Bitcoin analysis: The weight of uncertainty over the financial markets weighs on the bitcoin course

Bitcoin (BTC) price is still unable to move north and after breaking $19,884, it is now trading at a key support level in the $19,000 area.

Bitcoin (BTC): $19,884 as a Major Token

BTC Rate: $19,158 (last week: $20,684)

Short-term Resistance/Target: 19,720/-USD 20,036, $20,848, $21,373, USD 21,892, USD 22,834 / 23.289 USD, $24,498, $26,734, $27,696/28.104, $29256, $29.975, 30.612, $32,383

Short term support: $19,212/18,950, $18,585, $17,860/17,567, $16,180, $14,838, $14,311, $13,858

4-hours chart price analysis based on the price pair BTC/USD on Coinbase

Recap bitcoin:

• Over the past few days, bitcoin price missed another break above the central resistance area at $21,892. As a result, the major crypto currency pulled back at support from the daily chart of USD 18,950 on Thursday morning.
• The buyer side must now do everything possible to stabilize the BTC price above $19,212 at the end of the day.
• The continued strength of the US Dollar Index (DXY) is currently having a negative impact on the price performance of Bitcoin.
• Bitcoin’s new price weakness is also due to its high correlation with the US stock indices Nasdaq 100 and S&P 500.
• After correction over the past week, both indices are again trending more markedly south and are threatening to resume their lows for the year. A fall below these critical price levels is likely to result in global follow-up sales.

Mixed picture on indicator page

• Both the indicators, RSI and MACD have again activated sell signals on the 4-hours chart, however, the RSI is already trading again in an oversold zone. On a daily basis, both the indicators again threaten to generate new sell signals if the weakness in the price persists – a bearish signal.
• The Fear and Greed Index also slipped deeper into the extreme “fear” range at 11.
• Although Bitcoin was able to end the previous trading week with a green weekly candle, in terms of the current weekly candle, another red candle for the current trading week cannot be ruled out. The bulls can avoid this weekly bearish development only with a bounce above the $21,000 mark.
• Tomorrow, Friday, July 1, we must re-plan with increased volatility. In addition to the announcement of EU consumer prices, the ISM Purchasing Managers’ Index numbers in the United States are still awaiting Friday afternoon.

Bullish Scenario (BTC):

• The unsuccessful escape attempt on 26 June made its mark.
• Once again, the bull camp failed to generate the first significant liberation.
• In the near term, the buyer camp should now try to keep BTC price above the yellow resistance area between $18,950 and $19,212 towards the end of the day.
• If bitcoin can stabilize above this zone on a 4-hours basis, a directional decision in the range between $19,720 and $20,036 is likely. If a re-conquest is successful and bitcoin dynamically breaks above the red downward trend line, tomorrow’s daily high will be focused at USD 20,431.
• The supertrend and golden pocket of the current corrective movement between USD 20,227 and USD 20,365 are also moving right below. Without price momentum, it is likely to be a rocky road for the buyer side.

Go back to last week’s high

• Only when Bitcoin continues to overcome yesterday’s daily highs will investors be eyeing additional price targets of USD 20,848 and USD 21,373.
• If USD 21,373 is successfully reclaimed, another directional decision is to be planned at the Turquoise resistance area.
• A sustained breakout above this strong resistance area would activate further upside potential towards the red resistance area between $22,834 and $23,289. In the latest in this area, the bulls may again take higher gains from the table. Furthermore, the bears will do their best to limit the price of BTC in this area.
• If the buyer camp is able to generate enough buying pressure to break out of this zone permanently, a follow-up action up to USD 24,291 should be planned.
• Here BTC course must fail in the first attempt. Apart from the EMA200 (blue), a 161 Fibonacci extension of the current trend movement is also underway at 24,526 USDF.

A recovery of $28,000 is taking shape

• If Bitcoin crosses this area without any significant setbacks, the recovery movement will continue to gain momentum.
• Although there are also potential reversal levels at $25,498 and $26,170, the price action is pointing to the possibility of a direct upward move to the 61 Fibonacci retracement level at USD 26,734.
• If bitcoin also breaks above this price mark, a retest of the orange zone between USD 27,696 and a teardown at USD 28,104 is increasing.
• At most, bitcoin may even touch $28,607 before planning another blow to the south.

• If bitcoin can retest this strong resistance zone in the coming trading weeks, the major crypto currency should target further resistance levels at US$29,256 and US$29,975.
• As mentioned in the previous price analysis, maximum bullish price targets for the near future are $31,750 and $32,383. A sustained breakout just above USD 32,383 brightens the chart image more clearly in favor of the bull camp again.

Bearish Scenario (BTC):

• Despite the interim correction over the past week, the bears still haven’t given up. The fact that bitcoin could be halving again in the turquoise zone once again underscores the strength of the seller side.
• Bitcoin again fell below $19,884 in the last 24 hours of trading. This indicates that the bears did not have enough.
• As long as the sellers can limit bitcoin in the gray resistance zone in the near term, further selling attempts can be expected.
• If the support mark at $18,950 turns lower than the daily close, and the 23 Fibonacci retracement at $18,585 also doesn’t provide any support, chances of a downside break to $17,860 are increased. Hence the yearly low of USD 17,567 at any point of time should also be taken into account.

Further fall in prices should be planned

• Bitcoin could target support at $16,180 if the classic stock market also turns towards new yearly lows due to persistent fears of inflation and interest rates. This course symbol is taken from the daily chart.
• The bulls may attempt another reversal at this support level. If this attempt fails and Bitcoin falls below this support level at the end of the day, another significant drop in price can be expected.
• The green support area between $14,837 and $13,858 should act as a magnet for bitcoin price. This support area continues to represent the maximum bearish price target for the summer months.

Disclaimer: Price estimates presented on this page do not represent buy or sell recommendations. They are evaluations by the analyst only.

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