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
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