Bitcoin (BTCUSD) May Drop Back to the Support Level

BTCUSD Analysis: The Price May Drop Back to the $24810.0 Support Level

Bitcoin may drop back to the $24810.0 demand level after failing to sustain above the $30410.0 resistance level. The coin has experienced significant fluctuations since its surge from the $24810.0 support a month ago and currently remains below the $30410.0 resistance. This suggests weakness in the bulls’ efforts.

BTCUSD Key Levels
Supply Levels: $30410.0, $34760.0, $37790.0
Demand Levels: $24810.0, $19460.0, $16360.0

The market has shown a potential trend reversal, indicating a possible drop back to the support level at $24810.0. The coin’s failure to maintain its position above the $30410.0 resistance level for up to a month has resulted in a period of fluctuation. From the 15th of July until now, Bitcoin has slipped below the $30410.0 resistance level, signalling a lack of strength in the bulls’ efforts to push the price higher.

The Parabolic SAR on the daily chart further confirms this weakness, with its dots now placed above the candlesticks after the drop below the significant $30410.0 level. Additionally, the EFI (Elders Force Index) power line on the daily chart has slipped below the zero level, confirming the growing weakness among the bulls.

Market Expectations

On the 4-hour chart, buyers have a short reprieve, as the Parabolic SAR dots switch below the candles after a prolonged period above them. Also, the EFI power line is trending upward but remains predominantly negative. Investors are advised to stay vigilant and closely monitor the market’s direction over the next few days. If Bitcoin fails to climb above the $30410.0 level by next week, it may drop back to the support level at $24810.0.

 

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