Price analysis BTC/USD, July 9

09.07.2021 11:51:23

Bitcoin started this week at 35200 and by the end of the working week dropped below 33000. By the end of the working week, the BTC/USD pair broke down the symmetrical triangle on the 4-hour chart. The pair came close to the support level of 32000, but the bulls managed to protect this level and raised the price of Bitcoin to the area of ​​32700.

This breakout of the triangle is not significant as the BTC/USD pair continues to trade within a broad price range of 30700-40600. An upward or downward breakout of this range will determine the further movement of the Bitcoin price in the coming months.

It should be noted that capital redistribution takes place in this price range. Short-term traders keep selling Bitcoins while long-term holders buy it. About 15,91% of Bitcoin's money supply has moved into this trading range. Bitcoin continues to accumulate a huge capital base here.

It is also worth noting a 28% adjustment in Bitcoin hash rate this week. This is the largest difficulty adjustment ever made. This simplified the work of miners and, accordingly, increased their profitability.

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Let's go back to the 4 hours chart of the BTC/USD pair. An unsuccessful attempt to break through the upper border of the triangle at the beginning of the week turned into a successful breakout of the lower border. However, despite this, the short-term outlook remains neutral. Bitcoin price should fall below the level of $30000 to make the forecast bearish. Likewise, a breakout of the $42000 would make the forecast bullish.

In the current situation, the level of 32650 provides immediate support for the BTC/USD pair. Then we see the level of 32000 and 31500.

On the other hand, the level of 33000 became the closest resistance level for the BTC/USD pair. Next, there are 34000 and 30000 dollars. It's too early to talk about levels of 36000 and 36515.