Every day, find our daily analysis of Bitcoin (BTC) with an update on its evolution and the main information to remember.
On this Friday, July 21, 2023, the price of Bitcoin (BTC) is moving around $29,700. It fell back below its psychological resistance of $30,000, which is not exactly good news for those who wanted to see its value recover quickly.
Currently in range breakout, it could even drop much lower, as we will see in our analysis of the day. Let’s first take stock of the evolution of the price of Bitcoin.
Bitcoin goes back into the red
BTC continues to fall and achieves a drop of -0.68% in 24 hours and -4.35% in 7 days. Its monthly performance should also soon turn negative if the correction continues in the coming days.
|Pair with Bitcoin||24 hours||7 days||1 month|
The dominance of BTC remains stable against altcoins since it is still around 49.81% while we have a -5.65% drop in ETH/BTC in 7 days.
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Has the correction to $28,300 started?
Yesterday BTC once again broke down its right angle ascending widening pattern (in yellow) following yet another rejection below $30,500. A level which now seems to be resistance to the price and which should cause a more significant correction in the next few hours.
Bitcoin price chart in 4 hours (h4)
If we take the height of the pattern at its exit and transfer it to the place of its breakout, we obtain a theoretical objective of falling to $28,350.
By adding the Fibonacci retracement levels to the chart, we can also observe that a return to this zone would coincide with a 50% retracement of all the upside that has been made since the beginning of July. A correction objective which therefore seems quite likely since it is generally one of the levels most affected during a fall in price.
This bearish target will be invalidated if the price were to go back above its cloud around $30,700, which for the moment seems quite complicated to consider following the breakout of the pattern.
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Tesla continues to keep its Bitcoins even after the rise at the start of the year
Finally, here is a summary of the information that should not be missed in recent hours:
So, what do you think, will we have a bullish weekend in bitcoin? Do not hesitate to give us your opinion in the comments.
See you Monday for a new daily analysis!
Chart source: TradingView
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