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Bitcoin Sees New Surge Post XRP’s Rally, Eyes $32,000 Threshold

Arslan Butt•Friday, July 14, 2023•1 min read

Following a substantial rally in Ripple’s XRP, BITCOIN (BTC) has experienced a new surge in value. Currently trading above $31,400, a potential rally may occur if it manages to close above $32,000.

BITCOIN successfully surpassed the $30,500 resistance level due to a significant rise following a court decision in favor of Ripple, which deemed XRP is not a security. This led to a breakthrough past the $30,650 resistance level.

Additionally, BTC/USD broke through a crucial contracting triangle with a resistance level around $30,700 on the hourly chart. The pair also managed to surpass the $31,400 resistance level, peaking at around $31,790, and is currently in a phase of consolidation.

Bitcoin is trading close to the 23.6% Fibonacci retracement level of its recent surge, from a low of $30,217 to a high of $31,790. Bitcoin now trades above $31,000, as well as the 100-hour Simple Moving Average.

Immediate resistance is found around the $31,600 level. The first significant resistance is near $31,800, and a break past this could lead to a bullish momentum for Bitcoin. In this scenario, Bitcoin may approach the $32,000 resistance, with the next major hurdle being the $32,500 level. Surpassing this could pave the way towards a possible surge toward the $33,200 resistance level.

On the downside, if BITCOIN cannot surpass the $31,800 resistance level, it may undergo a negative correction. Immediate support is found near the $31,200 level. Further significant support is around the $31,000 mark or the 50% Fibonacci retracement level of its recent surge from $30,217 to $31,790. If it falls below this level, we could see a further drop towards the $30,800 support zone. Any additional losses might drive the price down to the $30,550 level in the short term.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.