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Technical Analysis for BTCUSD for 7th July 2023

Bitcoin Falters and Drops 2%, BTC Bulls Find Support at $30k

Past Performance of BTC

Bitcoin is lower when writing, dropping towards the $30k level. The sell-off stems from developments on July 6 and follows a refreshing surge to $31.3k before tumbling to spot levels. Despite traders--and the general BTC structure supporting buyers, the failure of buyers to push prices above the April high is a concern. Subsequently, the series of lower lows registered this week could fast-track the dump toward $30k or worse in future sessions.

Bitcoin Technical Analysis

The path of least resistance, from the top-down preview, is northwards—but this is fast changing considering the sell-off of the past few trading days. The support zone between $29.8k and $30k is critical for now. Moreover, the long-upper wick of July 6 suggests that sellers are firm, and there could be more room for bears to press on today. Still, conservative traders can wait until there is a clear breakout below $29.8k before committing. In that case, a clean break with expanding volumes may open up BTC for a retest of $28.3k. Conversely, a recovery reversing yesterday's losses may be the base for a retest of $31.3k.

What to Expect from BTC

BTC is weak and could reverse recent gains posted in early July. At spot rates, the odds are high for more sell-off below $29.8k. Based on this formation, risk-on traders should wait for a clear definition below $29.8k, or $31.3k, before riding the emerging trend.

Resistance level to watch: $31.3k

Support level to watch: $29.8k

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

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