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Market News BTC Bulls to Retarget $31,500 on Less Hawkish Fed Commentary

BTC Bulls to Retarget $31,500 on Less Hawkish Fed Commentary

This morning, BTC found early support. Following a positive Monday, easing Fed Fear and upbeat price forecasts kept providing early price support.

TOP1Markets Analyst

2023-07-11

8021

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Bitcoin (BTC) increased by 0.59% on Monday. BTC finished the day at $30,467, reversing a loss of 0.36% from the previous day. The $31,000 handle was brought up by BTC for the first time in four sessions.

Bitcoin Price Action (BTC)

BTC was up 0.11% to $30,500 this morning. BTC had a fluctuating start to the day, rising to an early high of $30,552 and then dropping to a low of $30,412.

Daily Graph

The lower level of the $30,750 - $31,250 resistance band was broken by BTC/USD on the Daily Chart before it dropped back to below $30,750.

However, BTC/USD continued to trade above the 50-day ($28,979) and 200-day ($26,388) EMAs, indicating that the long- and short-term trend is bullish. Notably, the 50-day EMA reflected bullish momentum and kept moving away from the 200-day EMA.

Indicating a bullish outlook and aligning with the 50-day and 200-day EMAs, the 14-Daily RSI's reading of 59.28 supported a run at the lower and upper levels of the $30,750 - $31,250 resistance band.

Four-Hour Chart

Looking at the 4-Hourly Chart, the $31,000 psychological level presents significant resistance to the BTC/USD. The 50-day ($30,445) and 200-day ($29,386) EMAs are above the BTC/USD price, sending bullish short-term and long-term signals.

Significantly, the 50-day exponential moving average (EMA) separated from the 200-day EMA, indicating a move through the lower limit of the $30,750-31,250 resistance band with a target price of $31,250.

But if prices dropped below the 50-day EMA ($30,445), the 200-day EMA ($29,386) would come into focus.

The 50-day EMA is aligned with the 14-4H RSI reading of 51.84, which indicates a moderately bullish stance, with buying pressure outweighing selling pressure. Significantly, the RSI predicts near-term bullish momentum and a push for the resistance band between $30,750 and $31,250.