Tectono Business Review: BITCOIN EXPERIENCES DRAWBACK PRESSURE AS PRICES SETTLES BELOW $30,000 MARK

Monday 24 July 2023

BITCOIN EXPERIENCES DRAWBACK PRESSURE AS PRICES SETTLES BELOW $30,000 MARK

Over the weekend, Bitcoin experienced a downward pressure that precipitated its price to nosedive to $29,906.

With BTC/USD acting below $30,000, this level became intraday resistance, and traders are gripped with apprehension over further dip in price and the resultant losses.

Traders are divided on whether Bitcoin would break out or break down to revisit previous price levels from earlier in the year.

A foremost trader, Crypto Tony, after his analysis, forecasted a further decline in price.

He highlighted two critical psychological levels to watch, $25,000 and $20,000, in case of a drop.

Another trader, Nebraskan Gooner, corroborated Crypto Tony’s analysis, adding that BTC/USD had fallen below the narrow range that had been in play for the past month.

However, another famous trader and analyst, Toni Ghinea, thinks differently. He foresees a significant rise for Bitcoin in the coming week.

He identified $31,000-$32,000 as resistance and $29,000 as support, urging caution not to get carried away if there’s a break above the range high.

At the time of filing this report, Bitcoin is trading at $29,804.

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Monday 24 July 2023

BITCOIN EXPERIENCES DRAWBACK PRESSURE AS PRICES SETTLES BELOW $30,000 MARK

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