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Bitcoin (BTC) Price Analysis for July 21

Price Predictions
Wed, 07/21/2021 - 14:50
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Denys Serhiichuk
Can Bitcoin (BTC) fix above $30,000 for a while?
Bitcoin (BTC) Price Analysis for July 21
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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After a few days of continued decline, bulls have managed to seize the initiative. As a result, all of the top 10 coins are in the green zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has increased today by 6%.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the 4H chart, the buying trading volume is high, which means that bulls are dominating. However, Bitcoin (BTC) has entered the overbought zone where a slight decline may occur.

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In this case, the drop may get the rate of the chief crypto to the nearest support around $31,000 per one coin.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the bigger time frame, Bitcoin (BTC) has shown a powerful bounceback from the level of $29,000. The trading volume is also rising, which is a good signal for continued growth. The closest level at which bears may seize the initiative is $32,700. However, such a scenario makes sense if the daily candle closes above $31,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the weekly chart, Bitcoin (BTC) has tested the support at $30,000 for the third time. Bulls are trying to hold this level while the price decrease may last until the $24,000 mark. Now, there are chances to test the resistance at $34,000 as the selling trading volume is at its lowest levels.

Bitcoin is trading at $31,678 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.