BTC Moves towards the $32K Support

ByTroy Morris

Jul 1, 2021

BTC failed to calm over the $35K resistance level and gained declining momentum.

BTC Under Pressure After Failing to Test The $35K Resistance

After the recent crypto market upticks, BTC didn’t manage to trade over the vital resistance zone at $35K. Moreover, the coin moves to the $32K support. Such a development worries bulls since the leading crypto has tested the $35,000 resistance multiple time but failed to accumulate enough momentum to rise past the level.

As usual, the overall cryptocurrency market experienced pressure as BTC fluctuated beneath $35,000. Ethereum pulled back to $2,150 after the resistance at $2,270 and the 20 EMA. The meme coin DOGE dropped beneath the $0.25 vital support area, hovering below $0.24 at the moment. Ripple’s XRP had the downtrend sentiments, testing the $0.66 zone while writing this.

As of yesterday, BTC needed more uptick catalysts to rise over the $35,000 resistance level. For now, it seems like the downtrend had the least resistance. With that, the leading crypto asset might gain a decent dropping momentum even without increased downtrend catalysts.

Technical Analysis

BTC pulled back after the massive resistance around $35K. At the moment, the coin trades in the range between the 35K resistance and $32K support. The Relative Strength Index remains in a moderate zone with high chances for increased dropping momentum. However, that would necessitate the correct trend catalysts.

If the coin manages to trade in the lower part of the $32K to $35K range, it might head to the $30K, a vital psychological support zone. If Bitcoin succeeds in testing this level, it will magnify its chances to drop to its recent declines to the $28,800 low.

For an uptrend, the largest crypto by market capitalization will have to settle over the $35,000 for an increased uptick momentum. If the asset manages to trade above this support, it will have the next resistance zone at $36,000.

Any move over the $36,000 resistance level will send the coin to the $38,000 next resistance. However, it might face massive resistance around $38,000 since the 50-EMA lies near the zone.

For now, Bitcoin will depend on significant catalysts for any directional price move.

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