Connect with us

Price Analysis

The Bitcoin “Stablecoin,” will BTC/USD Bulls Overcome $36k?



Bitcoin price Prediction cryptotelegram

The stability of the cryptocurrency market largely depends on the performance of Bitcoin.

And right now, things are beginning to look up for the world’s most valuable coin.

As of writing, BTC buyers are building on July 9 gains, and there are hopes of more expansions in the days ahead.

Bitcoin Market Performance

BTC is stable, even at around break-even against the greenback week-to-date.

There might be room for more growth, but that’s dependent on the reaction at—in the short-term–$36k. Visible in the daily chart are the lower lows inside a descending channel.

Bitcoin Price Daily Chart for July 10

If buyers take charge, Bitcoin has to break above the main resistance trend line and overcome $36k, building a solid base for further gains towards $40k and $42k in the medium term.

Technically, Bitcoin bears remain in control. Notably, the BTC/USD price is still oscillating inside May 19 trading zone.

This is a concern for buyers because, from an Effort-versus-Result perspective, there could be a chance that sellers will pop the current “bullish bubble” among optimistic traders.

For this to pan out, BTC/USD prices must dump down below $30k in a bear continuation pattern.

On the flip side, the tide could quickly change if Bitcoin prices break above the current consolidation to above the main resistance line, as aforementioned at $42k—unwinding losses of the high volume bar of May 19.

Bitcoin Markets tend to recover in July

This is an analysis as per Kaiko.

BTC/USD price performance in Q2 2021 diverged from history as Bitcoin plunged, crashing 48 percent.

It was the same performance as was in Q2 2018 when BTC prices sunk to $3.2k, shrinking by over 85 percent from 2017 peaks.

The good news here is that Bitcoin prices tend to recover in July.

If that turns out true, Bitcoin bulls might find longing opportunities, trading as per past historical price action guidance.

A Breakout above $36k could Push BTC/USD to $42k

And this is precisely what a trader on Twitter notes.

Per his analysis, BTC/USD prices are still moving within a descending triangle.

If buyers are to be in charge, a breakout above $36k is the thrust setting base for another moon-swing towards $42k.

He notes that the 50 and 200-period MA places immediate resistances at $36k and $44k.

These two, reading from the development in the 4HR chart, are also bulls’ targets.

“Waiting for Big Bitcoin Moves”

Meanwhile, a Bitcoin on-chain analyst, William Clemente, on Twitter says he’s expecting big moves.

His confidence stems from the relationship between price action and BB—which is presently favorable.

BB—one of the most actively used technical indicators—is currently tightening, suggesting volatility and, therefore, momentum reduction.

It could also mean accumulation which bodes well with swing, scalping, and breakout traders.

The analyst, following this pattern formation, expects a breakout. The odds of Bitcoin breaking higher towards $36k remain high since BTC/USD is already down over 55 percent from H1 2021 peaks.

Bitcoin Support at $32k

On YouTube, BitcoinHyper says BTC/USD has strong support at $32k and resistance at $33k as prices move within a bear flag in a downtrend.

Ideal shorting positions stand at $33k with targets at $32k or worse since BTC/USD is yet to close below the minor support trend line.

Conversely, if bulls find support at $32k, bouncing higher above $33k—resistance—the odds of trend continuation towards $34k and better remain high.

Charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!