Bitcoin (Bitcoin) Rising from the challenge of the new USD 30,000 support level on June 27, continuing the uncertain range, which worries traders.
Bitcoin avoids a “nuclear bomb” of less than $30,000
On Saturday, the currency pair fell back to $30,070, and finally avoided falling below important psychological support levels after last week’s volatility.
However, this is not enough to boost the sentiment of traders, because many people already believe that the local BTC price has not yet bottomed out.
Can’t we all agree to dumping #BTC And rush it to 26,000 US dollars over the weekend to start the next bull market and a V-shaped recovery next Monday?
— Crypto_Ed_NL (@Crypto_Ed_NL) June 25, 2021
For analyst Rekt Capital, the prospect of Bitcoin losing its 50-day exponential moving average (EMA) (currently $33,500) is causing concern for bulls.
“BTC’s recovery is promising, but 50 WEMA has not yet been retracted as support,” he said tell Twitter fans after pushing up on Sunday.
“A weekly closing price higher than $33,500 is enough to save 50 WEMA as support.”
At the time of writing, the trading price of BTC/USD is approximately $32,400, which provides considerable support for the start of next week.
Rectangular capital Add to Using Wyckoff’s analysis, if the current wedge remains unchanged, Bitcoin may still rebound from $10,000 to about $40,000.
“Fluctuating but on the rise”
As in the past, the long-term prospects of experienced market participants show a different world from that of intraday price activity.
One of the sources of weekend feel-good analysis is PlanB, the creator of the stock-to-flow price model.
“Bitcoin: short-term volatility, long-term trend upward,” he to sum up Next to it is a comparison chart of Bitcoin’s 200-week moving average (WMA) and the realized upper limit.
As Cointelegraph Report, 200 WMA is the main “Sand Middle Line” that the spot price has never crossed. Despite recent losses, it continues to increase every month.