Bitcoin bulls battle to reclaim $30K amid BTC price RSI ‘reset’

“While Bitcoin consolidates below resistance, the RSI is nearly fully reset. Discover some bid here at assistance, and we can choose another test of the significant resistance level,” popular trader Jelle included in part of the days social networks analysis.BTC/ USD annotated chart. Source: Jelle/TwitterThe RSI “reset” took the daily metric to levels last seen in mid-June, when BTC/USD still traded at around $26,000. Bitcoin variety lows in line for a “sweep”Continuing on the RSI theme, Scott Melker, a popular trader and podcast host referred to as “The Wolf of All Streets,” saw $28,600 as a most likely comedown target. Related: Bitcoin price is stuck at $30K– Here are 3 reasons”The day-to-day chart showed an enormous overbought bearish divergence, my preferred top signal,” he said in part of a Twitter thread on July 17.”This developed for several divergences and has not been revoked. Normally this pressed RSI back to oversold. Half way there so far.”Melker included that “at least,” a rematch with Bitcoins variety lows should take place, however he was unsure whether this would suffice for a regional floor.”My predisposition is still for a test of $28,600 as support, which was the low of the whole bull run of 2021, generally. My last buy was a comparable test of $25,212, which took patience,” he concluded.BTC/ USD annotated chart. Source: Scott Melker/TwitterMagazine: Should you orange pill children? The case for Bitcoin kids booksThis post does not consist of financial investment recommendations or recommendations. Every financial investment and trading relocation involves risk, and readers should perform their own research when deciding.

Bitcoin (BTC) targeted new month-to-date lows at the July 18 Wall Street open as bulls refused to quit on the $30,000 support.BTC/ USD 1-hour chart. Source: TradingViewBTC price: Heavy resistance dangers weekly downtrendData from Cointelegraph Markets Pro and TradingView revealed BTC rate action dropping after a modest rebound from $29,675– its worst level in July so far.Few indications of upward momentum and a subsiding relative strength index (RSI) offered little hope for those looking for a return to variety highs.Traders continued to provide downside targets extending to $27,000, while longer timeframes now also looked significantly vulnerable.” After upside wicking beyond the ~$ 30600 resistance, BTC has lastly been declined to the point of losing the Higher Low,” trader and expert Rekt Capital commented about the one-week chart. “Weekly Close below the Higher Low will confirm this loss and as long as this HL functions as resistance … ~$ 29300 might be next.” BTC/USD annotated chart. Source: Rekt Capital/TwitterOthers were keen to look beyond the current retracement, considering the potential for the 2023 uptrend to return. #Bitcoin Gearing up for its next big move!Smoothed Heikin Ashi candles flipped green on the 3 weekly timeframe.Probably nothing. pic.twitter.com/3P5DFpRTKd— Titan of Crypto (@Washigorira) July 18, 2023

$ BTCLooking for something like this on Bitcoin. Hope everybody has a great start to their week. pic.twitter.com/ETdnUoxTnt— TraderKoz (@TraderKoz) July 18, 2023

Bitcoin (BTC) targeted new month-to-date lows at the July 18 Wall Street open as bulls refused to give up on the $30,000 support.BTC/ USD 1-hour chart.” After upside wicking beyond the ~$ 30600 resistance, BTC has actually lastly been turned down to the point of losing the Higher Low,” trader and expert Rekt Capital commented about the one-week chart. “Weekly Close below the Higher Low will validate this loss and as long as this HL acts as resistance … ~$ 29300 could be next. Find some quote here at support, and we can go for another test of the significant resistance level,” popular trader Jelle included in part of the days social media analysis.BTC/ USD annotated chart.

Other Questions People Ask

What does the RSI 'reset' mean for Bitcoin bulls battling to reclaim $30K?

The RSI 'reset' indicates that Bitcoin's relative strength index has returned to levels not seen since mid-June, suggesting a potential shift in market momentum. This reset could provide the bulls with an opportunity to gather strength and push for a retest of the significant resistance at $30,000. Traders like Jelle highlight that if support is found at current levels, it may lead to another attempt to breach this critical price point.

How are traders responding to Bitcoin's price action below $30K?

Traders are closely monitoring Bitcoin's price action as it hovers below the $30,000 mark, with many expressing caution about potential downside targets. Notably, Scott Melker has identified $28,600 as a likely target for a pullback, emphasizing the importance of this level as it aligns with previous lows from the 2021 bull run. The overall sentiment suggests that while there is hope for a rebound, traders are preparing for possible further declines.

What are the implications of Bitcoin's recent price movements for future trading strategies?

The recent price movements of Bitcoin suggest that traders may need to adjust their strategies based on the current market dynamics. With the RSI indicating a potential oversold condition, some traders might look for buying opportunities if support holds. However, others are wary of further declines, particularly if Bitcoin fails to reclaim the $30,000 resistance, which could lead to more significant downward pressure.

Why is the $30K resistance level crucial for Bitcoin bulls?

The $30K resistance level is crucial for Bitcoin bulls as it represents a psychological barrier and a significant point of contention in the market. A successful breach of this level could signal renewed bullish momentum and attract more buyers. Conversely, failing to reclaim this price could reinforce bearish sentiment and lead to further declines, making it essential for traders to watch this level closely.

What factors could influence Bitcoin's ability to reclaim the $30K mark?

Several factors could influence Bitcoin's ability to reclaim the $30K mark, including market sentiment, trading volume, and macroeconomic conditions. The current RSI reset suggests that there may be room for upward movement if buying pressure increases. Additionally, external factors such as regulatory news or changes in investor behavior could also play a significant role in determining whether Bitcoin can overcome this resistance level.