Is Bitcoin (BTC) turning the corner?

As an experienced analyst, I’ve seen my fair share of market fluctuations in the crypto space. And while Bitcoin’s current price action presents some mixed signals, I remain cautiously optimistic.

As an analyst, I’ve been observing Bitcoin‘s price action closely, and there have been some conflicting indicators recently. However, if Bitcoin manages to close the month above $61,000, that would be a positive sign for me. Additionally, the long downside wick on the weekly chart indicates strong buying pressure, which is an encouraging sign. While this doesn’t definitively mean that Bitcoin has turned the corner, it does suggest that the market may be shifting in a more bullish direction.

As a crypto investor, I’ve witnessed Bitcoin’s unwavering performance, climbing from nearly $40,000 to an impressive $73,800 within just eight weeks. This remarkable surge has led to a lengthy sideways consolidation, creating an intricate and robust price structure that beautifully supports the ongoing 2021 crypto bull market.

$BTC bounces from range bottom

As an analyst, I’ve observed in the daily timeframe that Bitcoin’s ($BTC) price has bounced back from the support level at $61,000. If it manages to surmount the minor resistance levels en route, then we could potentially see it returning to the top of its range.

Weekly candle shows plenty of buying last week

As a researcher studying Bitcoin’s price action, I acknowledge that the weekly close below $63,000 might raise some concerns. However, it’s important to note that there was significant buying pressure towards the end of last week, as evidenced by the long wick down on the candle. This type of candle is referred to as a dragonfly doji or pinbar, which typically forms at the bottom of corrections and signals a potential bullish reversal in the market.

Monthly stochastic RSI could be a concern

On a monthly basis, the past four candles have been steadily holding above the $61,000 support level. This price structure is evidently emerging. However, there’s a significant concern: the monthly stochastic RSI (located at the chart’s bottom) has dipped below the 80 mark. We hope that this downward trend in momentum will soon reverse course, ideally bouncing back up near its current level or at least around the 50 level. The apprehension lies in the fact that a prolonged stay below the 50 level could last several months before regaining strength and reviving Bitcoin’s positive price trend.

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2024-07-01 15:06