Uncertainty in the financial markets weighs on the price of Bitcoin

Bitcoin (BTC): $ 19,884 as a key token

BTC exchange rate: $ 19,158 (previous week: $ 20,684)

Strengths / short-term goals: 19,720 /20.036 USD, 20.431 USD, 20.848 USD, 21.373 USD, 21.892 USD, 22.834 / 23.289 USD, 24.291 USD, 25.498 USD, 26.170 USD, 26.734 USD, 27.696 /28.104 USD, 28.607 USD, 29.256 USD, 29.975 USD, 30.612 USD, 31.750 USD, 32,383 USD

Short-term supports: 19.212 / 18.950 USD, 18.585 USD, 17.860 / 17.567 USD, 16.180 USD, 14.838 USD, 14.311 USD, 13.858 USD

Bitcoin (BTC) price analysis 30/06/22

4-hour chart Price analysis based on the pair of values BTC / USD on Coinbase

Summarizing Bitcoin:

  • Bitcoin price has again missed the breakout above the central resistance area at $ 21,892 in the past few days. As a result, the key cryptocurrency returned to support from the daily chart at USD 18,950 on Thursday morning.
  • The buyer side must now do everything possible to stabilize the BTC price above USD 19,212 at the end of the day.
  • The continued strength of the US Dollar Index (DXY) is currently having a negative impact on Bitcoin’s price performance.
  • The renewed weakness in Bitcoin prices is also due to the high correlation with the US equity indices Nasdaq100 and S & P500.
  • After a recovery in the previous week, both indices are again oriented more clearly to the south and are threatening to restart from the lows of the year. A drop below these important price levels is likely to lead to global follow-up sales.

Mixed image on indicators page

  • Both indicators, the RSI and the MACD, have again triggered sell signals on the 4-hour chart, however, the RSI is already trading in oversold territory again. On a daily basis, both indicators threaten to generate new sell signals again if price weakness persists, a bearish signal.
  • The Fear and Greed index also returned deep into the extreme “fear” range at 11.
  • Although Bitcoin was able to finish last week of trading with a green weekly candle, ahead of the current weekly candle, another red candle cannot be ruled out for the current trading week. Only with a rebound above the USD 21,000 threshold can the bulls avoid this weekly bearish development.
  • Tomorrow, Friday 1 July, we should plan again with greater volatility. In addition to the announcement of EU consumer prices, the numbers of the ISM index of purchasing managers in the US are waiting for Friday afternoon.

Bullish scenario (BTC):

  • The failed escape attempt on June 26 left its mark.
  • Once again the bull camp failed to generate a first major release.
  • In the short term, the buyers’ field must now try to push the BTC price back above the yellow resistance area between USD 18,950 and USD 19,212 at the end of the day.
  • If Bitcoin can then stabilize above this zone on a 4-hour basis, a directional decision in the USD 19,720 to USD 20,036 range is likely. If a recapture is successful and Bitcoin dynamically breaks the red downtrend line, yesterday’s daily high at USD 20,431 will come into focus.
  • Just below are the supertrend and the gold pocket of the current corrective movement between USD 20,227 and USD 20,365. Without price momentum, this is likely to be a rocky road for the buyer side.

Back to last week’s high

  • Only when Bitcoin sustainably surpasses yesterday’s daily high will further price targets of USD 20,848 and USD 21,373 appear to investors.
  • If USD 21,373 is successfully recovered, another directional decision needs to be planned in the turquoise resistance zone.
  • A sustained breakout above this strong resistance area triggers further upside potential towards the red resistance zone between USD 22,834 and USD 23,289. At the latest in this area, the bulls may again take more profits off the table. Furthermore, the bears will do everything possible to limit the price of BTC in this area.
  • If the buyer’s field were able to generate enough buying pressure to break through this area sustainably, a follow-up move of up to $ 24,291 needs to be planned.
  • Here the BTC course should fail on the first attempt. In addition to the EMA200 (blue), the 161 Fibonacci extension of the current trend move is also running at USDF 24,526.

The recovery towards $ 28,000 is taking shape

  • If Bitcoin breaks out of this zone without any significant setbacks, the recovery movement will continue to gain momentum.
  • While there are also potential reversal levels at USD 25,498 and USD 26,170, the price action indicates the possibility of a direct increase in the 61 Fibonacci retracement to USD 26,734.
  • If Bitcoin also exceeds this price limit, a retest of the orange zone between USD 27,696 and the tear-off edge at USD 28,104 is increasingly likely.
  • At best, Bitcoin could even briefly hit USD 28,607 before planning another setback to the south.
  • If Bitcoin can even recapture this strong resistance area in the coming weeks of trading, the key cryptocurrency should point to further resistance levels at USD 29,256 and USD 29,975.
  • As mentioned in the latest price analysis, the bullish price maximum targets for the near future are USD 31,750 and USD 32,383. Only a sustained breakout above USD 32,383 again brightens the chart image more clearly in favor of the bullish field.

Bearish scenario (BTC):

  • Despite a tentative recovery in the previous week, the bears have not yet given up. The fact that Bitcoin can again be stopped in the turquoise zone underlines once again the strength of the seller side.
  • Bitcoin has fallen below $ 19,884 again in the past 24 hours of trading. This indicates that the bears don’t seem to have had enough.
  • As long as the seller side can limit Bitcoin in the short-term gray resistance zone, further selling attempts can be expected.
  • If the support sign at USD 18,950 is below the daily closing price and the 23 Fibonacci retracement to USD 18,585 provides no support, a fall back to USD 17,860 becomes increasingly probable. Therefore, a retest of the annual low at USD 17,567 should also be considered at any time.

Further price reductions need to be planned

  • If the classic stock market also tends to new yearly lows due to persistent fears of inflation and interest rates, Bitcoin could point to support at USD 16,180. This route rating is taken from the daily chart.
  • The bulls may attempt another reversal at this support level. If this attempt fails and Bitcoin dips below this support level at the end of the day, another significant drop in price can be expected.
  • The green support area between USD 14,837 and USD 13,858 should act as a magnet on the price of Bitcoin. This support area continues to represent the bearish maximum price target for the summer months.

Disclaimer: The price estimates presented on this page are not a buy or sell recommendation, but only an analyst’s assessment.

The chart images were created using TradingView created.

USD / EUR exchange rate at the time of going to press: EUR 0.96.

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