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Technical Analysis for BTCUSD for 4th July 2023

Bitcoin Firm, Buyers Targeting New 2023 Highs to $32.5k

Past Performance of BTC

Bitcoin prices are firm when writing, floating above the $31k level as the recent consolidation proves to be an accumulation. How fast bulls will push above $31.3k and even new 2023 highs will determine the speed of the rebound after the slowdown in the final days of the last days of H1 2023.

Bitcoin Technical Analysis

From the daily chart, the path of least resistance is northwards from an effort versus result perspective. Presently, buyers have the upper hand, and this forecast holds, provided prices are floating above the $29.8k support level. Considering the expansion yesterday, traders can look for long entries, buying the dips and looking to align with the short-term uptrend set in motion by the June 21 anchor bar. As it is, BTC buyers may look for $32.5k and $35k as immediate targets.

What to Expect from BTC

Buyers are optimistic, and this holds, reading from the candlestick arrangement. Overall, the uptrend remains, and every low above $29.8k and $30k support zone provides entries for determined traders. BTC is likely to start July from a stronger footing at this pace, registering new 2023 highs.

Resistance level to watch: $32.5k

Support level to watch: $29.8k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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