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Can the current week become bullish for Bitcoin (BTC)?

Can the current week become bullish for Bitcoin (BTC)?
Denys SerhiichukDenys SerhiichukU.Today

Bulls have begun the new week by growing, according to the CoinMarketCap ranking.

Chart

Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is one of the coins that has grown the least, going up by less than 1%.

BTC

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) has bounced off the recently formed level at $30,012. Bulls could hold this level; however, if the pressure continues, there is a chance to see a sharp drop below $30,000 until the end of the day.

BTCUSD

BTC/USD chart by TradingView

On the daily time frame, Bitcoin (BTC) remains trading in the middle of a wide range, which means that the coin is still accumulating efforts for a further sharp move. If the price approaches $31,000, one can expect the possible test of the resistance at $32,950 within the next few days.

BTCUSD

BTC/USD chart by TradingView

From the mid-term point of view, the continued fall of Bitcoin (BTC) may have stopped as the rate is above the important $30,000 mark. If bears cannot seize the initiative and the selling volume remains low, the current weekly candle might become bullish for the leading cryptocurrency.

Bitcoin is trading at $30,232 at press time.

Read full original article on U.Today

Author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

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