2-Hour Analysis:
Big Picture: Bitcoin has survived the historic support level for another day. The range-bound scenario persists, with prices locked between 28,750 and 31,000. However, because there is lots of liquidity above and below the indicated levels, this range might remain or increase in the future sessions, functioning as a price target. Volatility is expected to continue.
On Upside price is once more attempting to break above the 30,500-30,800 barrier. Successfully breaking this level will open next level of resistance at 31,080 followed by 31,350. However key resistance for BTC is seen at 31,850. If price can show strength above this level then we are likely to see momentum towards 32,680 followed by 33,700 and eventually into the unfilled CME Gap.
On the Downside, for the day, early support is indicated near 29,350. Yesterday, the support level 28,750 came to the rescue once more, preventing additional losses. This has been a significant support level for BTC, which has held since January 2021. This level is expected to continue to provide support, although the next intra-day support is around 28,200.
