---
title: "Bitcoin Price Analysis: Bears Eyeing 29477 Pain"
url: https://diffcoin.com/bitcoin-price-analysis-bears-eyeing-29477-pain/
description: "BTC/USD 29477 Increasingly at Risk: Sally Ho’s Technical Analysis – 24 July 2023 Bitcoin (BTC/USD) continued to lack conviction early in the Asian session…"
published: 2023-07-23
updated: 2023-07-23
author: "Mila"
site: "Diffcoin"
---

# Bitcoin Price Analysis: Bears Eyeing 29477 Pain

**BTC/USD 29477 Increasingly at Risk: Sally Ho’s Technical Analysis – 24 July 2023**

Bitcoin (BTC/USD) continued to **lack conviction** early in the **Asian** session as the pair remained **below** the **30000 figure** and **orbited** the **29922.87** area, a **downside price objective** associated with recent **selling pressure** around the **30421** and **30281 levels**. The **29477.92** area remains highly at **risk** of being absorbed by **selling pressure** as **BTC/USD** has twice **tested** this previous **upside price objective** after trading as **high** as the **31862.21 level**. Related previous **price objectives** that are **technically significant** include the **28937**, **28845**, **28213**, **28137**, **27430**, **27338**, **27312**, **26348**, and **26199 levels**. Additional **downside price objectives** include the **29403**, **29089**, **28775**, **28386**, and **27757 levels**. **Below** current price activity, the **28095.44** area represents the **23.6% retracement** of the **historical depreciating range** from **69000** to **15460**.

Following recent **upside** activity, areas of **technical support** and potential **buying pressure** include the **28306**, **27466**, **26428**, and **26272 levels**. **Above** the market, **upside price objectives** include the **30526**, **30611**, **30762**, and **31145** areas. **Upside price objectives** related to other **levels** of **buying pressure** include the **32125** and **33569** areas, and **Stops** are cited **above** additional **upside price objectives** around the **32043**, **34531**, **34658**, and **35912** areas. Traders are observing that the **50-bar MA (4-hourly)** is **bearishly indicating below** the **100-bar MA (4-hourly)** and **above** the **200-bar MA (4-hourly).** Also, the **50-bar MA (hourly)** is **bearishly** **indicating** **below** the **100-bar MA (hourly)** and **below** the **200-bar MA (hourly)**.

Price activity is nearest the **200-bar MA** (4-hourly) at **30011.17** and the **50-bar MA** (Hourly) at **29884.81**.

**Technical Support** is expected around **24440.41/ 23270.10/ 22769.39** with **Stops** expected below.

**Technical Resistance** is expected around **31986.16/ 32989.19/ 34658.69** with **Stops** expected above.

On **4-Hourly** chart, **SlowK** is **Bullishly above SlowD** while **MACD** is **Bullishly above MACDAverage.**

On **60-minute** chart, **SlowK** is **Bullishly above SlowD** while **MACD** is **Bearishly below MACDAverage**.

*Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.*

[Source link](https://www.cryptodaily.co.uk/2023/07/bitcoin-price-analysis-bears-eyeing-29477-pain-24-july-2023)