At the start of the week, Bitcoin presented a bearish signal getting into the track below $30,000. Finally, it has begun to recover, reaching $32,000 after the depressing start of the week.
As BTC dropped below the crucial support line of $30,000, it was expected that Bitcoin would fall to the next support line of around $25,000. But Bitcoin has broken the expected rate by the analysts.
Avoiding the first support line at $29,255, Bitcoin surged to $30,900 initially. With this continued upward momentum, BTC broke through the past $30821 resistance level.
The trading price of BTC is $32,105 which has already made its move above the next resistance level at $31,500, at the time of writing. The bullish signal is aiming upward to surge above the third resistance level at $33,570.
However, if BTC reverses and begins to fall below the pivot at $30,067 then $29,227 will be the support level to hold.
BTC Hitting $36K Is Quite Possible
Michael Van De Poppe, a popular Analyst, and Trader has explained the BTC price actions via his latest Youtube video post.
According to him, with the current market conditions, holders are either looking for shorts or selling their spot positions in order to buy back lower. As a result, if BTC breaks the $31000 and $32500 levels, a barrage of short liquidation might push BTC higher. However, with the current trading price chart, BTC has already cracked the $31,000 level.
The upward trend is moving towards the $32,500 level, if the price level cracks this resistance level too then Bitcoin would rise. The analyst states that when this scenario works out well, then BTC hitting $36,000 is quite possible.
Additionally, he mentions that if BTC does not hold above $31,000 and converts to support, the $26K and $24K support levels will enter the picture. On the other hand, popular trader Peter Brandt is predicting a bearish case for BTC via a tweet.
Renko charts, originating in Japan, are probably the most useful for staying with a trend and not getting whipped around by shorter-term volatility. As shown for $BTC #Bitcoin, the trend from $6,000s to $60,000s was steady. So has been the decline since April pic.twitter.com/BLi8LpKviy— Peter Brandt (@PeterLBrandt) July 20, 2021
He recently posted a tweet presenting a Renko chart. According to the chart, BTC’s upward trend ended when it reached a high of $64,863 on April 14. Since then the chart has been negative, pointing to a bearish signal.
However, due to Bitcoin’s fall, the market faced a collapse and now it started to recover. The current price of BTC would have flooded with happiness for the investors. Although Bitcoin is surging in upward momentum and when it cracks the third resistance level, it has the possibility of reaching $36K.
Recommended for You