Bitcoin Price Prediction: Unraveling the Explosive Impact of 21k BTC July Options Expiry
Bitcoin Price Calm Before A Storm? Bitcoin price has been stuck in a range channel since mid-June. Support on the lower range is now reinforced by the 200-day Exponential Moving Average (EMA) (in purple) at $29,839 while the stubborn resistance sits at $31,400. advertisement The Moving Average Convergence Divergence (MACD) indicator, moving horizontally below the mean line (0.00) implies that Bitcoin price lacks momentum to move either up or down. In other words, bearish and bullish forces are relatively equal and canceling out, leaving Bitcoin in a quagmire situation. BTC/USD daily chart | Tradingview While other indicators like the Money Flow Index (MFI) appear to be leaning on the bullish side of things, the shrinking volatility makes it difficult to sustain an uptrend. Bulls are slowly losing grip considering Bitcoin price has been entwined with the range channel’s support since Monday. They must hold onto the 200-day EMA supp...