Traders stated that the price of Bitcoin will break “this week” with a target of $38,000


Bitcoin (Bitcoin) This weekend closed below the key moving average for the eighth consecutive week, but an analyst was betting that a breakthrough would be imminent.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin balance breakthrough and grayscale concerns

Data from Cointelegraph Markets Pro with Transaction view Track Bitcoin because it reversed the weekend’s gains on Monday after a disappointing weekly closing price.

On Saturday and Sunday, the largest cryptocurrency has maintained its familiar trading range, backed by $33,000, but the new week has dampened the momentum.

For popular trader and analyst Rekt Capital, unless progress can be made, Bitcoin bulls may not last long before new losses occur.

“The blue 50-week EMA still serves as support,” he said to sum up In a series of tweets.

“If this HL cannot be quickly restored to support, then the seller pressure of 50 WEMA may be too great and BTC cannot be held.”

BTC/USD 1-week candlestick chart and 50-week exponential moving average.Source: Rekt Capital/Twitter

Others are more optimistic.in his Latest video update, Trader Michaël van de Poppe even claimed that the BTC price broke within a few days.

“I believe Bitcoin will break upward,” he predicted.

“I wouldn’t be surprised if Bitcoin was trading at around $38,000 in a few days this week.”

Looking at the buying and selling levels of the main exchange Binance, the resistance is at $35,000, while the overall support level of $30,000 is still there.

BTC/USD buying and selling level (Binance) chart. Source: Material Index/Twitter

Altcoins lurking before market decisions

Van de Poppe added that this movement may be beneficial to altcoins, which may begin to take advantage of bullish sentiment.He has Argued before The performance of altcoins in the coming months will exceed the rate of increase of Bitcoin.

“I think altcoins are also near the bottom,” he said Say on Friday.

related: Top 5 cryptocurrencies worth watching this week: BTC, LUNA, ATOM, CAKE, FTT

Most altcoins performed flat on the day, with little change in the past 24 hours.

Just like Cointelegraph, there are no strong emotions in either direction Report, People still worry that external factors may excessively affect the price trend of cryptocurrencies.

This came in the form of a gray-scale unlocked series, involving approximately 42,000 BTC in July.