This website uses cookies to ensure you get the best experience on our website

Technical Analysis for BTCUSD for 5th July 2023

Bitcoin Bulls Firm, Primary Support at $30k

Past Performance of BTC

Bitcoin prices are steady and bullish despite the contraction on July 4. Overall, the $31.3k remains a critical buy trigger level. For the uptrend of June's last few trading days to continue, there must be a comprehensive, high-volume close above this level. Even so, aggressive traders could find entries to load on dips above $30k in the days ahead.

Bitcoin Technical Analysis

BTC prices broke higher on July 3, but buyers failed to maintain yesterday's uptrend. At this pace, the uptrend remains despite the losses. Technically, in a bullish formation led by the July 3 bar following consolidation, traders can look to buy the dips above $30k with targets at $31.3k and later $32.5k. Conversely, conservative traders can wait for a clean break above April highs while targeting $32.5k or $35k. Any loss below $30k will slow down buyers, and BTC could drop toward $28.3k in a cool-off.

What to Expect from BTC

Buyers are upbeat, but this can change if BTC continues falling today. The uptrend remains, but there can be more gains above $31.3k in future sessions, validating the June 21 and 23 bull bars.

Resistance level to watch: $31.3k

Support level to watch: $30k

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

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020