Bitcoin Price Fails To Follow Gold After US CPI, More Losses Ahead?

Jul 13, 2023 04:00 am Cryptocurrency 151

Bitcoin price failed to gain bullish momentum after the US CPI release. BTC is trading below $30,500 and there is a risk of a drop toward $29,850.

Bitcoin failed to clear the $30,850 resistance and reacted to the downside.

The price is trading below $30,500 and the 100 hourly Simple moving average.

There was a break below a connecting bullish trend line with support near $30,620 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to move down if it fails to stay above the $30,200 support.

Bitcoin Price Faces Another Rejection

Bitcoin price attempted a fresh increase above the $30,500 resistance zone. BTC climbed above the $30,750 level but the bears were active near the $30,850 resistance zone.

A high was formed near $30,850 and the price reacted to the downside. There was a break below a connecting bullish trend line with support near $30,620 on the ..

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