After falling to $25.8 thousand, Bitcoin closed the week at $26,925, according to cryptocurrency screener Cryptovizor. What's next?
Bitcoin weekly chart. Source: Cryptovizor
What traders say
As always, traders were divided into two groups: pessimists and optimists. The cohort of witnesses to the fall was led by Rekt Capital: he believes that the critical resistance now is the level of $27,600 - it is this level that needs to be turned into support for further growth. The analyst explained that this level has acted as support over the past few weeks (black line on the chart), but now the price has consolidated below the level.
If $27,600 becomes resistance, we should expect a fall below $25,000.
Bitcoin weekly chart. Analytics Rekt Capital
The head of the trading company Eight, Michael van de Poppe, spoke on behalf of the optimists, who views the current situation as a short-term pullback on the way to new heights. He wrote:
Bitcoin looks ready to continue. Saving $27,000 will ensure a rally to the highs.
Bitcoin 2-hour chart. Analyst: Michael van de Poppe
Trader Mustache spoke even more categorically. He called on the bears to stop exchanging for the daily timeframe, and look straight at the monthly one, because this
Just a break before the truly crazy rally.
Bitcoin monthly chart. Analytics Mustache
Other factors
The growth of Bitcoin is indicated not only by technical analysis data. Macro economic factors expert Tedtalksmacro drew attention to the fact that since April 26, the US Treasury has printed $95 billion, which, as we know, is excellent fuel for a rally.
US dollar liquidity and Bitcoin chart
In addition, a new increase in difficulty on the Bitcoin network is expected this week, which often accompanies price increases.
