Bitcoin (BTC) Forecast for July 3: Projected Price Movement
Bitcoin (BTC) faced continued downward pressure, as noted by CoinStats analysis. Despite a 3.25% drop in the last day, the BTC price appears bearish, heading towards the local support level of $59,544. If the daily close falls below $60,000, a test of $58,000 is likely. Sellers currently hold more sway than buyers on the daily timeframe, with a potential further decline to $56,500 if the bar closes near its low by day-end.
Looking ahead, there are no signs of a reversal from a midterm perspective. Failure by buyers to take control soon could lead to a support breach and a move towards the $55,000 range. As of now, Bitcoin is valued at $60,311.
The analysis suggests that BTC/USD is in a challenging position, with the potential for further downside if key support levels are breached. Traders are advised to monitor the situation closely and consider the possibility of a move towards the $55,000 range if current trends persist.
This analysis provides valuable insights for investors and traders in the cryptocurrency market, highlighting the importance of monitoring key support and resistance levels to make informed trading decisions. Stay tuned for further updates on Bitcoin’s price movements and market trends.
