Bitcoin and Ethereum: Bitcoin pulls back below $30,000

<div><img width="2048" height="1366" src="https://www.financebrokerage.com/wp-content/uploads/2022/11/bitcoin-5-scaled.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="bitcoin" decoding="async" loading="lazy" /></div><h1><b>Bitcoin and Ethereum: Bitcoin pulls back below $30,000</b></h1>
<ul>
<li aria-level="1">The price of Bitcoin fell to the $29675 level last night, thus forming a new July low.</li>
<li aria-level="1">Yesterday, the price of Ethereum fell below the $1900 level.</li>
</ul>
<h2><b>Bitcoin chart analysis</b></h2>
<p>The price of Bitcoin fell to the $29675 level last night, thus forming a new July low. We quickly consolidated and returned above $30,000, and the recovery was up to $30,200. There, we encounter resistance, and the price makes a new pullback to the $30,000 level. We remain under pressure as long as we are below the EMA50 moving average.</p>
<p>We need positive consolidation and a <a href="https://www.financebrokerage.com/return-of-capital/">return</a> to the zone around the $30400 level for a bullish option. Additional pressure at that level creates the EMA50 moving average, and we need a break above if we want to see further recovery. Potential higher targets are $30600 and $30800 levels.</p>
<p>We need a negative consolidation and a drop to the previous low at $29675 for a bearish option. A break below would bring the price down to a test of the June support zones. Potential lower targets are $29500 and $29400 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-212432 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/gkt2EtxP-1024×621.jpg" alt="Bitcoin chart analysis" width="1024" height="621" /></p>
<h2><b>Ethereum chart analysis</b></h2>
<p>Yesterday, the price of Ethereum fell below the $1900 level. After falling below the EMA50 moving average, there was an increase in pressure on the price, and it slipped to the $1875 level. We stayed down for a short time because a quick pullback to the $1920 level followed. Ethereum encounters new resistance at that level, making another pullback to the $1900 level.</p>
<p>We need a positive consolidation and price movement above the $1920 level for a bullish option. Thus, we would return above the EMA50 moving average, and then we could expect to see further recovery. Potential higher targets are $1940 and $1960 levels.</p>
<p>We need a negative consolidation and a drop to the previous low at the $1875 level for a bearish option. A break below is confirmation of Ethereum price weakening. Potential lower targets are $1860 and $1850 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-212433 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/jgiVEWd9-1024×621.jpg" alt="Ethereum chart analysis" width="1024" height="621" /></p>
<p>The post <a rel="nofollow" href="https://www.financebrokerage.com/bitcoin-and-ethereum-bitcoin-pulls-back-below-30000/">Bitcoin and Ethereum: Bitcoin pulls back below $30,000</a> appeared first on <a rel="nofollow" href="https://www.financebrokerage.com">FinanceBrokerage</a>.</p>