According to crypto analyst Arman Shirinyan, Bitcoin has successfully breached two resistance levels that could be the starting point of a reversal rally as both levels hold below the $21,000 price range. The analyst says there are only a few scenarios that Bitcoin could see in the coming weeks. We have prepared Arman Shirinyan’s analyzes for our readers.
Bitcoin breaks two important resistances
cryptocoin.comAs you follow, Bitcoin exceeded $ 21,000 in the first place. Thus, it gained a foothold above the 21-day exponential moving average, which acts as initial resistance for any downtrend moving asset or a support for bullish assets.
The only resistance ahead is the 50-day moving average, which acts as Bitcoin’s next level to conquer. Usually, when assets enter a range between two moving averages, they tend to move from one level to the next if they are not breaking any of them.
Return below $21,000 threshold in BTC
Lack of trade volume and market entries could cause BTC to drop below $21,000. Also, this is likely to be the end of the mild recovery rally we saw a few days ago. Meanwhile, the next level of support for Bitcoin remains around $18,800.
Digital gold has successfully bounced from the aforementioned price level twice since June 18. With another bounce, it will receive confirmation of consolidation, the usual sign of an impending long-term reversal.
bear scenario for bitcoin
Despite the 15% recovery we saw last week, Bitcoin has remained in a sharp downtrend for the past 100 days. If Bitcoin fails to stay above $20,000, it is possible to see the continuation of the trend in the coming weeks.
The crypto market has been going through tough times since the Fed started raising interest rates and tightening. Bitcoin, the leader of cryptocurrencies, is no different. At press time, Bitcoin was trading at $20,954, down 3.10% on a daily basis, according to data from CoinMarketCap. However, the leading crypto has gained 7.36% in the last 7 days. On the other hand, in the crash, Bitcoin lost almost a third of its market value above $1 trillion.
Mt. Return of BTCs lost in Gox to the market
By the way cryptocoin.com As we reported, Mt. The return of the funds lost in the Gox hack is on the agenda. In the event in question, 850,000 BTC worth about $17.8 billion evaporated from today’s price. On the other hand, Mt. Gox’s “Rehabilitation Board of Trustees” made a new announcement. In this context, it is possible that 137,000 BTC (worth approximately $2.8 billion) will soon enter the market. Evaluating this situation, experts say that it will negatively affect the price of Bitcoin.
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