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Market News BTC Bulls to Target $32,000 after Return to $31,400 on Monday

BTC Bulls to Target $32,000 after Return to $31,400 on Monday

Due to the US markets being closed on July 4th, BTC will have a quiet day. The bulls intend to take advantage of the ETH-driven rise.

TOP1Markets Analyst

2023-07-05

9641

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Bitcoin (BTC) increased by 1.94% on Monday. BTC finished the day at $31,225, reversing a loss of 0.02% from the previous day. It's noteworthy that BTC managed to maintain the $31,000 handle for the first time since May 2022.

BTC experienced a mixed day's start, dropping to a low of $30,601 in the first hour. BTC increased to a high of $31,433 in the early evening after avoiding the 50-day EMA at $30,601. BTC crossed the resistance range between $30,800 and $31,000 to close the session at $31,225.

Daily Chart

As the markets reacted to the most recent ETF news, the Daily Chart indicated a BTC/USD holding above the key $31,000 support line. Additionally, the 200-day ($26,102) and 50-day ($28,540) EMAs of BTC/USD remained above them, indicating bullish momentum in the short- and long-term.

Notably, the 50-day EMA exhibited bullish momentum and kept moving away from the 200-day EMA.

A breakout from the upper level of the $30,000 - $31,500 resistance zone would be supported by the 14-Daily RSI's 70.13 reading, which indicated overbought territory but was in line with the 50-day and 200-day EMAs.