FX.co ★ Bitcoin Price Analysis, 14 July

BTCUSD has fallen below the $32,000 support level after another Chinese province announced that they are banning Bitcoin mining. The BTCUSD pair is likely to target the $31,000 support level while weakness persists below the $33,000 resistance level. In order for a meaningful recovery to begin the BTCUSD pair needs to start to strengthen above the $33,800 resistance level.

The BTCUSD pair is only bullish while trading above the $33,000 level, key resistance is found at the $33,800 and $34,700 levels.

If the BTCUSD pair trades below the $33,000 level, sellers may test the $31,500 and $31,000 levels.