The largest global cryptocurrency, Bitcoin in recent times faced one of its most stable phases after volatile months of price action. The market cap for Bitcoin (BTC) stands today at $167.83 billion, with $16.32 billion exchanged in the past 24 hours. The current spot price is down approx. 10 percent from its high of $10,400 in the year, but beyond 150 percent from lows of $3,858 in March 2020. However, BTC/USD price stays in the range at $9,000 as market sell-off grows. Besides Bitcoin, a stock market downturn may cause a crypto-market pullback due to its high correlation with stocks since March. Market participants’ unwillingness to partake in risk-on assets may potentially result in higher near-term panic selling on the BTC. The latest release of Bitcoin’s S2FX price model on July 1 reveals that Bitcoin (BTC) may struggle to hit $10,000, but its growth is well on the path as needed to continue the long-term bullish trajectory.
*The current spot price is down approx. 10 percent from its high of $10,400 in the year, but beyond 150 percent from lows of $3,858 in March 2020
*However, BTC/USD price stays in the range at $9,000 as market sell-off grows
*The latest release of Bitcoin’s S2FX price model on July 1 reveals that Bitcoin (BTC) may struggle to hit $10,000
Resistance Levels: $10,000, $9,800, $9,500
Support levels: $9,000, $8,800, $8,500
BTC/USD Daily Chart: Ranging
BTC/USD Daily Chart
BTC/USD recorded its daily highs at $9,265 earlier in the day, after many attempts to revert to the prior level around $9,300. Amidst the recovery, in a couple of moments, BTC/USD promptly fell from $9,265 to $8,938. The sharp sell-off has brought Bitcoin under $9,000 recently, though the BTC price presently persists over $9,000. The support is offered by the $9,000 psychological level while the upside is capped by the $9,265 intraday level.
Feasible activity in either position is required to build traction as market volume increases with the BTC/USD price remaining within $9,000, which implies that the coin can be exposed to sharp movements in either path, once the movement is triggered. A drop beneath the current support level, nonetheless, may trigger a volatile sell-off.
BTC/USD 4-hour Chart: Bearish
BTC/USD 4-Hour Chart
On the intraday level, the coin has advanced inside the recent tight range amid a short-term bearish bias. Bitcoin is scrambling to retain a directional bias as uncertainty tumbles to the lowest of 2020 around the number one crypto-currency. If bulls consistently struggle to push the price beyond the level of resistance of $9,200 then the impetus to sell may tend to commence.
If the support level of $9,000 is breached with conviction then the BTC/USD pair may begin falling back to the level of $8,800. The BTC/USD pair is only bullish while holding beyond the level of $9,200; key resistance is seen at the levels of $9,500 and $9,800. If the BTC/USD pair exchanges beneath the level of $9,000, sellers may test support levels of $8,800 and $8,500.
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