Bitcoin (BTC) Price
Bitcoin Price Analysis: After Touching a 12-Day High, Can BTC Retest $40K Soon?
Following another red weekend, just like the previous ones in June, since Monday, bitcoin increased by a total of 8% as the coin reclaimed the $35K price area, as of writing these lines.
The recent price hike has brought some optimism back into the market, especially after bitcoin sustained the double-bottom bullish formation on the 4-hour chart (at $31.5K). However, the bigger picture hasn’t changed as Bitcoin still trades inside the trading range of $30K – $42K.
BTC also managed to break a long-term descending trendline that dates back to the May highs during the move higher. Yesterday, it found resistance at the 20-day MA amid $36K, which was the highest level it reached since June 18. However, bitcoin couldn’t hold it and dropped towards $35k over the past hours.
As shown on the following short-term charts, bitcoin continues trading inside an ascending price channel, after it found support around $34,600 earlier today. It is currently battling to remain above $35,000 and, if this level holds, we could expect it to head toward the upper angle next at around the $37-38k range.
Before we can continue the optimism in the market, it would be critical for BTC to produce a daily close above the 20-day MA, which currently lies at $35.6K, after spending almost twelve days beneath the significant moving average line. Also – the daily RSI is showing some worrying signs for the bulls (more info below).
BTC Price Support and Resistance Levels to Watch
Key Support Levels: $35,000, $34,000, $33,520, $32,460, $31,185.
Key Resistance Levels: $35,620, $36,810, $37,800, $38,650, $39,500.
Looking ahead, the first resistance lies betwee $35,600 (20-day MA). This is followed by $36,810 (1.272 Fib Extension, and yesterday’s high), $37,800 (50-day MA), $38,650 (1.618 Fib Extension), and $39,500 (early-June Highs).
On the other side, the first resistance turned support lies at $34,600 (lower angle of price channel and today’s low). This is followed by $33,520, $32,460, $31,185 (downside 1.618 Fib Extension), and $30,600.
The daily RSI recently poked above the midline with the push toward the 20-day MA. It has since fallen as it returns to the midline again, indicating indecision within the market. However, on the daily, we can clearly see the RSI forming lower-highs, a trajectory that started forming in mid-February. in order to turn mid-term bullish, BTC has to break this bearish pattern.
Bitstamp BTC/USD Daily Chart
Bitstamp BTC/USD 4-Hour Chart
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.