Bitcoin (BTC) aborted a fresh attempt to reach $31,000 on June 29, while traders waited for bulls to succeed.
BTC/USD 1-hour chart. Source: TradingView
BTC price “primed to launch”
Data from Cointelegraph Markets Pro and TradingView showed BTC price action refusing to leave its short-timeframe trading range.
Now caught between $30,000 and $31,000, BTC/USD lacked impetus to continue the prior week’s uptrend or reverse downward.
For market participants, however, there was increasingly reason to believe that flipping higher resistance levels to support would come next.
It is very likely that #Bitcoin will reach the N28CT target of $34,500 in the next push higher
My model has nailed every prediction since its creation
-Bottom in Nov 2022
-Best cycle buying prices in green year
Time to accumulate is coming to an end..https://t.co/Lg9LBcoDad pic.twitter.com/HF7EwWNpKZ
— CryptoCon (@CryptoCon_) June 29, 2023
“Bitcoin’s 2020 Fractal is still in play,” popular trader Jelle wrote in a Twitter update, arguing that Bitcoin was repeating its late 2020 breakout.
“Up only from here if we keep following it. I’m ready.”BTC/USD annotated chart. Source: Jelle/Twitter
Popular trader and analyst Rekt Capital, meanwhile, eyed equally promising signs on monthly timeframes ahead of the June 30 monthly candle close.
“BTC is positioning itself for a Monthly Close above a resistance that had rejected price for the past three months. And now BTC is holding comfortably above that same level (black),” he commented on an explanatory chart.
BTC/USD annotated chart. Source: Rekt Capital/Twitter
Reacting, CryptoCon described BTC/USD as “primed to launch into the resistance zone.”
“Markets are looking ready for another leg upwards,” Michaël van de Poppe, founder and CEO of trading firm Eight, added.
“Bitcoin looks good, but altcoins are moving in tandem too.”
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