$BTC Bulls Struggle For Control, Will $31,200 Resistance Break?

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Bitcoin Price Analysis: Over the past seven months, Bitcoin price has shown a steady recovery in the weekly chart. This rally backed by an uptrend line created a series of new higher highs and lows, bringing bullish sentiment back to the largest cryptocurrency. Amid this bull run, the buyers reclaimed the first 23.6% Fibonacci retracement barrier at $28,000, providing an additional boost for a fresh rally.

Also Read: US Fed Powell, ECB Lagarde Aggressively Hawkish, Can Bitcoin Price Still Hit $35,000?

Bitcoin Price Daily Chart Bitcoin price moved into a no-trade zone at $31,200 and $29,700. Potential buyers can watch entry for $31,200 or a retest of the rising trendline. Bitcoin’s intraday trading volume is $11.76 billion, indicating a loss of 27.5%.

Source-Tradingview

With a significant rise in mid-June, Bitcoin price recently challenged the last swing high resistance near $31,200. However, buyers have been struggling to break through this barrier for two weeks, creating a narrow range of consolidation.

The break above the $31,200 range barrier will indicate that the bullish momentum is aggressive and therefore buyers could drive the price of BTC towards the potential target of $36,000, followed by $42,400 .

Conversely, a possible break below the support of the $29,700 range will also indicate the buyers’ failure to break the last swing high and therefore weak bullish momentum.

This potential correction could send the price down 8% and retest the $28,000 at 23.6% FIB.

Will the Bitcoin recovery rally hold?

The potential pullback to the $28,000 support would also respond to the long-standing support that has been leading an upward trend for the past seven months. This retracement could provide a dip opportunity to re-accumulate on this trendline. Therefore, market participants can maintain a bullish outlook until this trendline is intact.

Exponential Moving Average: Bitcoin price above the weekly EMAs (20, 50, and 100) reflects bullish sentiment among traders.

Relative Strength Index: A bearish divergence in daily weakness from the RSI Slope Project and a higher likelihood of support at $29,700.

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