Support at $30,000 remains essential for Bitcoin, with a possible increase to $33,000 and then a $38,000 price.
The Bitcoin price rises above $30,000 as crypto market consolidation intensifies. On the other hand, investors eagerly await the publication of the US Consumer Price Index (CPI), a reputable indicator of inflation. This index will help the Federal Reserve determine its next course of action, notably after it halted interest rate increases in early June.
Analysts are substantially divided on how the Bitcoin price will react to Wednesday’s anticipated CPI data. The market’s expectations are in the 3% range, which may imply a continuation of the US inflation slowdown and the pause in interest rate increases.
Bitcoin and other risky assets benefit significantly from decelerating inflation, encouraging investors to increase their exposure to Bitcoin, cryptocurrencies, and equities.
Support at $30,000 places Bitcoin in a precarious position, as declines to $28,000 and $25,000 are not ruled out. On the other hand, BTC may still be poised for an upswing, particularly given the increase in accumulation.
Bitcoin Price Bull or Bear Market
The Bitcoin price trades within a bullish rectangle pattern from a micro perspective. This chart pattern indicates a halt in the uptrend and permits consolidation before the subsequent bullish breakout.
A breach above the resistance (upper boundary) of the rectangle at $31,374 would initiate the escape. Traders confirm this with an abrupt surge in volume and sustained price action above the resistance level.
Here, investors anticipate a breakout target equal to the pattern’s breadth and extrapolate above the pattern’s upper boundary. In this scenario, speculators holding long positions in Bitcoin would target a 5% increase to $33,000. Bitcoin Price Maintains $30k Support Amid Rising BTC Accumulation: Bull Cycle Confirmation?
The rectangle pattern and a bullish Money Flow Index (MFI) signal lend credence to the possibility of a breakout to $33,000. The MFI is rising again after falling from the overbought region above 80 to the oversold area of 35. This indicator reveals the magnitude of both the inflow and egress of funds on BTC markets.
Bitcoin Bull Cycle?
Tim Frost, the CEO of Yield App, a digital wealth management platform likely to launch “in 2024 following a period of continued consolidation this year and, behind close doors, huge innovation is paving the way for the next wave of crypto adoption.” stated that the crypto market has dramatically improved since 2022 doldrums with the next bull market.
In a recent report on bull market corrections, Glassnode stated that “the peak drawdown in 2023 was only -18%, which is remarkably shallow relative to all previous cycles.” The on-chain analytics platform attributed this technical outlook to the asset’s (BTC) relatively robust demand. Bitcoin Price Maintains $30,000 Support With BTC Accumulation Rising: Confirmation Of A Bull Cycle?
Despite the unpredictability and changes observed thus far, a thorough examination of market data revealed that Bitcoin still exhibits clear signs of recovery and remains strong in the ongoing cycle.
JD, a crypto analyst, informed his 28,000 Twitter followers that a Bitcoin bull market affirmation is imminent and could spark an altcoin season. Over the next month, he anticipates the confirmation signal “when the MACD has a confirmed bullish cross, and the stochastic RSI crosses above the 80 level.”
$BTC – When MACD has the confirmed bullish cross & Stochastic RSI crosses above 80 level, this has marked the start of the next bull cycle! ALTCOINS follows!!
Will the next month give us the confirmation crosses to start the next bull cycle?! #BTC https://t.co/JhXbL3irhK
— JD 🇵🇭 (@jaydee_757) July 12, 2023Currently, support at $30,000 remains crucial for Bitcoin’s price, with a possible initial surge to $33,000. Alternatively, declines below the immediate help may result in losses up to $28,000 before a subsequent favorable breakout.
