Bitcoin Price Prediction: Double Bottom to Drive Buying Above $30,000
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- Bitcoin has gained 3.24 percent in the last 24 hours and its current market ranking is #1, with a live market cap of $580,160,614,415.
- The dollar index dipped on the day as Wall Street equities recovered from early losses amid rising hopes that inflation has peaked.
- BTC/USD hourly chart shows a bullish bounce-off above the double bottom support level of $29,994 level with resistance near $30,800.
The Bitcoin price prediction seems bullish, as the coin has bounced off the double bottom support level of $30,000. The BTC/USD pair extended its previous session’s bullish rally and remained well bid around the $30,500 level. The price of Bitcoin stayed firm versus the US Dollar, trading above the $30,500 support level. If there is a clear move above the $31,500 resistance, BTC could start a huge climb. The price of bitcoin was maintained well above the $38,200 and $30,500 marks. A low was created near $29,000, and the price began to rise again.
A clear advance above the $30,000 resistance zone was seen. The bulls managed to push the price above $30,500 and above the 100-hourly simple moving average. It even broke through $31,000 to test the $31,500 resistance zone. The price has reached a new high near $31,500 and is now consolidating gains.
Let’s take a quick look at the major events affecting the BTC/USD coin.
Bitcoin Market Cap Review
Bitcoin has gained 3.24 percent in the last 24 hours and its current market ranking is #1, with a live market cap of $580,160,614,415. Whereas, there are currently 19,061,443 Bitcoin coins in circulation, with a total supply of 21,000,000. The current Bitcoin price is $30,436.34, with a 24-hour trading volume of $40,049,874,950 USD.
Before the SEC decision on July 6, the investing behemoth hired Don Verrilli, a former US Solicitor General, as a senior legal strategist to work alongside its Davis Polk & Wardwell LLP attorneys and in-house counsel. Grayscale Investments has hired a former US Solicitor General in preparation for a legal battle with the Securities and Exchange Commission (SEC) if its application for a spot Bitcoin (BTC) exchange-traded fund (ETF) is denied on July 6.
The company has been waiting for the SEC to rule on converting its flagship $19.8 billion Grayscale Bitcoin Trust (GBTC) into a spot-based ETF since filing its application on October 19, 2021. The SEC has repeatedly delayed its decision, most recently in December and February. The application will be decided on July 6. As a result, any developments in this action may positively impact BTC prices.
Relevant analysis: Bitcoin Price Prediction: Triangle Breakout to Determine Next Move in BTC?
US Dollar and Bitcoin
The dollar index dipped on the day as Wall Street equities recovered from early losses amid rising hopes that inflation has peaked, but the greenback managed to record its best level versus the Japanese yen in 20 years. Long-term US Treasury yields fell after reaching a three-and-a-half-week high overnight on fears that the Federal Reserve will continue to raise interest rates aggressively to combat inflation. However, the mixed sentiment surrounding the US dollar was viewed as another significant factor that would limit BTC’s future gains.
Daily Support and Resistance
S3 27491.2
S2 29009.9
S1 29746.4
Pivot Point 30528.6
R1 31265.1
R2 32047.3
R3 33566
Bitcoin Price Prediction: Triangle to Support at $29,500
