Bitcoin mulls within $29-$31.5 😂
BTCUSDT On July 10, Bitcoin experienced a rejection from the resistance level at $31,000. However, a positive aspect is that the bulls successfully defended the 20-day exponential moving average (EMA) at $30,012.
The upward slope of the 20-day EMA and the presence of the relative strength index (RSI) in positive territory indicate a favorable outlook for the bulls. If buyers can propel and sustain the price above $31,000, the BTC/USDT pair is likely to embark on the next phase of its upward trend. A potential target for the pair is $32,400, where strong resistance from bears may be encountered. As long as the price remains above the 20-day EMA, there is potential for a significant surge towards $40,000.
For the bears, time is running out. To stage a comeback, they must swiftly drive the price below $29,500, potentially triggering a decline towards the 50-day simple moving average (SMA) at $28,312.
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