Bitcoin Fails to Sustain Climb Above $31k, But Some Indicators Suggest a Breakout is Imminent

On Jul 16, 2023

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Bitcoin pulled back to about $30k after failing to sustain a climb above the $31k resistance level, but some indicators suggests a breakout is imminent.

Trader Tardigrade posted on CoinMarketcap that Bitcoin is currently at a breakout point, indicating that an upward climb is on the way.

However, the current slump due to BTC’s failure to grow past the $31k mark has created a wave of negativity across CoinMarketcap, with many hoisting bearish flags and saying that Bitcoin may drop to $25k to $27k before experiencing any bullish waves. That despite generally buoyant sentiment toward crypto assets after Ripple Labs Inc.’s landmark court victory against the Securities and Exchange Commission on Thursday.

Bitcoin Price Fails to Sustain Above $31k

Bitcoin’s price stood at $30.3k at 06:35 EST after earlier crossing its resistance line and rising as high as $31,809 when the news regarding the positive verdict in the Ripple case broke.

Bitcoin Price Analysis

Bitcoin is still less than 50% of its all-time high value of $69,000. The token may rebound from here if it maintains its resistance level of $30,000, according to crypto specialists, but if it breaks that mark, it may possibly go down as much as $28,000. Last week, Standard Chartered Bank forecast that Bitcoin will hit $50k this year and $120k by 2024.

BREAKING: $800 billion Standard Chartered Bank now forecasting $120,000 #Bitcoin price by 2024 pic.twitter.com/4oDzolG44p
— Bitcoin Magazine (@BitcoinMagazine) July 10, 2023

The current candle chart for Bitcoin also suggests an optimistic outlook. After blowing past the $30k mark in June, Bitcoin has entered the accumulation zone.

The token’s MACD histogram is vastly above zero, indicating strong positive sentiment behind Bitcoin. The token’s RSI is right in the middle, meaning that the community is expecting Bitcoin to hang around the $30 – 31k mark for a long time.

That said, upon magnifying the chart, we found that an imperfect “Dragonfly Doji” had formed. That could mean a major positive breakout soon.

Chimpzee Would be A Good Alternative

While Bitcoin’s recent gains might attract new investors in the crypto market, smaller altcoins have stronger upside potential in the short term. One of those is Chimpzee, a green crypto project that has been gaining momentum in the past few months. The token has already raised more than $800k and is closing in on the conclusion of the current stage of its presale.

Through its eco-friendly motive that focuses on protecting wildlife, Chimpzee might be favored by environmentally friendly crypto enthusiasts.

The token’s current 7th presale stage also comes with a 125% bonus.

Hello #ChimpzeeArmy!🐒
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🚨Stage 8 Price – $0.000775
✅Listing Price – $0.00185https://t.co/Geog3EVuMC#GreenCrypto #EcoCrypto pic.twitter.com/WLu7yMosVu
— Official Chimpzee Project (@RealChimpzee) July 12, 2023

Due to its ongoing presale, you can get your hands on CHMPZ tokens for a discounted price of $0.0007. The listing price of these tokens is kept at $0.00185. Get a better analysis of this token through this video.