin Price Grinds Lower But This Support Can Spark A Fresh Increase

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,167,781,532,070	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,167,781,532,070

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	389.07	0.66%	59,510.27	59,510.07	59,510.08

Price Change

Price Change %

Current Price

Bid Price

Offer

389.07

0.66%

59,510.27

59,510.07

59,510.08

High Price	Low Price	Open Price	Prev. Close	52 Week Range
60,016.90	58,821.05	59,076.58	59,121.20	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

60,016.90

58,821.05

59,076.58

59,121.20

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:51:49	0.000189	59,510.44	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:51:49

0.000189

59,510.44

USD

Price x Volume	Volume	Base Symbol	Related Pairs
208,782,964.51	3,509.48	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

208,782,964.51

3,509.48

Bitcoin Price Grinds Lower But This Support Can Spark A Fresh Increase

07/02/2023 3:23am

NEWSBTC

Bitcoin price is correcting gains and tested the $22,600 zone. BTC could start a fresh increase if it manages to stay above the $22,500 support. Bitcoin is correcting gains below the $23,000 support zone. The price is trading below $23,100 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $23,050 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if the bulls are able to protect the $22,500 support. Bitcoin Price Visits Key Support Bitcoin price started a downside correction below the $23,250 support zone. BTC followed a steady bearish path and even declined below the $22,800 level. It tested the $22,600 support zone. A low is formed near $22,599 and the price is now consolidating losses. It slowly moved above the 23.6% Fib retracement level of the recent drop from the $23,590 swing high to $22,599 low. Bitcoin price is trading below $23,100 and the 100 hourly simple moving average. An immediate resistance is near the $23,050 zone. There is also a major bearish trend line forming with resistance near $23,050 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent drop from the $23,590 swing high to $22,599 low. The next major resistance is near the $23,220 zone and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com A clear move above the $23,220 resistance might start a steady increase. In the stated case, the price may perhaps rise towards the $23,500 level. The next resistance could be near the $24,000 level, above which btc price might gain bullish momentum. More Losses in BTC? If bitcoin price fails to clear the $23,220 resistance, it could continue to move down. An immediate support on the downside is near the $22,600 zone. The next major support is near the $22,500 zone. A downside break below the $22,500 zone might spark a move towards the $22,200 level. Any more losses might send the price to $21,500 in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $22,600, followed by $22,500. Major Resistance Levels – $23,050, $23,200 and $23,500.

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