Bitcoin Slowly Drifts Lower
Bitcoin is currently trying to settle below $33,000 as the cryptocurrency lacks upside catalysts. From a big picture point of view, Bitcoin remains stuck in the range between the support at $32,000 and the resistance at $35,000.
Bitcoin has failed to develop any material momentum in July in absence of notable news. China’s crackdown on crypto markets is no longer serving as a catalyst, and there are no other material near-term factors which could push crypto markets in either direction.
Bitcoin has recently failed to settle above the resistance at the 20 EMA at $34,100 and is currently trying to get below $33,000. In case this attempt is successful, Bitcoin will move towards the significant support level at $32,000. RSI is in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.
If Bitcoin settles below the support at $32,000, it will move towards the psychologically important support level at $30,000. The test of this level will be a very important moment for the whole crypto market as a move below $30,000 will indicate that Bitcoin is ready for another material downside move. If Bitcoin manages to settle below $30,000, it will head towards the next support level at $28,800.
On the upside, Bitcoin needs to get above the resistance at the 20 EMA at $34,100 to have a chance to gain upside momentum in the near term. The next resistance level is located at $35,000.
In case Bitcoin settles above $35,000, it will head towards the resistance at $36,000. A successful test of this level will push Bitcoin towards the resistance at the 50 EMA at $36,800.
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