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Bitcoin Declines from $36K Resistance, Could Find Support at $30K
BTC starts July on a negative note, although buyers could return at $30K support.
Updated Mar 6, 2023, 3:06 p.m. Published Jul 1, 2021, 11:21 a.m.
Bitcoin (BTC) is under pressure after buyers took profits near the $36,000 resistance mark on Tuesday. Lower support is seen at around $30,000, which is the bottom of the monthlong trading range.
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The world’s largest cryptocurrency is entering July on a negative note and is down about 4% over the past 24 hours. Bitcoin was trading at around $33,000 at press time.
- The relative strength index (RSI) is not yet oversold on the four-hour chart, which means sellers could remain active toward lower support levels.
- Bitcoin failed to reverse a short-term downtrend over the past two weeks as resistance remains strong at between $36,000 and $40,000.
- The 50-period moving average on the four-hour chart is stabilizing, although the price is attempting to break down, keeping up with a series of lower highs over the past quarter.
- Bitcoin has remained in a consolidation phase since June, although improving momentum could support a relief bounce if buyers defend $30,000 support.
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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