Bitcoin Technical Analysis: Will BTC INR Price Hit 20 Lakh This Month?

Key Takeaways:

• The Bitcoin (BTC) price closed the previous day’s trade at INR 18,71,299.12 with a market capitalization of INR 35.74 trillion and a circulating supply of 19,098,487
• The asset has made a larger move in the past couple of days and hence the asset is on the verge to surge another 10% to 12% in the upcoming day’s

Bitcoin Technical Analysis for July 2022

The Bitcoin(BTC) price absorbed a remarkable bullish momentum since the beginning of July’s trade. No doubt the price remained pretty consolidated but also refused to drop below the crucial support levels. However, the recent flip that occurred during the past weekend induced notable strength in the price that kept the price elevated until the press time. 

The asset since the past couple of days has undergone a v-shape recovery and may continue consolidating within an ascending channel. The initial target for the asset may be to surpass INR 19.5 Lakh and sustain firmly above these levels. Further, clinching INR 20 Lakh may not be any tough job for the BTC price by the end of July 2022 trade.

Check latest BTC INR Price, Charts, and Data.

Technical Analysis at a Glance

Impact of Crypto Crash on BTC Price

Bitcoin price had heavily impacted with the recent crypto market crash. The prices have dropped heavily by more than 40% and smashed the bottoms below INR 15 Lakh. The uncertain environment was widespread post the crash compelled the price to consolidate within very narrow ranges for a long time. Therefore, despite the current upswing, the price appears within the bearish captivity. 

Add to the market movements, the Indian traders are fighting with the pain of paying hefty taxes. The newly imposed tax regime instructs the traders to pay 30% tax on the profits and 1% TDS on all the transactions, while the losses are not considered. The Indian masses are dealing with these additional situations as the volumes on the exchanges remain dried up.

Read more on 1% TDS on Crypto

Technical Indicators & Pivot Levels

Pivot Levels

With the recent upswing, the Bitcoin price has flipped from the bearish captivity. The asset currently painted in green may continue surging high with extreme bullish momentum. As most of the indicators are pretty bullish and hence the price may swell accordingly. However, the RSI is surging high but the MACD may display a bearish divergence resulting in a minor correction ahead.

In the long term, the asset still appears pretty shaky as the prices MACD is displaying an accumulation of selling volume. On the other hand, the asset is highly volatile in all the time frames and hence steep jumps and plunges may be encountered. 

Bitcoin Technical Analysis for Short Term

Source: Tradingview

• The star crypto was trending within a parallel channel from nearly a month, visiting the resistance and the support levels within the channel
• The price previous displayed a fake break-down and hence the current breakout may be a similar one but the pullback may not drop the price within the channel
• After the rebound, the asset is expected to undergo a v-shape recovery and head towards the upper resistance
• The BTC price in an extended bull rally may also surpass INR 20 lakh before the end of the month.

Check latest Buy BTC INR Price, Charts, and Data.

Bitcoin Technical Analysis for Long-Term

Source: Tradingview

• The BTC price ever since the beginning of the year is trending within a falling wedge and with the recent price action, the asset was able to breakout from the consolidation
• The price continue to remain elevated as a huge buying volume has been mounted that may diminish the bearish impact ahead
• The buyers after each surge tend to get exhausted and hence one can expect a minor consolidation around these levels for some time
• After a brief consolidation, the price is primed to surge beyond INR 22 lakhs and in extreme bullish case may head towards INR 25 lakh

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FAQs

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].

The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.