#Bitcoin stagnant; will BTC bears force prices below $30k?Past Performance of Bitcoin
Bitcoin prices were technically unmoved over the weekend, looking at price charts. Therefore, while there was a notable contraction on July 6 at the back of expanding volumes, the rejection on July 7 relieved buyers. Still, from an effort-versus-result perspective, sellers have the upper hand in the short term. This can only change if buyers flow back, reversing the June 6 loss at the back of rising trading volumes.
#Bitcoin Technical Analysis
The path of least resistance remains to be northwards despite the current consolidation, from a top-down preview. Prices are boxed inside a $1.5k zone with caps at around $29.8k and $30k on the lower end, and $31.3k on the upper end. As it is, BTC prices are inside a developing bull flag where volumes are relatively light. Therefore, unless there is a conclusive close with rising volumes confirming sellers of July 6 below $29.8k, buyers of the second half of June are in control. For now, aggressive sellers may search for entries, unloading on attempts higher but below $31.3k with targets at $30k and $29.8k in the short term.
What to Expect from #BTC?
For now, traders should be patient considering the light trading volumes and the failure of bulls to wipe losses of July 6 that skews price action in favor of sellers. This formation could be a precursor for more losses this week, slowing down the upside momentum, especially if prices dip below the $29.8k and $30k support zone.
Resistance level to watch: $31.3k
Support level to watch: $29.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
