{"id":540020,"date":"2023-06-28T03:00:57","date_gmt":"2023-06-28T03:00:57","guid":{"rendered":"https:\/\/uniquehot.com\/?p=540020"},"modified":"2024-06-11T08:07:31","modified_gmt":"2024-06-11T08:07:31","slug":"bitcoin-price-struggles-as-bears-attempt-to-drive-it-below-30000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-struggles-as-bears-attempt-to-drive-it-below-30000\/","title":{"rendered":"Bitcoin Price Struggles As Bears Attempt To Drive It Below $30,000"},"content":{"rendered":"

Bitcoin (BTC) failed to break through the $31,500 resistance level and has since retreated to a range between $30,300 and $30,800 in the past few days. The cryptocurrency has also been unable to reclaim the $31,000 territory, leading some to believe that Bitcoin bears may still have the upper hand.<\/span><\/p>\n

Despite recent signs of strength, Bitcoin’s inability to overcome key resistance levels has left many investors wary. The digital currency’s failure to break out of its current range suggests that it may be vulnerable to further losses in the short term.<\/span><\/p>\n

Liquidity Grab Sends Bitcoin Tumbling<\/span><\/h2>\n

Bitcoin has been on a remarkable run since June 15th, gaining 25% in nine days. However, <\/span>according <\/span><\/a>to crypto analyst Justin Bennet, recent price action suggests a pullback may be in order.<\/span><\/p>\n

BTC longs have piled into the rally, but as Bennet notes, Bitcoin doesn’t usually offer free rides for those late to the party. A pullback from current levels just above $30,000 would make sense, and the price action on the 8-hour time frame looks very similar to the April swing high.<\/span><\/p>\n

Related Reading: BLUR Up By 11% Following This Announcement<\/a><\/div>\n

Bitcoin closed above $30,400 on the 8-hour trend line in April, only to close below it within the next few candles. While BTC has held up better this time, the 4-hour time frame has already broken below $30,400. The next few 8-hour candles will confirm whether this breakdown is sustained.<\/span><\/p>\n

If so, Bennet believes a pullback into the $28,000 area to flush out late BTC longs seems likely. How the Bitcoin price action develops at $27,000-$28,000 if and when tested will determine where BTC trends in July.<\/span><\/p>\n

On the other hand, a sustained break above $31,000 would suggest that bulls remain in control and expose $32,500.<\/span><\/p>\n

Nevertheless, despite the uncertain market conditions, the current uptrend in Bitcoin is far from over as long as bulls do not lose the $30,000 line.\u00a0<\/span><\/p>\n

Historical data suggests that if Bitcoin can consolidate and maintain this key level of support, there are many chances for it to continue to breach higher levels and mark new yearly highs.<\/span><\/p>\n

Conversely, the $29,500 support level will be the next floor to watch if Bitcoin succumbs to bearish pressure. A downside movement could continue if BTC drops below this level, potentially leading to a further decline toward the $27,300 line.\u00a0<\/span><\/p>\n

Related Reading: Ripple Thrives Despite Legal Battle \u2013 What\u2019s The Market Reaction Of XRP?<\/a><\/div>\n

Despite the potential downside risks, the Bitcoin market continues to receive positive news with the applications of Fidelity and Blackrock’s Spot Exchange-Traded Funds (ETF). The approval of these ETF applications could further boost the current price action and potentially lead to new yearly highs.<\/span><\/p>\n

\"Bitcoin
BTC’s sideways price action on the 1-day chart. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Bitcoin is currently trading at $30,600, representing a modest increase of 1.4% over the past 24 hours.<\/p>\n

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Featured image from Unsplash, chart from TradingView.com<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) failed to break through the $31,500 resistance level and has since retreated to a range between $30,300 and $30,800 in the past few days. The cryptocurrency has also been unable to reclaim the $31,000 territory, leading some to believe that Bitcoin bears may still have the upper hand. Despite recent signs of strength, Bitcoin’s inability to overcome key resistance levels has left many investors wary. The digital currency’s failure to break out of its current range suggests that it may be vulnerable to further losses in the short term. Liquidity Grab Sends Bitcoin Tumbling Bitcoin has been on a remarkable run since June 15th, gaining 25% in nine days. However, according to crypto analyst Justin Bennet, recent price action suggests a pullback may be in order. BTC longs have piled into the rally, but as Bennet notes, Bitcoin doesn’t usually offer free rides for those late to the party. A pullback from current levels just above $30,000 would make sense, and the price action on the 8-hour time frame looks very similar to the April swing high. Related Reading: BLUR Up By 11% Following This Announcement Bitcoin closed above $30,400 on the 8-hour trend line in April, only to close below it within the next few candles. While BTC has held up better this time, the 4-hour time frame has already broken below $30,400. The next few 8-hour candles will confirm whether this breakdown is sustained. If so, Bennet believes a pullback into the $28,000 area to flush out late BTC longs seems likely. How the Bitcoin price action develops at $27,000-$28,000 if and when tested will determine where BTC trends in July. On the other hand, a sustained break above $31,000 would suggest that bulls remain in control and expose $32,500. Nevertheless, despite the uncertain market conditions, the current uptrend in Bitcoin is far from over as long as bulls do not lose the $30,000 line.\u00a0 Historical data suggests that if Bitcoin can consolidate and maintain this key level of support, there are many chances for it to continue to breach higher levels and mark new yearly highs. Conversely, the $29,500 support level will be the next floor to watch if Bitcoin succumbs to bearish pressure. A downside movement could continue if BTC drops below this level, potentially leading to a further decline toward the $27,300 line.\u00a0 Related Reading: Ripple Thrives Despite Legal Battle \u2013 What\u2019s The Market Reaction Of XRP? Despite the potential downside risks, the Bitcoin market continues to receive positive news with the applications of Fidelity and Blackrock’s Spot Exchange-Traded Funds (ETF). The approval of these ETF applications could further boost the current price action and potentially lead to new yearly highs. Bitcoin is currently trading at $30,600, representing a modest increase of 1.4% over the past 24 hours. Featured image from Unsplash, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":540022,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,78790,6664,1558],"class_list":["post-540020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusdt","tag-crypto","tag-cryptocurrency"],"acf":[],"yoast_head":"\nBitcoin Price Struggles As Bears Attempt To Drive It Below $30,000<\/title>\n<meta name=\"description\" content=\"Bitcoin made an unsuccessful attempt to break the $31,500 resistance level and has since retreated to a range between $30,300 and $30,800.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.","sameAs":["https:\/\/instagram.com\/itsmarquez_fr?igshid=ZDdkNTZiNTM=","https:\/\/x.com\/Rmmcapital"],"url":"https:\/\/uniquehot.com\/author\/ronaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Struggles As Bears Attempt To Drive It Below $30,000","url":"http:\/\/uniquehot.com\/news\/bitcoin-price-struggles-as-bears-attempt-to-drive-it-below-30000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-price-struggles-as-bears-attempt-to-drive-it-below-30000\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/thomas-bonometti-5PdgQPopE3Q-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/thomas-bonometti-5PdgQPopE3Q-unsplash-scaled.jpg?fit=1707%2C2560"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Ronaldo Marquez"}],"creator":["Ronaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btcusdt","crypto","cryptocurrency"],"dateCreated":"2023-06-28T03:00:57Z","datePublished":"2023-06-28T03:00:57Z","dateModified":"2024-06-11T08:07:31Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Struggles As Bears Attempt To Drive It Below $30,000\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-struggles-as-bears-attempt-to-drive-it-below-30000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-struggles-as-bears-attempt-to-drive-it-below-30000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/thomas-bonometti-5PdgQPopE3Q-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/thomas-bonometti-5PdgQPopE3Q-unsplash-scaled.jpg?fit=1707%2C2560\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Ronaldo Marquez\"}],\"creator\":[\"Ronaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btcusdt\",\"crypto\",\"cryptocurrency\"],\"dateCreated\":\"2023-06-28T03:00:57Z\",\"datePublished\":\"2023-06-28T03:00:57Z\",\"dateModified\":\"2024-06-11T08:07:31Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/thomas-bonometti-5PdgQPopE3Q-unsplash-scaled.jpg?fit=1707%2C2560","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/540020"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/589"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=540020"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/540020\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/540022"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=540020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=540020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=540020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}