Bitcoin (BTC) rose from a new support challenge of $ 30,000 on June 27 and remained uncertain, worrying traders.
Bitcoin avoids “nuke” under $ 30,000
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD hit highs of $ 33,445 on Bitstamp Sunday.
On Saturday, the pair fell back to $ 30,070, ultimately preventing any further decline below the significant psychological support after last week’s volatility.
However, this was not enough to lift sentiment among traders as many already believed that the local BTC price had not yet been reached.
Can’t we all agree to dispose of it? #BTC and raise it to $ 26,000 over the weekend to start the next bull run with a V-shaped rebound on 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) from currently $ 33,500 was a cause for concern for the bulls.
“BTC’s recovery looks promising, but the 50 WEMA has not yet been reclaimed as support,” he said told Twitter followers after the rise on Sunday.
“Weekly closing prices above ~ $ 33,500 would be enough to save the 50 WEMA in support.”
At the time of writing, BTC / USD was trading at around $ 32,400, which still had some ground to be done to get a more optimistic start to the week ahead.
Rect capital added that, using Wyckoff’s analysis, Bitcoin could still rise $ 10,000 and end in the mid-range of $ 40,000 if a current wedge holds without collapsing.
“Volatile, but on the up”
As always, the longer-term outlook for seasoned market participants showed a different world from strained intraday price activity.
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One of the sources for weekend feel-good analyzes was PlanB, creator of the stock-to-flow pricing models.
“Bitcoin: volatile in the short term, an upward trend in the long term”, he summarized next to a comparison chart of the 200-week moving average (WMA) of Bitcoin and the realized upper limit.
As Cointelegraph reported, the 200 WMA is a major “line in the sand” that the spot price has never exceeded. Despite the recent losses, it continues to rise every month.