Price moved away from a key swing area
The price of bitcoin yesterday – and earlier today – bottomed near a swing area between $28,600 and $30,066. That swing area goes back to January 2021, and was also retested in May and June as well. Traders can now add July to the calendar list of support lows.
The price is currently trading near $32,160.
The gains today are being held by comments by three strong supporters of bitcoin. Teslas Elon Musk, Squares Jack Dorsey, and Ark Invest Cathy Wood are all speaking on a panel at a Bitcoin conference. Musk has been concerned about the energy impact from Bitcoin mining and did say that they would not except Bitcoin for payment, but he also stated that his companies are not selling any Bitcoin they own. Wood and Dorsey are in the camp of the digital currency becoming the currency of the future.
Technically, the next target comes in at $33,270. That’s where a trendline cuts across on the daily chart (lower swing highs from July’s trading). Move above that level, should solicit more buying interest.