For the First Time in Q2, the Bitcoin Weekly Chart Turns Green.

Bitcoin appears to be on the verge of a huge recovery. Despite this, the pioneer cryptocurrency has failed to break through a major barrier zone.

Bitcoin Is Trying to Break Through Resistance

After ending its first green weekly candlestick in 10 weeks, Bitcoin started Monday on a high note, gaining nearly $1,650 in market value. Bitcoin reached a high of $31,500 due to the quick spike in volatility before falling to $29,500, narrowing the CME gap. More buying pressure is expected if BTC can break over a final area of resistance at $33,000.

The Tom DeMark (TD) Sequential indicator implies that Bitcoin may be on the verge of gaining traction. It gave a buy signal in the form of a red nine candlestick on the weekly chart. A weekly candlestick upsurge of one to four weeks is indicated by the bullish shape.

To verify this upbeat perspective and convince sidelined investors to re-enter the market, Bitcoin would have to break over the $33,000 barrier, bringing BTC to its next level of resistance at about $38,600.

Surprisingly, the supply of Bitcoin on trading platforms has declined significantly in the last week. Since May 30, around 50,000 BTC, worth $1.5 billion, have been removed from known cryptocurrency exchange wallets, according to on-chain statistics from Santiment. This indicates that fewer tokens are available for sale, which could be a favorable sign for short-term price movement.

Still, Bitcoin’s bullish thesis will only be confirmed if it manages to hold $33,000 as support. Failure to do so could increase market panic and lead to another sell-off. If this happens, and BTC closes below $27,000 on a weekly basis, the next area of interest might be much lower, around $21,000.

As written by Niranjan Duguta and edited by Ini Abasi Ekanem

About Anypad

Anypad is a next-generation blockchain Incubator and accelerator platform building a Multi-chain LaunchPad, Multi-chain AMM DEX, and Blockchain Game, Star Strike. Anypad would give crypto & blockchain startups & investors the best experience as the industry gains full-scale global adoption. Anypad is dedicated to incubating and accelerating the best and most innovative micro-cap blockchain projects, allowing blockchain startups to grow and raise funds seamlessly.

For more information about Anypad, please visit

Website Telegram chat Twitter Medium YouTube

Stay Connected!!!



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store



A next-generation Incubator building a decentralized Multi-chain IDO LaunchPad and Multi-chain AMM DEX on BSC & HECO Chain