BTC/USD quotes are trading at 60419 and continue to move within the fall and downward channel. Moving averages indicate a short-term bearish trend for Bitcoin. Prices have broken through the area between the signal lines, which indicates pressure from sellers of Digital Gold and a potential continuation of the fall in the value of the asset from current levels. As part of the cryptocurrency rate forecast for tomorrow, July 4, 2024, we should expect an attempt to develop an increase in the value of the digital asset and a test of the resistance level near the 62225 area. From where we should again expect a downward rebound and an attempt to continue to reduce the Bitcoin rate with a target below the 53405 area.
Bitcoin Forecast and Analysis for July 4, 2024
An additional signal in favor of a decrease in BTC/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the upper border of the bearish channel. Cancellation of the option to reduce the exchange rate of the coin and the value of Bitcoin will be a strong increase in the value of the asset and a breakdown of the area of 66405. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at 69605. Confirmation of a decrease in the price of the asset will be a breakdown of the support area with the price consolidating below the level of 58405.
Bitcoin Forecast and Analysis for July 4, 2024 suggests an attempt to test the resistance level near the area of 62225. And then, a continuation of the fall of the cryptocurrency with a potential target at the level of 53405. An additional signal in favor of a decrease in the Bitcoin rate will be a test of the resistance line on the relative strength index. Cancellation of the option for the digital currency to fall will be a breakdown of the 66405 area. This will indicate continued growth of the coin with a potential target above 69605.
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