Bitcoin Price Analysis: BTC Awaits a Breakout After Month Long Consolidation

Published June 12, 2021 | Updated June 12, 2021

bitcoin

Bitcoin Price Analysis: BTC Awaits a Breakout After Month Long Consolidation

Ever since BTC fell nearly 60% from ATH, it has been thrown back & forth awaiting a breakout. Investors continue to get overwhelmed with bullish & bearish news which has created a large amount of indecision throughout the cryptocurrency space. Bulls want to believe the bull market is still underway and bears are calling for the start of the bear market.

While looking at the chart, we can see the $31,000 support has held BTC price from dropping thus far. Each time it has hit this level, it has immediately revived 25%+ to $37,000. This tells us bulls are still in the market. To confirm a bullish revival trend, BTC must break and hold the major resistance zone of $38,200. 

Price Analysis: BTC/USDT 1 Day Chart

BTC chart
BTCUSDT Chart by Tradingview

Bears & bulls have been fighting for nearly a month which has created a descending channel. This formation is neutral until a trend is broken. Along with the top trend of the channel lies the 25 Day MA. Once BTC can break these two marks , a bullish revival to 40k+ will be in place. On the bearish view, if BTC fails to hold the $33,500 support, it may be in for another -20% fall. As of now, signs are pointing more towards a revival to 40k+.

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While viewing the Stochastic RSI, we can see the strength is on its way back to overbought conditions. This is a great sign as long as price can break major resistance of $38,200. To confirm a potential bullish move, the regular RSI has broken over a trend line that has acted as resistance for nearly 115 days. As long as strength can break the 50 mark, a bullish trend is imminent.

BTC Intraday Levels

  • Spot rate: $37,148
  • Trend: Neutral
  • Volatility: High
  • Support: $36,600
  • Resistance: $38,200
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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.
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