- The Bitcoin price faces immediate resistance at the 50-day SMA.
- The MACD indicates increasing bullish market momentum.
The Bitcoin price has been trending horizontally between June 22 and June 28. In this time period, BTC has been hovering between $31,670 to $34,650. Following the price attempted to break into $36,000 multiple times but was blocked on the upside by the 20-day SMA and the $35,000 resistance.
Bitcoin Price Continues To Sludge Along Horizontally
Since July 1, the Bitcoin price hovering between the $33,600 support and the $35,000 resistance. The 20-day SMA is also trending in this range, which is why BTC has managed to continuously flip this level from support to resistance and back again over the last two days. The MACD tells us that the market momentum is presently bullish.
Image: BTC/USD daily
Bitcoin price faces immediate resistance at the $35,000). As per the IOMAP, over 1.1 million addresses had previously purchased almost 445,000 BTC at this level.
PlanB Lists Out Worst-Case Scenarios For Bitcoin Price
After undergoing some harsh price correction, Bitcoin seems to be looking up again. The crypto community is now debating whether BTC will continue its bullish momentum to reach its April ATH or perhaps even cross it. Bitcoin analyst who goes by the name PlanB recently took to Twitter to lay out “worst-case” scenarios for Bitcoin.
“June closing price $35,037 .. as far below S2F model as in Jan 2019. Next 6 months will be make or break for S2F (again).”
Expanding on this on the same thread, PlanB also added their worst-case scenarios for July. They said:
“…And my worst-case scenario, the floor, for July is $28K (monthly close),”
As for August, as per PlanB’s analysis, Bitcoin’s price could increase by more than 40% by the end of August. According to them:
“My on-chain data (color overlay in the chart below) tells me this bull is not over and 64K was not the top. That is in line with the s2f(x) model. Also, my floor indicator (not based on s2f) says we will not go below 47k Aug close.”
However, PlanB asserted that $64,000 was not the peak of the bull run. In a tweet dated June 3, Plan B acknowledged their hasty analysis and dismissed the idea of diminishing returns. As per this concept, each Bitcoin bull cycle gets less volatile.
PlabB posted the following chart in the tweet.
“1) Was $64K the top and will we oscillate between $25K-50K?
2) Or was $64k not the top and will the bull market resume towards S2F $100K-288K?
…My money is on 2“
Dan Held, Director of Growth Marketing at Kraken, supported PlanB’s analysis. Held responded on Twitter saying:
“Agreed. We’re still early in the cycle”
Bitcoin Price Is Expected To Reach These Levels
Having reclaimed the 20-day SMA, the Bitcoin SMA needs to take down the $35,000 resistance barrier. A break above this line should take BTC to the 50-day SMA ($36,000).