Bitcoin (Bitcoin) Shuffle volatility It has been fully displayed throughout June, making traders confused and looking for the latest technical indicators or major news announcements, which may provide some hints for price movements.
As June draws to a close, traders are now focusing on BTC’s monthly closing price to determine whether the forward outlook tends to be long or short.
At the time of writing, Bitcoin price is still 47% away from its all-time high of $64,873, and analysts have mixed views on whether the bullish momentum will resume in the short term. As the market prepares to enter July, analysts have the following three points of view.
Bitcoin needs to maintain a support of $34,500
A survey of cryptocurrency Twitter revealed that many chart observers have identified $34,500 as a key price level that needs to be defended in order to establish a bull market case for Bitcoin to move forward.
So far, the current cycle of the 2021 cycle is very similar to the mid-term revision of the 2013 cycle
— Rekt Capital (@rektcapital) June 30, 2021
According to Rekt Capital, an anonymous trader on Twitter, a closing price close to this level will put the market on a trajectory similar to the Bitcoin price pattern seen during the 2013 bull market, including all changes in the price breakout to the new -Set a new high later this year.
From this bullish perspective, the price of Bitcoin should soon continue the upward trend that began in late 2020. In theory, it will reach a record high in late 2021 or early 2022. According to Bitcoin stocks, it is expected to exceed 100,000. US dollars. Flow model.
Although the S2F model is widely accepted and trusted, Bitcoin’s recent price movements even made Plan B, the creator of the popular model, feel “uneasy” that BTC has recently fallen to the lower limit of the model.
Even for me, when the Bitcoin price is at the lower limit of the stock-to-flow model, it is always a little uneasy. It will stay (like March 2019 when I released S2F, or Covid in March 2020, or BTC staying at $10,000 in September 2020). Is this another buying opportunity? Or will S2F fail? pic.twitter.com/iIjTC2Ncy3
— PlanB (@100trillionUSD) June 23, 2021
Although bull market advocates are looking for any signs to confirm the rise, the price action on June 30 caught the attention of another Twitter analyst named John Wick. According to analysts, a bearish top pattern can be seen in recent BTC charts.
#BTC (Updated in 4 hours)
Just when we had a good start, we printed and confirmed a top signal.Converge with bearish RSI cross + bearish thrust
Let’s see if we can hold $34,000 in support. If not, we are still limited by scope.Above 36,000 USD and 41,000 USD are resistance pic.twitter.com/RZ4IAGoi16
-John Wick (@ZeroHedge_) June 30, 2021
According to Wick, Bitcoin now needs to remain at the support level of $34,000, otherwise the market may be in another longer sideways and range trading instead of just starting to move higher.
The following tweet from Twitter celebrity Nunya Bizniz also emphasized the bearish sentiment. He pointed out that BTC needs to close above $37,400 to avoid three consecutive months of decline, which historically indicates that there will be more declines in the future.
A closing price higher than 37.4K USD will avoid three consecutive months of decline.
The three-month decline marked more declines.
Note: Green box = sort term bounce pic.twitter.com/aj1IWuGXXe
-Nunya Bizniz (@Pladizow) June 29, 2021
Signs of rising mood
Although the debate about a bullish or bearish future continues, there are several indicators that indicate that sentiment may rise in the hustle and bustle.
Grayscale #Bitcoin The premium goes to zero.
purpose #Bitcoin ETF bought again.
Market sentiment seems to be recovering pic.twitter.com/CmztgqHPvE
-Bitcoin Archive (@BTC_Archive) June 30, 2021
Twitter celebrity “Bitcoin Archive” pointed out that the gray-scale Bitcoin premium is close to zero, and the target Bitcoin ETF repurchase activity, as evidence that market sentiment is rising.
On-chain analyst William Clement III also Post The chart below highlights the fact that long-term holders of BTC have been increasing their holdings since the end of May after the price of Bitcoin fell below $29,000.
“Bitcoin is very cheap, and long-term holders of BTC know this. Since the first price drop at the end of May, they have increased their holdings by 741,363 BTC.
For a simplified explanation of the important levels that require attention, technical analyst and Bollinger Band creator John Bollinger simply stated that $41,000 and $31,000 are the key “logical levels” that need attention, and he also cited $35,000 to $36,000. The key support level to be monitored by the region.
— John Bollinger (@bbands) June 30, 2021
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.