Bitcoin Turns from $24,736 High as Demand Dries Up

Bitcoin (BTC) price has continued its rally to a high of $24,736 on July 30. Buyers failed to sustain bullish momentum above the $24,000 resistance zone for the second time.

The largest cryptocurrency could reach the high of $28,000 if the bullish momentum is maintained. The BTC price is expected to reach the high of $30,000. The recent rejection is the result of a lack of buyers at higher price levels.

In other words, demand is drying up at higher price levels. The cryptocurrency risks further decline as it is rejected at the $24,000 resistance zone. Today, Bitcoin has retreated above the $23,000 support, forming small indecisive doji candlesticks. On the downside, the doji candlesticks suggest that Bitcoin is likely to continue a sideways move below the $24,000 resistance zone for a few more days. BTC/USD is likely to fluctuate between $23,000 and $25,000. Meanwhile, Bitcoin is trading at a price level of $23,340. 

Bitcoin indicator reading

Bitcoin price is at level 57 of the Relative Strength Index of period 14. Bitcoin is still in an uptrend despite the retracement. The uptrend will continue as long as the price bars are above the moving average lines. The cryptocurrency is below the 20% range of the daily stochastic. This indicates that the market has fallen into the oversold area. The cryptocurrency is likely to rise again. The 21-day line SMA and the 50-day line SMA are pointing south, indicating a downtrend.

Technical indicator:                   

Key Resistance Zones: $30,000, $35,000, $40,000

Key Support Zones: $25,000, $20,000, $15,000 

What is the next direction for BTC?

Bitcoin is in an uptrend and is struggling with resistance at $24,000. The cryptocurrency’s price action is characterized by small candles called doji. Bitcoin is likely to remain in a trading range for a few more days.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

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