Bitcoin (BTC) closed below a key moving average for the eighth straight week this weekend, but one analyst is betting on an imminent breakout.
In this article, we will discuss:
Bitcoin balances breakout with grayscale worries
Data from Cointelegraph Markets Pro and TradingView tracked Bitcoin as it reversed weekend gains on Monday following a disappointing weekly close.
The biggest cryptocurrency held its familiar trading range with $33.000 as support through Saturday and Sunday, but the new week has dampened the momentum.
For popular trader and analyst Rekt Capital, unless progress is made, Bitcoin bulls may not last long before further losses arrive.
“50-week blue EMA is still support,” he summarized in a series of tweets.
“If this HL does not rebound as support soon, the pressure from the bear side over the 50 WEMA could be too much for $BTC to hold here.”
Others were more optimistic. In his latest video update, fellow trader Michaël van de Poppe even called a BTC price breakout within days.
“I believe Bitcoin will bounce to the upside,” he predicted.
“I wouldn't be surprised if Bitcoin were to trade around $38.000 during the days of this week.”
A look at the buy and sell levels on the main Binance exchange showed resistance forming at $35.000, with $30.000 remaining in place as overall support.
Altcoins lurk ahead of market decision
Van de Poppe added that this move could be good for altcoins, which may start to capitalize on the bullish sentiment. He had already argued that altcoins would outpace Bitcoin's gains in the coming months.
“I think altcoins are near bottom as well,” he said on Friday.
Most altcoins had a steady performance on the day, with little change over the last 24 hours.
With little sentiment in either direction, as Cointelegraph reported, concerns remain that external factors could unduly influence price action in cryptocurrencies.
This comes in the form of the grayscale unlock series involving around 42.000 BTC during the month of July.