Daily Price Outlook

Bitcoin (BTC) faltered in its attempt to break through a significant resistance level, retreating just as it neared the mark. This pullback has seen BTC revert to its trend of range-bound trading, suggesting that short-term holders have opted to hold on to their assets instead of cashing in on profits.

Analysts continue to assess the conditions needed for the leading cryptocurrency to take a decisive step.

Bitcoin Pulls Back from $31,000; Expert Provides Analysis

Following the release of the Consumer Price Index (CPI) on Wednesday, Bitcoin's price experienced a slight uptick, nearly reaching the critical resistance point of $31,000 before dropping again.

According to Yann Allemann, co-founder of Glassnode and CEO of Swissblock Technologies, this "immediate response to the CPI data release" can be attributed to traders, likely large investors, setting buying and selling limits to control volatility.

Altcoins Set to Rally as Bitcoin's Capital Rotation Looms

If this theory holds, we might be on the cusp of an altcoin season. This term refers to the phase when profits from Bitcoin (BTC), Ether (ETH), and/or new capital, potentially from an ETF, flow into alternative cryptocurrencies.

As a result, Bitcoin's market dominance decreases due to the shift in capital, and its supremacy in terms of market capitalization shrinks. This increase in market share is a typical outcome of the altcoin season.

Despite the influence of macroeconomic factors and other market dynamics, Bitcoin's price remains stable, oscillating within a specific range. Ethereum's price is mirroring this static movement. These patterns suggest that short-term traders prefer accumulating assets over booking profits.

This trend is vital as it implies that altcoins like Ripple (XRP) will bear the brunt of regulatory crackdowns on their ilk, as long as the two leading cryptocurrencies continue their stable performance.

BTC/USD Price Chart – Source: Tradingview

BTC/USD - Technical analysis

Bitcoin's price experienced difficulty in garnering positive momentum after the release of US CPI data. Currently hovering under $30,500, there looms a possible risk of a decline towards the $29,850 mark.

Despite efforts to ascend above the resistance zone of $30,500, Bitcoin met resistance around $30,850, prompting a downward shift. The price subsequently broke beneath a linked upward trend line and the support at $30,500, plummeting to an approximate low of $30,230.

At present, Bitcoin is stabilizing its losses beneath $30,500 and the 100-hourly simple moving average.

Near-term resistance is spotted around the $30,400 level and the 100-hourly simple moving average, succeeded by the $30,550 area.

A breach above the $30,550 mark could instigate bullish momentum, potentially propelling Bitcoin towards the $30,850 resistance and then to the major resistance at $31,000.

If Bitcoin is unable to surpass the $30,500 resistance, it may undergo another downturn. Immediate support is located around the $30,230 level, followed by the next crucial support close to the $30,000 mark.

Additional declines could drive the price towards the support zone of $29,850, and potentially even lower towards $29,400.

Daily Price Outlook

• Bitcoin faces resistance below $30,500 and risks a drop towards $29,850.
• Attempts to surpass the $30,500 resistance have been met with selling pressure near $30,850.
• Immediate support lies at $30,230, while a break below $30,000 could lead to further decline.

Bitcoin's price struggled to gain bullish momentum following the release of the US CPI data. Currently trading below $30,500, there is a potential risk of a drop towards the $29,850 level.

Despite an attempted increase above the $30,500 resistance zone, Bitcoin faced resistance near $30,850, resulting in a downside reaction.

The price broke below a connecting bullish trend line and the $30,500 support, reaching a low around $30,230. Currently, Bitcoin is consolidating losses below $30,500 and the 100-hourly simple moving average.

Immediate resistance is observed near the $30,400 level and the 100-hourly simple moving average, followed by the $30,550 zone. A breakthrough above the $30,550 level could provide bullish momentum, potentially leading Bitcoin towards the $30,850 resistance and the subsequent major resistance at $31,000.

If Bitcoin fails to clear the $30,500 resistance, it may experience another decline. Immediate support is found near $30,230, with the next major support near the $30,000 level. Further losses could push the price towards the $29,850 support zone, and potentially even lower towards the $29,400 level.

BTC/USD Price Chart – Source: Tradingview

BTC/USD - Trade idea

Entry Price – Sell Limit 30398

Take Profit – 30000

Stop Loss – 30604

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$398/ -$206

Daily Price Outlook

Bitcoin is making moves, trading at $31,234 and enjoying a 1.52 percent increase on Tuesday. In an exciting development, Blackrock, the world's largest money manager, has resubmitted its Bitcoin exchange-traded fund (ETF) application in the U.S. after facing some initial hurdles from the regulator. This bold move by Blackrock demonstrates their eagerness to lead the way in the cryptocurrency markets.

Nasdaq has also entered the picture, modifying Blackrock's application for a Bitcoin ETF alongside other industry rivals. Blackrock followed the footsteps of four companies that initially registered for spot Bitcoin ETFs and submitted an updated application to the U.S. Securities and Exchange Commission (SEC).

Nasdaq's involvement includes adding Coinbase as a surveillance-sharing agreement (SSA) partner, mirroring Cboe's approach with registrations from Fidelity, VanEck, Invesco, and WisdomTree.

While the SEC has expressed concerns about market manipulation and investor protection in relation to spot Bitcoin ETFs, Blackrock's stellar reputation as the largest asset manager in the world has sparked speculation. Some believe that Blackrock's credentials may increase the likelihood of approval for their spot Bitcoin ETF.

In their filing, Blackrock mentioned that the Spot BTC SSA would be a bilateral surveillance-sharing agreement between Nasdaq and Coinbase, serving as a supplement to the exchange's market surveillance program.

With the inclusion of Coinbase as an SSA partner and Blackrock's updated spot Bitcoin ETF application, BTC prices have experienced an upward trajectory. This development has generated excitement among market analysts, who see the reputation and influence of Blackrock as a potential advantage in the approval process for their spot Bitcoin ETF. Stay tuned for more updates as this dynamic situation unfolds.

BTC/USD Price Chart – Source: Tradingview

BTC/USD - Technical analysis

Bitcoin price has maintained stability and remains above the crucial support level of $30,500. The recent price action has seen a steady increase, breaking through the resistance at $30,820 and even surpassing the $31,000 and $31,400 resistance zones.

At the moment, the BTC/USD is holding its gains and trading just over the 23.6% Fibonacci retracement mark. It is also comfortably positioned above the 100 hourly Simple Moving Average, with a significant bullish trend line forming support around $30,920.

In terms of resistance, the immediate level to watch is around $31,350, followed by the major barrier at $31,400. A successful breakthrough above this level could trigger another strong upward move, potentially pushing the price towards the next significant resistance at $32,000.

Further gains could open doors for a potential move towards the $32,500 and $33,200 resistance zones.

However, if Bitcoin fails to clear the $31,400 resistance, a downside correction might occur. The immediate support level on the downside is expected around $31,000. If the price further declines, the next major support lies near $30,920 and the trend line.

Breaking below this level could lead to a drop towards the 50% Fibonacci retracement level or even towards the $30,550 zone, where the 100 hourly SMA is also located.

Daily Price Outlook

• Bitcoin price holds above the $30,500 support and shows signs of a steady increase.
• Immediate resistance levels to watch are at $31,350 and $31,400, followed by $32,000.
• If support fails at $31,000, Bitcoin might see a correction towards $30,920 and potentially $30,550.

Bitcoin price has maintained stability and remains above the crucial support level of $30,500. The recent price action has seen a steady increase, breaking through the resistance at $30,820 and even surpassing the $31,000 and $31,400 resistance zones.

At the moment, the BTC/USD is holding its gains and trading just over the 23.6% Fibonacci retracement mark. It is also comfortably positioned above the 100 hourly Simple Moving Average, with a significant bullish trend line forming support around $30,920.

In terms of resistance, the immediate level to watch is around $31,350, followed by the major barrier at $31,400. A successful breakthrough above this level could trigger another strong upward move, potentially pushing the price towards the next significant resistance at $32,000.

Further gains could open doors for a potential move towards the $32,500 and $33,200 resistance zones.

However, if Bitcoin fails to clear the $31,400 resistance, a downside correction might occur. The immediate support level on the downside is expected around $31,000. If the price further declines, the next major support lies near $30,920 and the trend line.

Breaking below this level could lead to a drop towards the 50% Fibonacci retracement level or even towards the $30,550 zone, where the 100 hourly SMA is also located.

BTC/USD Price Chart – Source: Tradingview

BTC/USD - Trade Idea

Entry Price – Sell Below 31225

Take Profit – 30200

Stop Loss – 31500

Risk to Reward – 1: 3

Profit & Loss Per Standard Lot = +$1025/ -$275

Profit & Loss Per Micro Lot = +$102/ -$27

Daily Price Outlook

Bitcoin is currently priced at $30,376.07 per BTC, with a market size of $589.67 billion. The 24-hour trading volume is $13.58 billion, and the BTC to USD exchange rate is constantly updated. Over the past 24 hours, Bitcoin has experienced a 1.22% decrease, while its circulating supply amounts to 19.41 million coins.

Bitcoin’s price breaches the $31,000 mark, aligning with the International Monetary Fund’s (IMF) assertion that the flagship cryptocurrency is unstoppable. Bitcoin’s upward trajectory continues, surpassing levels not seen in over a year. This surge is fueled by a Bitcoin-focused week where institutional investors with deep pockets seek approval, injecting optimism into the market and setting higher price targets.

The IMF’s assertion is confirmed as Bitcoin breaks above $31,000, marking a significant milestone. On June 23, at approximately 16:15 GMT, Bitcoin’s price surpassed the $31,000 barrier, reclaiming levels last witnessed in June 2022. This ongoing rally, initiated in mid-June, has resulted in a 25% increase from the lows of around $24,800 on June 16.

BlackRock, the world’s largest asset manager, takes steps towards obtaining approval for a Bitcoin spot exchange-traded fund (ETF). This move follows a growing trend of established financial giants shifting their focus toward cryptocurrency and related services.

While BlackRock has filed for a spot Bitcoin ETF, regulatory approval from the US Securities and Exchange Commission is still pending. The process is acknowledged to be lengthy, as the financial authority has accepted no spot Bitcoin ETF applications.

BlackRock’s application has triggered a flurry of similar filings from competitors and other traditional finance leaders.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Technical Analysis

Bitcoin’s journey continues with its exciting rollercoaster ride! From a technical perspective, Bitcoin faces an exhilarating challenge as it reaches the $31,000 level. It’s like encountering a thrilling obstacle on the race track with a double-top pattern. The appearance of doji and spinning top candles, combined with resistance at $31,000, suggests a temporary pause in bullish momentum as buyers catch their breath.

But fear not; there’s always a support crew ready to assist! Immediate support for Bitcoin can be found at around $29,600. If the price breaks below this level, brace yourself for a potential further decline towards the key support zone at $28,250. It’s like finding the perfect pit stop coinciding with the 50-day exponential moving average. And if things get really intense, the next support around $26,750 will come to the rescue!

Now, let’s gauge the excitement levels. The relative strength index (RSI) and moving average convergence divergence (MACD) indicators are currently enjoying their time in the neutral zone. They’re taking a break from the wild ride, suggesting that Bitcoin is neither overbought nor oversold. This opens up the possibility for a thrilling corrective move in the near future.

But what if Bitcoin surprises us all and conquers the $31,000 level? Well, buckle up because the next target on the horizon is around $32,500. And if the momentum keeps building, the thrilling ride could push Bitcoin towards the $34,000 mark. So, keep those goggles on and enjoy the adventure!

Daily Price Outlook

• Hold on tight as the Bitcoin rollercoaster continues! Bitcoin faces a thrilling challenge around the $31,000 level, encountering a double top obstacle in the race.
• Immediate support for Bitcoin can be found around $29,600, with potential further decline towards the key support zone at $28,250.
• Buckle up for potential targets at $32,500 and even $34,000 if momentum keeps building.

The Bitcoin rollercoaster continues! On the technical front, it seems like Bitcoin is facing a thrilling challenge around the $31,000 level. It’s like encountering a double top obstacle in the race! The appearance of doji and spinning top candles, along with the resistance at $31,000, suggests that the bullish energy is taking a breather and buyers might need to catch their breath. So, hold on tight because we might experience a fun-filled and bumpy ride with a modest corrective pullback in Bitcoin prices today.

But don’t worry, there’s always a support crew ready to lend a hand! Immediate support for Bitcoin can be found around the $29,600 level. If the price breaks below this level, brace yourselves for a potential further decline towards the key support zone at $28,250.

It’s like finding the perfect pit stop coinciding with the 50-day exponential moving average. And if the action gets really intense, the next support around $26,750 will come to the rescue! Now, let’s take a moment to check the excitement levels.

The relative strength index (RSI) and moving average convergence divergence (MACD) indicators are currently enjoying their time in the neutral zone.

It’s like they’re taking a break from the wild ride, suggesting that Bitcoin is neither overbought nor oversold. So, there’s a chance for a thrilling corrective move in the near future.

But hey, what if Bitcoin surprises us all and conquers the $31,000 level? Well, buckle up because the next target on the horizon is around $32,500.

And if the momentum keeps building up, the thrilling ride could push Bitcoin towards the $34,000 mark. So, keep those goggles on and enjoy the adventure!

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Trade Idea

Entry Price – Sell Limit 30950

Take Profit – 28500

Stop Loss – 32250

Risk to Reward – 1: 1.88

Profit & Loss Per Standard Lot = +$245/ -$130

Profit & Loss Per Micro Lot = +$24/ -$13

Daily Price Outlook

• Bitcoin breaks through $27,000 resistance, igniting a powerful uptrend toward $28,300.
• Technical indicators, including RSI and MACD, favor Bitcoin's upward journey.
• Crossing above the 50-day EMA, Bitcoin finds solid support around $27,000, indicating bullish strength.

Get ready for some Bitcoin excitement! The world's leading cryptocurrency is making some serious moves on the technical front. It's trading with an impressive bullish momentum after breaking through the stubborn resistance at $27,000, provided by a downward trend line.

This breakthrough has ignited a powerful uptrend, propelling the Bitcoin price towards its next target at $28,300. But here's the burning question: Can Bitcoin maintain this incredible momentum and soar to the coveted $30,000 mark? Let's take a peek at the technical indicators.

The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are flashing green, indicating a favorable zone for Bitcoin's upward journey.

Moreover, Bitcoin has triumphantly crossed above the 50-day Exponential Moving Average, which is now acting as a sturdy support level around $27,000.

Excitingly, there's more! Bitcoin has even formed a thrilling "Three White Soldiers" candlestick pattern on the daily timeframe, underscoring the dominant bullish trend.

With all these exciting developments, there's a good chance that Bitcoin will continue its upward trajectory. However, brace yourselves for a potential minor correction as it approaches the critical $28,300 level.

This level holds the key to Bitcoin's next moves. If it manages to hold above this level, we can expect the bullish momentum to persist and carry Bitcoin towards the remarkable $30,000 milestone.

And if that magical mark is conquered, the next target in Bitcoin's sights could be around $30,900. So, fasten your seatbelts and enjoy the Bitcoin thrill ride!

BTC/USD Price Chart - Source: Tradingview

BTC/USD - Trade Idea

Entry Price – Buy Above 28260

Stop Loss – 26850

Take Profit – 29880

Risk to Reward – 1 : 1.15

Profit & Loss Per Standard Lot = +$1620/ -$1410

Profit & Loss Per Micro Lot = +$162/ -$141

Daily Price Outlook

The live price of Bitcoin stands at $28,320.59 per bitcoin (BTC/USD), with a market capitalization of $549.64 billion. The 24-hour trading volume reached $22.03 billion, and the price is updated in real-time.

With 19.41 million coins in circulation, Bitcoin has experienced a 5.78% gain over the past 24 hours.

WisdomTree Joins the Bitcoin ETF Race

WisdomTree, a renowned ETF provider, has applied for Bitcoin Trust approval. If successful, this would allow the listing of WisdomTree’s Bitcoin ETF on the Cboe BZX Exchange.

The timing of WisdomTree’s application is notable, as it closely follows BlackRock’s recent application for a spot Bitcoin ETF.

Grayscale Bitcoin Trust (GBTC) Discount Narrows

Despite recent market fluctuations, Bitcoin’s price surge has positively impacted Grayscale Bitcoin Trust (GBTC). GBTC experienced a period of value decline over the past two months, with the discount to Net Asset Value (NAV) reaching around 44%.

However, the bullish momentum in the Bitcoin market has caused the GBTC discount to shrink by 12% in the last seven days.

BTC/USD Price Chart – Source: Tradingview

BTC/USD – Technical Analysis

Get ready for some Bitcoin excitement! The world’s leading cryptocurrency is making some serious moves on the technical front. It’s trading with an impressive bullish momentum after breaking through the stubborn resistance at $27,000, provided by a downward trend line.

This breakthrough has ignited a powerful uptrend, propelling the Bitcoin price towards its next target at $28,300. But here’s the burning question: Can Bitcoin maintain this incredible momentum and soar to the coveted $30,000 mark? Let’s take a peek at the technical indicators.

The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are flashing green, indicating a favorable zone for Bitcoin’s upward journey.

Moreover, Bitcoin has triumphantly crossed above the 50-day Exponential Moving Average, which is now acting as a sturdy support level around $27,000.

Excitingly, there’s more! Bitcoin has even formed a thrilling “Three White Soldiers” candlestick pattern on the daily timeframe, underscoring the dominant bullish trend.

With all these exciting developments, there’s a good chance that Bitcoin will continue its upward trajectory. However, brace yourselves for a potential minor correction as it approaches the critical $28,300 level.

This level holds the key to Bitcoin’s next moves. If it manages to hold above this level, we can expect the bullish momentum to persist and carry Bitcoin towards the remarkable $30,000 milestone.

And if that magical mark is conquered, the next target in Bitcoin’s sights could be around $30,900. So, fasten your seatbelts and enjoy the Bitcoin thrill ride!