Bitcoin Market Movement

31 lug 2023Bitcoin experienced a downward shift yesterday, breaking the short-term dynamic support line and pushing the price towards the $29,000 mark. The validation of the twin bottom pattern necessitates the closing of the 4-hour candlestick above the $29,500 resistance. This resistance level has elicited a negative response in recent hours, but there is potential for a transient breakthrough. Consequently, if support remains stable, Bitcoin could experience an uptick towards the $29,800 resistance area, at least in the short term. The current RSI level stands at 45, suggesting a balanced market, and the MACD level at -7.5 indicates a bearish momentum. However, consistent with our previous analysis, it's essential to consider these indicators in the context of Bitcoin's broader price movements and market trends.