July 4 (Cointime) - Investors are closely monitoring Bitcoin's price as it tests the key psychological level of $31,000, with the market eagerly anticipating its next move. Technical analysis suggests that Bitcoin is currently facing resistance near the $31,000 level, but the presence of a bullish engulfing candle on the daily timeframe suggests a strong possibility of a bullish trend.
Various technical indicators, such as the RSI and MACD, indicate a positive sentiment for Bitcoin, with the 50-day exponential moving average providing support for the upward trend. Investors should monitor the $31,000 level as it could serve as a signal for a buying trend.
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