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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. 

tm/btc/6/26/22

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.  

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

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