• On the downside, if the bearish pressure continues, the crypto’s price will fall to the lows of either $10,500 or $11,000 price level.
• The market has reached the downtrend zones of 0.50 and 0.618 Fib. retracement levels.

BTC/USD Medium-term Trend: Bearish

• Resistance Levels: $12,000, $12, 200 ¸ $12,400
• Support levels: $10600, ,$10,400, $10, 200

Yesterday, July 1, the price of Bitcoin was falling after testing the $14,000 overhead resistance. On June 27, the bulls were resisted and the BTC market was on a downward correction to the support of the $11,000 price level. The BTC price made an upward move at the $11,000 support level to reach the bullish trend zone. The bulls could not sustain the price above the EMAs and they were resisted at the $12,500 price level.

The BTC price is now below the EMAs which indicates that price is likely to fall. On the downside, if the bearish pressure continues, the crypto’s price will fall to the lows of either $10,500 or $11,000 price level. From the Fibonacci tool, the BTC price has broken the levels of 0.236 and 0.382  Fib. retracement levels.

The market has reached the downtrend zones of 0.50 and 0.618 Fib. retracement levels. The current trend is likely to be terminated. Meanwhile, the MACD line and the signal line are above the zero line which indicates is a buy signal.

BTC/USD Short-term Trend: Bearish

On the 1-hour chart, the BTC price is in a bearish trend. The 12-day EMA and the 26-day EMA are trending southward. The bulls are facing resistance at the $12,200 resistance level.

The market went down to the support of the EMAs but in the second instance, the market went down to the support of the $ 11,000. The bearish pressure is likely to subside at the $11,000 support zone. Meanwhile, the MACD line and the signal line are below the zero line which indicates is a sell signal.

Bitcoin’s price is $49,326.28 BTC/USD exchange rate today. The real-time BTC market cap of $919.73 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $12.11 Billion and live coin value change of BTC 1.31 in the last 24 hours.

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