BTCUSD Weekly Outlook and Bitcoin Fundamentals, 24rd June 2021
BTCUSD Forecast and Fundamentals for BTC
Introduction
The news from Canaan, one of the largest miner producers in the cryptocurrency industry, is prepared to launch its production in Kazakhstan and it will use self-developed devices to generate Bitcoin.
Such news is a welcome development for the Indian brokers as we can see that the price of the digital asset is holding and may find additional support for an upward movement.
BTCUSD Technical Analysis
Monthly Chart
Monthly Resistance Levels: 65000, 75000
Monthly Support Levels: 35000, 30000
The BTCUSDT maintains a bearish outlook after last month’s long bearish bar close. The clampdown on miners by the Chinese government has also contributed to the weakening of the bitcoin price as the Beijing authorities threatened the various firms that are mining in their country to close the possess of mining for various reasons.
The 30000 levels of support has been holding for a while since the price bounced off from the support zone. We expect the price of bitcoin to start a bullish run if the momentum gets stronger from the support level.
If the bears can’t stop the advancements of the Bulls from the 45000 levels, the Bulls will probably take the price higher in order to the high of the resistance to retake the market.
However, if the bears can stop the bullish run from the 45000 resistance level, we may see the bears breaking below the support zone.
Weekly Chart
Weekly Resistance Levels: 65000
Weekly Support Levels: 29000, 45000
From the BTCUSD weekly chart, we can see that bitcoin had been bullish right from the COVID-19 pandemic.
Since the mass fall in bitcoin price happened about some weeks, we have not seen any major recovery to the upside.
The market is still bearish, as you can see on the weekly chart, and the new psychological levels are the resistance point of 45000 and 30000 levels of the support zones.
A breakout of price from either side will determine the direction of the market.
Daily Chart
Daily Resistance Levels: 45000, 41000
Daily Support Levels: 29000, 30000
From the daily time frame, you can see that the BTC price has been hovering between the 41000 high and 30000 level low.
We expect the price of bitcoin to go in the new week if the price can have strong news that will attract buyers into the market.
However, the trend is still bearish, as you can see.
If the bulls can push the price higher than the 41000 levels will attract buyers to retest the resistance zones, but if the bears should close below the 29000 levels the price of bitcoin will drop further.
Bullish Overview:
The daily chart shows that the bulls are building momentum from the support zones (30000) for a possible rise in price if they can dominate the zones for an uptrend.
Bearish Overview:
The weekly time frame still favours the bears after dominating the market from the resistance levels of 65000, and 45000. The bear’s rally is expected to continue if they can close below the support level of 30000.
Bitcoin BTC News Events
Investors had to pull out their funds from some digital assets as the Chinese government crackdown triggered the spread of panic which caused the bitcoin market to witness strong sell-offs some weeks ago.
The outflow from BTC hit a sum of $89million while the value hit $487 million for the year, at 1.6% of the assets under management. This was reviewed by CoinShares in their released data.
For the past seven weeks, Bitcoin outflows have been driven by the antagonistic regulatory environment and the environmental concerns in China which has made the price to be unstable and led to the outflow of funds.
It will take a while before we see a sustainable inflow of fund into the market when the miners settle down in their new environment. At the time of the report, the BTC value is within the 33000 range.
Conclusion and Projection
The bitcoin market is only experiencing a correction phase in the market sentiment and after the bearish state is over the bullish trend should continue.
The payment of salaries with bitcoin is another landmark achievement for the digital assets globally as more players welcome the opportunity to earn in crypto.
BTCUSD is in a bearish phase in the market because the daily chart shows that the bears have momentum and the Bull are not able to close above the 40000 levels for a bullish run.
A close below the 29000 levels will bring bitcoin to a lower low on the daily time frame.
No Comments found