Bitcoin (BTC)

$BTC 63,586 (-1.09%)

It was not a good week for investors, with BTC seeing significant losses in the last 7 days. Also, this is not over. In the last 24 hours, BTC price fell to $63,536 and is stuck below $64,600. The short-term outlook is weak due to miner sales, Germany's BTC sale, and Saylor's BTC purchase. So do all analysts think the same?

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Cryptocurrency Expert Commentary

Weekly Closing is Critical

Cryptocurrency Expert Commentary

BTC was a few hours away from the weekly close when this article was prepared, and around 00:00 GMT, BTC saw significant selling. Popular market analyst Roman wrote in his latest assessment that the rise for BTC will continue. Investors, who have been demoralized for most of June, don't have much hope in the short term. However, Roman prefers to focus on broader time frame charts, which look much better.

He expects a surge for BTC that could last for months, and the king cryptocurrency could be on the verge of this turn. Pointing to the weekly RSI and Bollinger Bands, the popular analyst wrote:

“Currently, as a third bullish divergence forms between Price and RSI, many are giving up and calling for lower levels. Bollinger Bands are also getting tighter, indicating further movement.”

In the shared chart, while the RSI is making lower lows, the price is making higher lows. This situation has historically been a precursor to significant upward fluctuations in many markets. However, the past does not necessarily have to repeat itself.

Weekly Closing is Critical

Roman targets $90,000 for the move higher. The point marked as the new all-time high could be confirmed with this week's weekly close. In his comment on his X account, he wrote:

“There are signs for the continuation of the increase in the broader time frame. When the volatility I expect begins, we could see a new move above $90,000.”

Another analyst, Daan Crypto Trades, wrote:

“I'm not exactly sure when this will happen, but I don't think it will last all summer. I’m talking about the $59,000-$74,000 range here.”

While US stocks are rising, bond yields are falling. Normally, this should trigger further increases. Also he said:

“Historically, there is a good environment for $BTC and cryptocurrencies to develop. However, it is true that cryptocurrencies are a bit behind. But when they catch up, when they achieve this, we see magnificent things.”