Source: Wit Olszweski – Shutterstock
- Bitcoin has shown an upward trend in the last few hours and has risen briefly to $9,780.
- Analysts describe that the Bitcoin price on the daily chart must close above the $9,800 mark to reverse the trend.
Bitcoin has been stuck in a sideways trend in the $9,100 to $9,600 price range for a week now and has not yet managed to break out either up or down. However, this has changed in the last few hours. The Bitcoin price has risen by 2.78% within the last 24 hours to a price of $9,647.72. The market capitalization has climbed to $177.31 billion at the time of writing.
Experienced Bitcoin trader and Blockroots founder Josh Rager explained that Bitcoin must close above the $9,575 mark on the 4-hour chart in order to draw a new higher local high. In his opinion, Bitcoin must also close above the $9,265 mark on the daily chart for BTC to start a new bullish scenario.
Good ole retest of the trendline
If price closes above $9575 on the 4hr chart, would be a higher-high
Let’s see if price can hold here, I’m bullish if price grinds back up after holding $9265 on the daily pic.twitter.com/5u2gnCwvR8
— Josh Rager 📈 (@Josh_Rager) June 22, 2020
In contrast to Josh Rager, Bitcoin Trader “Byzantine General” describes that Bitcoin is still within the described price range between $9,100 and $9,700 despite the short-term price increase of 4 %. He goes on to say that Bitcoin did not break through the strong resistance, but was clearly rejected along the $9,800 mark.
After a 4% move that still didn’t take us out of the range people are talking about a blow-off top.
Damn lads. It shows that some of you have serious bear market PTSD.$BTC
— Byzantine General (@ByzGeneral) June 22, 2020
According to the anonymous trader “TheCryptoCactus” a good entry opportunity for a long position could arise. He states that on the 4-hour chart the $9,500 mark could serve as a new support and Bitcoin could start a new upward movement from here:
If we reach a closing price of over $9500 on a 4-hour candle, I think a decent long position with fairly low risk could be taken if the level seems to hold as support throughout the day’s close.
Source: https://thecryptocactus.substack.com/p/bitcoin-weekly-open-7
Bitcoin and commodity trader “Cold Blooded Shiller” noted that the volatility of Bitcoin has decreased and a few hours ago cracked the important mark along the $9,400. He goes on to say that on Binance there were a number of short positions placed along this important mark, but all of them were liquidated due to Bitcoin’s recent price movement.
The CEO of the data analysis company CryptoQuant stated that Bitcoin will enter a new bull cycle from mid-July, as according to his analysis many whales have started to withdraw their Bitcoin stocks from stock exchanges to external wallets. According to the company, a similar development was already observed in 2017, when Bitcoin rose to its all-time high of $20,000, and in 2019, when BTC rose from $4,000 to $14,000:
Buy Bitcoin when the whales send Bitcoins out of the market. The bull market usually begins four months after the year’s high of the average withdrawal from the exchange.
Source: https://cryptoquant.com/home/
Altcoins follow Bitcoin
The Altcoin market currently continues to follow the price movements of Bitcoin. The Ethereum price is up 3.46% to $242.56, XRP is moving sideways (+ 0.38%) to $0.19, Litecoin is at $44.07 at the time of writing and the Cardano price is up 3.53% to $0.08.
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