Yesterday, the bulls struggled to keep the price of Bitcoin above 30,000. And they succeeded. The BTC price held above 30,000 and even managed to reach 30,670.
However, today we again see the attempts of the bears to return the BTC price below the psychological level of 30,000. At the time of publication, the BTC/USD pair is trading around 29,700. Yesterday, the bulls managed to stop the decline in the 29,600 area. Perhaps they can do it this time.
If you look at the chart, you can see that the 30,400-30,600 range provides strong resistance for the BTC/USD pair. During May, this range repeatedly limited the growth of the BTC/USD pair. The situation repeats in June.
However, in the current situation, it is worth looking at the nearest support for the BTC/USD pair. If BTC/USD falls below 29,600, it will continue to decline to the 29,350 area. A move below this level will trigger a fall below 29,000. Bears will try to amplify the decline and send BTC/USD to the 28,250 area.
If the BTC/USD pair manages to hold above 29,600 this time, it will try to rise above 30,000 again. However, it will face the 30,400-30,600 resistance area. Successfully breaking this range will allow the BTC/USD pair to approach 31,000. However, it is most likely that the BTC/USD pair will continue to move in the 29,350-30,600 range in the coming days.
