Bitcoin (BTC/USD) Market Approaches a Major Support at $56500
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Bitcoin Price Prediction – July 4
BTCUSD market approaches a major support at $56500. The ongoing decline is likely to halt as the market becomes extremely oversold in the discount zone.
The Moving Average (MA) Cross indicator with a 9-day and 21-day period indicates a recent bearish crossover. However, the Relative Strength Index (RSI) is at 32.47, which is close to the oversold territory (below 30). This could suggest a potential reversal point, as the market might be due for a correction. Additionally, the Fibonacci retracement levels at $62210 (50% level) and $59460 (61.8% level) are key support zones that might attract buyers.
BTC/USD Market Key Levels:
Resistance levels: $63800, $65520, $73840
Support levels: $56500, $50510, $38500
BTC/USD – Daily Chart
The BTCUSD daily chart shows that the market is approaching a major support at $56500.
BTCUSD recently tested the support around $58410, which aligns with the 61.8% Fibonacci retracement level. This area appears to be holding as a significant support level.
The prior peak near $73840 also suggests a strong resistance level that BTC/USD will need to break to continue its upward momentum. The declining trendline from the recent highs indicates a bearish pressure that could be weakening as the price makes multiple touches with it.
What are the potential price targets for BTCUSD in the near future?
If the support at $58410 holds, a rebound to the major trendline is highly probable. A successful breakout above this major resistance could see BTCUSD targeting the significant psychological resistance at $73840. This bullish scenario is contingent on the support levels holding and the RSI moving out of the oversold region.
BTC/USD – Four-Hour Chart
On the four-hour chart, BTCUSD is likely to experience a potential bullish reversal after testing the strong support at $56500. The RSI is at 29.24, signaling an oversold condition that often precedes a price rebound.
The MA Cross (9, 21) suggests a bearish trend but could indicate an upcoming crossover if the price bounces from support. A successful rebound could see BTCUSD experiencing a long-term bullish move.
Bitcoin (BTC) Current Statistics
The current price: $58760
Market Capitalization: $1,140,000,000,000
Trading Volume: $37,700,000,000
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