Bitcoin breaks out of $ 30,000 amid the “opportunity” to break out of the average range of $ 40,000 June 27, 2021

Bitcoin (BTC) rebounded from a new $ 30,000 support challenge on June 27, continuing an uncertain course that worries traders.

Bitcoin avoids “nuclear power” below $ 30,000

Data from Cointelegraph Markets Pro and TradingView show that BTC / USD peaked at $ 33,445 on Bitstamp Sunday.

On Saturday the pair fell back to $ 30,070 and eventually stopped another drop below the significant psychological support after last week’s volatility.

However, that was not enough to boost sentiment among traders as many believed that the local BTC price had not yet bottomed out.

Can’t we all agree to dispose of it? #BTC and raise it to $ 26,000 by the end of the week to start the next bull run with a V-shaped rebound on Monday?

– Crypto_Ed_NL (@Crypto_Ed_NL) June 25, 2021

For analyst Rekt Capital, the prospect of Bitcoin losing its 50-day exponential moving average (EMA) of currently $ 33,500 is cause for concern among the bulls.

“The BTC rally is promising, but 50 WEMA still have to be withdrawn as support,” he said told Twitter followers rose higher after Sunday.

“Weekly closing over ~ $ 33,500 will be enough to save 50 WEMA in support.”

At the time of writing, BTC / USD is trading at around $ 32,400, leaving a fair amount of money to allow for a more optimistic start to the week ahead.

Rect capital More that using Wyckoff analysis, Bitcoin could still rise $ 10,000 and end in the mid-range of $ 40,000 if a current wedge holds without crashing.

“Volatile but bullish”

As always, the long-term outlook from experienced market participants points to a different world with poor intraday price developments.

Related: “Bitcoin will hit $ 160,000 this year,” says Celsius CEO

One of the analytics sources that felt good over the weekend was PlanB, which creates stock-to-flow pricing patterns.

“Bitcoin: short-term volatility, long-term uptrend”, Mr. Summary along with a comparison chart of Bitcoin’s 200 Week Moving Average (WMA) and its actual limit.

As Cointelegraph reported, the 200 WMA is an important “line in the sand” that spot prices have never exceeded. Despite the recent losses, it continues to rise every month.