Tuesday, July 27, 2021

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    Bitcoin price bounces back to $30,000 opening the “possibility” of reaching the $40,000 range

    The price of Bitcoin (BTC) rose from the challenge support of $30,000 on June 27, continuing an uncertain range that has worried traders.

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

    Bitcoin price avoids “atomic bomb” below $30,000

    The data from Cointelegraph Markets Pro and TradingView showed that el BTC/USD pair reached highs of $33,445 on Bitstamp on Sunday.

    On Saturday, andThe pair retreated to $30,070, finally avoiding another fall below significant psychological support after last week’s volatility.

    However this was not enough to encourage the sentiment of traders, as many felt that the local price of BTC had not bottomed out yet.

    Can’t we all agree to pull #BTC and take it to $26,000 over the weekend to start the next upswing on Monday with a V-shaped recovery?

    For analyst Rekt Capital, the prospect of bitcoin’s price losing its 50-day exponential moving average (EMA), currently at $33,500, was cause for concern for the hikers.

    BTC price recovery is promising, but the 50-day WEMA (weighted exponential moving average) has not yet been claimed as support“, Said to Twitter followers after Sunday’s upswing move.

    “A weekly close above ~$33,500 would be enough to save the 50 WEMA as support.”

    At the time of writing, btc/usd pair trading was around $32,400, leaving plenty of ground to cover to get a more optimistic start for next week.

    Rekt Capital Added What using Wyckoff’s analysis, the price of Bitcoin could still bounce off $10,000 to end up midway through the $40,000 range if the current wedge holds without a breakout.

    Wyckoff distribution chart of BTC/USD. Source: Rekt Capital/ Twitter

    “Volatile but with an upward trend”

    as usual the longer-term outlook of experienced market participants showed a different view of the tense intraday price activity.

    Among the sources of “feel-good” analysis over the weekend was PlanB, creator of the stock-to-flow price models.

    Bitcoin: short-term volatility, long-term uptrend”, Summarized along with a comparative chart of Bitcoin’s 200-week moving average (WMA) and capitalization.

    Chart of the BTC/USD pair, 200WMA and capitalization realized. Source: PlanB/ Twitter

    As cointelegraph reported, the 200 WMA is a main “line in the sand” that the spot price has never crossed. Continues to rise every month despite recent losses.


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