Last updated on July 31st, 2023 at 08:13 am
Bitcoin price is yet to break the $32,500 level which may indicate a strong potential market structural shift to the upside, influencing a general bullish move to the $48,000 level.
Technical Analysis
Bitcoin Price on Weekly Chart
On the weekly chart, the price of Bitcoin has been trading below the May 30th high, consolidating between the $28,800 and $31,800 levels. With more of a bearish momentum on the weekly, we might see a further push downwards targeting the $28,000 level.
If the market breaks above $30,450, a possible run on price to test the $32,600 mark may play out. A close above this level may likely indicate a strong shift to the upside targeting the $48,000 mark.
Source: TradingView
Bitcoin Price on Daily Chart
On the daily timeframe, the price has been trading between $29,695 and $28,870 with buyers trying to push the price above. If the market rallies and breaks above $29,695 we might see a further push to break the $30k level. A break and close below the $28,800 will see a continuation in the downside possibly targeting the $26k level.
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Source: TradingView
Bitcoin Price on 4Hour Chart
Looking at the 4-hour chart, buyers are trying to push the price above the $30,000 level, which serves as an area of interest for the weekly bearish momentum to make a reversal downside continuing the overall bearish trend of Bitcoin price. If the price fails to break and close above the $30,000 mark, we might see a sharp decline in price continuing the downtrend towards the $26,000 level.
Read Also: Bitcoin Lightning Network Achieves New ATH in USD Transactions
Source: TradingView
1Hour Chart
In the 1-hour timeframe, a break of Bitcoin price above $29,545 may indicate a possible move to $30,000. A break of the price below $29,190 might suggest a bearish continuation which corresponds with the weekly bearish bias and may target $28,870 in the short term.
Source: TradingView
Fundamentals
With the ISM Manufacturing PMI, Non-Farm Payroll (NFP), and Unemployment Rate data coming up next week, the Bitcoin price may see a strong push to the upside if the actual data is below the forecast data.
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NWANKWO CHIGOZIE
Nwankwo Chigozie is a content writer and cryptocurrency enthusiast. He loves researching about cryptocurrency and everything surrounding the cryptospace. Follow on all social platforms.