Bitcoin price has been struggling for the past month now, remaining in the $30k range. More worrying is the fact that this range is akin to the edge of a cliff. If Bitcoin falls off the edge of this $30k cliff, the fall will be broken by the $13k support.
Traders and investors have mixed sentiments about this asset. Two weeks ago we published an outlook on Bitcoin price and it was still stuck at the $30k support level. Has anything changed? Let’s look at the Bitcoin price trend this week.
Bitcoin Bearish Case
The current price of Bitcoin is $30,502 (at the time of writing: 7:45 AM (UTC+3)). This signifies a 2.3% increase in the last 24 hours. Also, the Bitcoin dominance has risen up by 4% to 46.92%, showing that BTC has more impact in the market right now, compared to a week ago.
Bitcoin has been on a downward spiral since March 30, 2022.
It has tried to break out of the downward trend by testing the upper trend line twice now. However, the efforts have been futile. On June 2, 2022, BTC tried to break out again but failed, showing urther weakness by the bulls.
Bitcoin Bullish Case
In another different prospect, Bitcoin recently retested and is presently hugging the 21 EMA. If it manages to break above this moving average, BTC should enter a brief rally towards the $40k mark. This should comprise the second 200 EMA test. Here it will meet one of two fates: Break up and above the 200 EMA, or get rejected and plummet back down to $30k (and possibly lower).
It is worth noting that should BTC manage to break above the 200 EMA, it will head to $45k, $48k and then $51k and after this, it’s an open road back to its all-time high price.
Bitcoin fundamentals are strong as always. What we need to worry about are the technicals. Paraguay now supports crypto, a move that is good for Bitcoin adoption and overall price in the long term. Back to TA, we shall keep you updated every week on how Bitcoin price trends are moving – our very portfolios depend on it.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.