‘$31K was not the end’ — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts the second week of June in familiar territory, but a breakout is coming, investors say.
After a calm weekly close, BTC/USD is firmly in its established trading range, while under the hood, market participants are preparing for some dramatic shifts.
It has been a long time coming, and for seasoned traders, the signs are increasingly pointing to volatility making a comeback.
There is little by way of macroeconomic triggers due this week, making the focus shift elsewhere for cues as to what BTC price action might do in the short term.
The on-chain analysis provides other interesting insights, reinforcing the idea that for Bitcoin currently, the only “boring” part is the spot price.
Cointelegraph looks at the key factors at play as BTC/USD hovers around $27,000 for another week.
BTC/USD may not have inspired with its latest weekly close, but some popular traders are seeing new grounds for optimism.
Despite remaining firmly in its narrow trading range, as confirmed by Cointelegraph Markets Pro and TradingView, the chances of a breakout toward $30,000 are increasing.
“Feels like it’s a matter of time until Bitcoin finally breaks that 30k level once and for all,” trader Jelle wrote in part of his latest analysis.
Jelle, like others, noted that the 200-week moving average (MA) — a key support line — remained intact.
Also intact were various support structures on trader and analyst Rekt Capital’s radar covering daily timeframes.
“So far, so good,” he summarized, about an exit higher, potentially invalidating a bearish “head-and-shoulders” structure from the previous weeks.
#BTC successfully retesting not just the top of the red downtrending channel but also the bottom of the red boxSo far, so good$BTC #Crypto #bitcoin
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