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Bitcoin (BTC) Price Prediction for July 5
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The bearish trend continues on the cryptocurrency market, according to CoinMarketCap.
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BTC/USD Exchange Rate
The price of Bitcoin (BTC) has dropped by 2.24% in the last 24 hours.
Image of Trading View
Despite today’s decline, BTC rate looks bullish on the hourly chart. If the $55,954 resistance is broken, there is a chance to see a test of the $57,000 zone tomorrow.
Image of Trading View
In the larger time frame, one should pay attention to the candle closing in terms of the support level of $53,120. If it happens far from it, one can expect a local bounce towards the $58,000 range by the end of the week.
Image of Trading View
From a medium-term perspective, BTC rate is close to the support level. If the weekly bar closes around the current prices, the accumulated energy could be enough for a breakout below the vital $50,000 zone.
At press time, Bitcoin is trading at $55,389.
About the author
Denys Serhiichuk
With over 5 years of trading, Denys has a deep understanding of both technical and fundamental market analysis. Mainly, he started his own blog on TradingView, where he publishes all the relevant information and makes predictions on the major coins.
Therefore, his experience is supported by work in major blockchain-related companies such as W12, Platinum Listing, ATB Coin and others; he can be reached at denys.serhiichuk@u.today.