Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• BTC hit a new high in 2023 at $31.4k, but eased slightly at press time. 
• Short-Term Holder Supply in Profit hit 96.9%. 

Bitcoin’s [BTC] price action has stayed above $30k since 21 June. It graced a new high in 2023 of 31.4k on 23 June but retraced to the $30k zone, trading at $30.2k at the time of writing. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

In other new developments, last week’s upswing saw BTC/Nasdaq decoupling reversed, setting the two into an almost similar trend and syncing as opposed to the negative correlation in April/early June. 

Bears protecting $31k

BTC graced the $31k zone in mid-April. A retest of the zone has seen bears jealously protect it, prompting a short pullback at press time. At the time of writing, BTC eased to $30.2k, down from its peak of $31.4k on 23 June. 

Bulls are expected to aggressively defend two key immediate support levels – $29.5k and $28.5k, making them potential buying levels if the bullish market sentiment remains intact. A rebound from these levels could see BTC retest $31k or $32k resistance levels. 

There was little historical resistance above $34k; hence a close above it could set BTC to zoom to $37k or 40k price zones. 

Conversely, the first weakening sign of BTC will be a drop below $29.5k. An extended drop below $28.5k will expose $26.6k support to

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Author: Suzuki Shillsalot

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