Technical analysis
The RSI is under line 50, with the price under MA (200) indicating that the downtrend may prevail
The price is slightly above MA(10) and MA(15), together with the CCI suggesting a possible upwards correction.
What the possible outcomes are
The BTCUSD pair fell to the level of 31,400 USD, the minimum since June 26. According to CoinGecko, the capitalization of bitcoin has fallen to 596 billion USD. Over the past week, the digital coin has dropped in price by 6%, the decrease for the month was 21%. On July 15, it became known that the U.S. authorities will tighten control over cryptocurrency transactions to prevent hackers’ actions using ransomware viruses. The administration of U.S. President Joe Biden will carefully monitor the transfers of funds in digital assets used for hackers’ payments.
BTCUSD may experience a downward correction towards the first support level of 31,655. If the pair falls below the first support level, we can expect a continued downtrend towards the second support level of 31,135, with a continued downtrend towards 30,750.
Alternatively, the BTCUSD pair may rise towards the first resistance level of 32,175. If the pair manages to surpass the first resistance level, we should expect a continued surge towards the resistance level of 32,597.
Key levels
Support 30,751 31,135 31,655
Resistance 32,175 32,597 33,179
