Bitcoin Price Rejects $31K and Turns At Risk of Drop To $30K

Jul 6, 2023 04:00 am Cryptocurrency 148

Bitcoin price failed to settle above $31,000 and corrected lower. BTC could continue to move down toward the $30,000 support zone.

Bitcoin is correcting gains from the $31,000 and $31,250 resistance levels.

The price is trading below $30,800 and the 100 hourly Simple moving average.

There was a break below a connecting bullish trend line with support near $30,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could extend its decline and test the $30,000 support zone.

Bitcoin Price Corrects Lower

Bitcoin price failed to settle above the $31,000 resistance zone. BTC started a downside correction below the $31,000 and $30,850 levels.

Besides, there was a break below a connecting bullish trend line with support near $30,750 on the hourly chart of the BTC/USD pair. The bears were able to push the price below $30,250. A low is formed near $30,160 and the price is now consolidating losses.

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