Every day, find our daily analysis of Bitcoin (BTC) with an update on its evolution and the main information to remember.
This Wednesday, July 12, 2023, the price of BTC is once again in the green and is trading around $30,800. Its value is still evolving in a range between $29,500 and $31,500, with hopefully a decisive breakout in the coming days. Let’s first take stock of the evolution of the price of BTC.
Bitcoin continues to rise
The BTC continues to rise, which allows it to return to positive over the 7-day period at +0.14% and to strengthen its monthly performance with +19.30%.
| Pair with Bitcoin | 24 hours | 7 days | 1 month |
| Bitcoin/USDT | +0.80% | +0.14% | +19.30% |
| ETH/Bitcoin | -0.37% | -2.60% | -8.52% |
It remains the leader against altcoins with its 51.62% dominance and a -2.60% drop in ETH/BTC in 7 days.
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BTC is heading towards the top of its range again
Following an increase of +0.80% over 24 hours, Bitcoin price finds itself again above its daily Tenkan and potentially ready to test the breakout of the top of the range around $31,500.
However, the close of the day will be important, as it will validate or not the return of this Ichimoku curve to support knowing that the CPI will be announced today in the United States and that volatility should therefore be there. you, as much to say that nothing is won yet.
Daily Bitcoin price chart (Daily)
As we have been observing for a few days, the Kijun (in purple) is gradually rising to catch up with the Tenkan while the price remains in range. This allows Bitcoin to gradually regain an equilibrium price before returning to a trend soon.
In the meantime, it is important to hold the $30,000 to avoid a retrace to the next support at $28,000.
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Watch out for volatility in the markets today
It is on this day that the most important economic meeting of the week will take place in the United States with the publication of the Consumer Price Index for June (CPI) around 2:30 p.m..
Depending on the figure announced and therefore if it is better or worse than expected, this could impact the price of cryptocurrencies and the market could therefore take a clear direction. We will then have tomorrow, Thursday July 13, the figure for Unemployment Registrations from 2:30 p.m.
Economic calendar (Source: Investing.com)
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Finally, here is a summary of the information that should not be missed in recent hours:
So, what do you think, will Bitcoin end up breaking its range from the top? Do not hesitate to give us your opinion in the comments.
See you tomorrow for a new daily analysis!
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Chart source: TradingView
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Passionate about crypto-currencies since 2017 and fervent defender of knowledge sharing, I am a Youtuber, crypto analyst and regular trader. Every week, my role is to make you aware of technical analysis by giving you my point of view on the evolution of the price of Bitcoin and Ether, using my favorite indicators such as the Ichimoku as well as chartist patterns.
