The cryptocurrency market has witnessed a fierce tug-of-war between bulls and bears as Bitcoin (BTC) struggles to reclaim the $30,000 mark. Price action has been marred by weeks of volatility, with the Relative Strength Index (RSI) indicating a potential reset. As Bitcoin’s price hovers near crucial support levels, traders remain cautious, eyeing both short-term retracements and the possibility of an uptrend resurgence in 2023.
Bitcoin’s Battle for $30,000 Support
Despite relentless efforts by bulls to hold the $30,000 support, Bitcoin experienced new month-to-date lows during the Wall Street opening on July 18. The digital asset’s price action dropped after a brief rebound from $29,675, its worst level in July so far. This downside movement comes amid little sign of upward momentum and a waning RSI, which has diminished hopes for a swift return to range highs.
Bitcoin price as of July 18 at around 6 PM UTC (Source: Blockzeit)
As of writing at around 6 PM UTC time, Bitcoin is hovering around the $29,700 mark, showing a drop of approximately 0.90% in a 24-hr period. This also indicates a drop of an estimated 2.60% in a span of seven days.
Traders’ Perspectives and Targets
As Bitcoin’s price struggled to find stability, traders kept a close eye on potential downside targets. Some experts suggested that Bitcoin might continue its retracement towards the $27,000 mark, as the Higher Low resistance was breached. Others, however, remained optimistic about the possibility of a resurgence, pointing to the RSI’s “reset” to levels not seen since mid-June.
The RSI Reset and Potential Comedown Targets
Notable traders and analysts, including Rekt Capital and Jelle, observed that Bitcoin’s RSI had undergone a significant reset. This trend has historically led to oversold conditions, making it a crucial factor to consider.
Meanwhile, Scott Melker, known as “The Wolf of All Streets,” identified $28,600 as a likely comedown target, stating that multiple divergences have not been invalidated, potentially leading to a retest of Bitcoin’s range lows.
The 2023 Uptrend Potential
As traders kept a close watch on the RSI reset and potential comedown targets, some expressed optimism about the long-term prospects of Bitcoin’s uptrend in 2023. They anticipated a test of major resistance levels if Bitcoin finds solid support at its current levels, leading to a potential resurgence in the coming months.
Bitcoin’s journey to reclaim the $30,000 mark has been tumultuous, with bulls and bears engaging in a fierce battle. The weakening RSI has added uncertainty to the market sentiment, causing traders to consider potential comedown targets. While some remain cautious about short-term retracements, others are optimistic about the 2023 uptrend’s potential return. As Bitcoin’s volatility persists, traders and investors must exercise prudence and vigilance to navigate the current market landscape.
Giancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines.
In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013.
Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc., the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO’s core management team, contributing to strategic planning and business development endeavors.