Bitcoin started the week on a rather flat note, with both bulls and bears fighting it out at BTC’s support level after a week of positive signs.
Bitcoin’s support level faced increasing pressure from bears at the beginning of the week. But bulls have been quick to come to its rescue, supporting Bitcoin at $30000. The non-farm payrolls report also indicated a rise in jobs in the United States. It triggered a negative response in the market since interest rates could be hiked soon by the Fed.
Bulls and bears have both taken an aggressive stance, locking horns in the last few days. The market could see increased volatility in the next few days if interest rates are hiked, but experts are divided on which side it could move.
Analysts mostly agree that BTC’s support level won’t give away below $29000; hence, signs are still positive. With the uncertain macroeconomic situation, traders await clarity to take a firm stance with their holdings. Bulls could move further if BTC breaks through its resistance at $31000.
In the last 24 hours, most crypto tokens have lost a little value, with the crypto market cap trading lower. BTC’s capitalization has come down to around $584 billion.
BTC/USD 1D price chart
Bitcoin is currently trading at around $30000 on July 10, 2023, with BTC/USD down by around 0.8% in the previous 24 hours. BTC/USD is trading above its 20-day EMA (29,175.72) as BTC’s 24-hour volume increased to around $9 billion. Bitcoin has seen around 81.43% returns on a year-to-date basis.