{"id":37559,"date":"2023-07-19T03:44:55","date_gmt":"2023-07-19T07:44:55","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoins-key-price-level-at-risk-where-it-could-find-support\/"},"modified":"2023-07-19T03:44:56","modified_gmt":"2023-07-19T07:44:56","slug":"bitcoins-key-price-level-at-risk-where-it-could-find-support","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37559","title":{"rendered":"Bitcoin’s Key Price Level at Risk. Where It Could Find Support."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n
<\/div>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies were declining Tuesday, with digital assets lagging the stock market and at risk of falling through key price levels as momentum behind cryptos faded.<\/p>\n

The price of Bitcoin has fallen about 1% over the past 24 hours to just above $30,000, having fallen under that psychologically important level in earlier trading and weakening below $29,700 at points. The largest crypto remains right at the bottom of a range between $30,000 and $31,000 that has dominated for most of the past month.<\/p>\n

\n

\u201cIn contrast to the positive performance of stock indices, which updated multi-month highs, the first cryptocurrency rolled back below $30,000 on Monday,\u201d said Alex Kuptsikevich, an analyst at broker FxPro.<\/p>\n

Indeed, while the stock market has marched higher in recent days\u2014with the
\n Dow Jones Industrial Average,<\/span><\/p>\n

S&P 500,<\/span>
\n and
\n Nasdaq Composite
\n all notching gains\u2014cryptos have lagged, losing momentum from recent positive catalysts.\u00a0<\/p>\n

Bitcoin jumped back above $30,000 in June after new applications for spot Bitcoin exchange-traded funds, and after a partial win in a milestone court case between token issuer Ripple and the Securities and Exchange Commission provided a tailwind last week.<\/p>\n

Nevertheless, momentum appears to be fading, with the technical market outlook weakening as well. Prices could fall further before finding support.<\/p>\n

\u201cBitcoin remains wound up in a tight consolidation phase below long-term resistance,\u201d said Katie Stockton, managing partner at technical research firm Fairlead Strategies. \u201cA pullback looks increasingly likely, with initial support at the rising 50-day moving average around $28,700, below which long-term secondary support is at former resistance near $25,200.\u201d<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014dropped more than 1% to $1,900. Smaller tokens or altcoins were weaker, with
\n Cardano
\n and
\n Polygon
\n slipping 3% each. Memecoins exhibited more of the same, with both
\n Dogecoin
\n and
\n Shiba Inu
\n shedding 2%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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