Bitcoin price analysis
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The long tail on Bitcoin’s July 2 candlestick shows that the bulls are buying the intraday dips. The buyers will try to strengthen their position by driving and sustaining the price above the overhead resistance at $31,000.
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If they manage to do that, the BTC/USDT pair could pick up momentum and start its northward march toward $40,000. The $32,400 level may act as a minor roadblock, but it is likely to be crossed.
The rising 20-day EMA ($29,446) and the relative strength index (RSI) near the overbought zone indicate an advantage to buyers. Sellers will have to sink the price below the 20-day EMA to gain the upper hand in the near term. The pair may then drop to the 50-day simple moving average (SMA) of $27,704
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