Bitcoin has become volatile, but still holding the bearish momentum below $36,000 to $35,000 resistance area. Bitcoin faced resistance around $35,000 price area. Will the bears push the price lower in the coming days? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.
July 5, 2021, | AtoZ Markets – Bitcoin price dropped today morning during the Asian session against the U.S. Dollar. Bitcoin whales have collected 60,000 BTC in only one day. Of note, this was the largest collection spike of 2021 to date. Additionally, Bitcoin mining trouble has changed downwards by 28%. The descending change is the greatest the top crypto has encountered ever. Bitcoin is currently trading around $33,600 price area and trying to push downside. As per the current price action, the price may face strong support at the Bollinger Bands lower band on the intraday chart.
Bitcoin Faced Resistance as the Event Level Worked Strongly
BTC is currently residing near $33,600 price area and trying to decline further. However, the price also faced resistance at the dynamic level on the intraday chart.
Image: BTC 4 Hour Chart
According to the 4-hour chart, Bitcoin faced resistance and currently trading around $33,600 price area. As per the current scenario, if the price can have an impulsive bearish candle close below the uptrend line, the bears may regain momentum and push the price down towards $31,000 to $30,000 price area in the coming days. On the contrary, if the price breaks above the Bollinger Bands middle band and had a bullish candle close above $35,000 to $36,000 price area, the bulls may push the price upside towards $40,000 to $41,000 price area in the process.
Furthermore, the dynamic level of 20 EMA is currently residing over the price. Along with the Bollinger Bands middle band. So, the dynamic level may push the price downside as a strong resistance. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the days ahead. However, the bulls may regain momentum if the price can have a bullish candle close above the dynamic level.
BTC May Continue Downward
According to the daily chart, Bitcoin faced resistance as the bears are still residing on the market. As per the current price action, if the price can have an impulsive daily bearish candle close below $36,000 to $35,000 resistance area, the bears may regain momentum and push the price downward towards $31,000 to $30,000 price area as a first target. The second target will be $26,000 to $25,000 price area if the price can break below $31,000 to $30,000 price area in the coming days.
Image: BTC Daily Chart
In addition, the dynamic level of 20 EMA is currently residing above the price, which may work as strong resistance in the process. Along with this, the Stochastic Oscillator lines are currently residing below the overbought level 80 and had a bearish intersection. It indicates that the bears may regain momentum in the days ahead.
To conclude, Bitcoin’s volatility increased, but the bears are still holding the bearish momentum. As the overall bias is still bearish, there is a high chance that BTC may continue further downside in the coming days.