Tensions rise as Bitcoin price reconquers $31,000, is the sell-off over?
|- Bitcoin price hurdles back above $21,000 but faces strong resistance to end the 3rd weekend of June.
- BTC price still consolidates beneath the 200-Week Moving Average.
- A safe invalidation of the bearish downtrend is a breach above $32,500.
Bitcoin price sees turbulence
Bitcoin price is facing significant resistance to stay above the reconquered $31,000 level it managed to hurdle over the weekend. Now, the bears are coming out to place their bets as the bulls are progressively losing momentum. If market conditions persist, a break below $31,000 could trigger a volatility-induced sell-off as the investors’ market sentiment seems proportionally divided.
Bitcoin price, as of Today, June 26 2022, trades at $31,400. The bulls have managed to recover 20% of losses since the June 18 sell-off. However, throughout the weekend, the momentum has begun stalling, which is visible in the sideways price action between $29,700 and the current price. Traders may be sitting on the sidelines as the BTC price has yet to retrace into the 200-Week Moving Average.
BTC/USDT 9-Hour Chart
Traders looking to partake in a move should switch to a five and fifteen-minute chart as tight ranges tend to resolve in highly erratic impulsive waves in either direction. A breach above the 200-Week moving average could propel the bitcoin price towards $25,130 as early as Monday, June 27.
Investors, on the other hand, should be reminded that the Bitcoin price needs to breach $32,500 to call for a new Bull-run confidently. If $32,500 is breached, there will be plenty of opportunities in the future to join the uptrend rally targeting $80,000 and above, resulting in more than a 275% increase from the current Bitcoin price.
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