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After crossing the $29.5k threshold on July 28 at 1:10 PM EST, Bitcoin has once again pulled back and is currently trading around the $29.3k mark.
Bitcoin Price Experiences Minor Uptick in Last 24 Hours
On Friday, July 28, Bitcoin began the day at around $29.2k, later escalating above $29.6k, which ignited optimistic predictions of a return to the $30k support level within the crypto community.
However, contrary to expectations, Bitcoin’s price fell back to $29.2k.
Despite a slight 0.52% increase in market cap and a 2% rise in trading volume, Bitcoin hasn’t regained its $30k level.
CoinMarketcap investors predict a potential drop to the $28k resistance line after the recent pullback.
Bitcoin Price Analysis
After moving beyond its August 2022 highs and crossing the $31k threshold, Bitcoin has fallen in value.
Bitcoin Candlestick Chart – 4-Hour Time Frame
Bitcoin first rejected the $31k support on July 14, dropping by 4% before trading sideways in an attempt to maintain a level above $30k.
Crypto investors feared losing that level on July 20 when the token fell to $29.6k for a day, which prompted bulls to take action and bounce the token back to its $30k support.
The intersection of 200 MA and 50 MA on July 22 led many to believe that a golden cross had appeared, but Bitcoin lost its $30k support on July 24 as the BTC price dropped by 1%.
This long red candle led investors to lose confidence, which created more subsequent reds until Bitcoin dropped below $29k to reach $28.8k before rebounding.
Current trends show Bitcoin is attracting neutral sentiment.
Its RSI is in the middle range, and its MACD is positive. While the recent movement of $275 million worth of Bitcoin to exchanges by a whale is creating some fear, CryptoQuant said that these whales are accumulating, which may signal an uptrend.
Why Bitcoin Rejected $30k Resistance?
Two reasons are attributed to Bitcoins’ rejection of the $30k support.
Federal Reserve’s Resumption of Interest Rake Hikes
While the BTC market was bullish on June 14, when people believed that the Federal Reserve would pause on its interest rate hikes, the Fed went the other way.
On July 26, the Federal Reserve increased the federal funds rate by a quarter of a percent, bringing it from 5.25% to 5.5%. That marked the Fed’s highest interest rate in the last 22 years.
Traders expected the rate to increase as the CME watch tool showed the likelihood of a further interest rate hike to be 98.9%.
CNBC reported that Bitcoin’s value fell sharply ahead of that Fed meeting, and on July 24, Bitcoin lost its month-long $30k support.
Whales Moving Bitcoin to Exchanges
On July 24, Bitcoin whale exchange inflow hit a 1-year high of over 40%, according to Cointelegraph.
A higher positive exchange inflow translated to selling pressure build-up around Bitcoin, leading to BTC rejecting $30k support the same day.
While these factors worked to push BTC down, some crypto experts on Twitter suggest that the token is about to break out.
However, they haven’t disclosed whether it would be in a positive or negative direction.
$BTC Calm before the storm… pic.twitter.com/fPWrGBPuTa
— Crypto Rover (@rovercrc) July 28, 2023
Evil Pepe a Better Alternative
Evil Pepe Coin, a presale crypto modeled after Pepe Coin, could be a better alternative investment.
Symbolizing the urge that pushes investors to put money into volatile assets for gains, Evil Pepe Coin (EVILPEPE) has raised more than $1.97 million already. The hard cap is set to $1.99 million, which will likely be reached in the next few hours.
Are you still trying to decide if you want to ape into the #EvilPepeToken presale? #EvilPepe knows your intentions…
Time is literally running out Only just over 500k remaining until the #Presale is sold out
Remember he is watching #Ethereum #ERC20 #ETH #memecoin pic.twitter.com/C5z3bfEQJE
— Evil Pepe (@evilpepe_token) July 28, 2023
Evil Pepe Coin’s simplicity as it taps into Pepe Coin’s virality gives it a definite short-term upside.
Investing in now will allow early movers to make gains from its upcoming DEX listing, which will likely pump EVILPEPE’s value considering the high level of interest it is receiving during the presale.
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