Bitcoin Price Rebounds: Nearing Key Resistance at $29,700

Bitcoin is showing signs of recovery as it rebounds from the $29,000 support level, potentially revisiting the crucial resistance zone at $29,700.

Arslan Butt•Monday, July 31, 2023•1 min read

Bitcoin is showing signs of recovery as it rebounds from the $29,000 support level, potentially revisiting the crucial resistance zone at $29,700. The bulls emerged when Bitcoin retraced to the $29,050 support zone, demonstrating strength above $29,000, leading to a fresh upward movement. Recent price action saw a clear break above $29,250 and $29,300, with the 50% Fib retracement level breached from the downward move between the $29,678 swing high and $29,070 support.

Additionally, the hourly chart of BTC/USD showed a break below a key bearish trend line with resistance near $29,375. Currently trading above $29,300 and the 100 hourly SMA, Bitcoin is encountering resistance around the $29,450 level.

The 61.8% Fib retracement mark from the $29,678 swing high to the $29,070 support is acting as a resistance. The first significant resistance lies near $29,650, followed by the next significant level at $29,700, which, if surpassed, may drive the price towards the $30,000 resistance zone.

A close above the $30,000 resistance zone could trigger a substantial increase, with the potential to surpass the $30,400 resistance. Conversely, failing to clear the $29,700 resistance may prompt a fresh decline.

The BTC/USD ‘s support on the downside is around the $29,300 level and the 100 hourly Simple Moving Average, while the next significant support is close to the $29,050 level. Below this level, the price might accelerate lower, with the next support at $28,800. Further losses could lead to a move towards the $28,200 level in the near term. Caution is advised as Bitcoin faces these critical price levels.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.