Bitcoin (BTC) at a turning point? June 29 Technical Analysis

After a week of consolidation, bitcoin (BTC) is at a turning point. Bullish indicators suggest that the 25% rise may continue. Nevertheless, it is important for investors to be cautious, as a decline is also a possibility to consider.

A favorable climate for a rise in bitcoin (BTC)?

Since June 15, BTC has recovered more than 25%. After hitting a new yearly high at $31,475, its price is stabilizing around $30,000. This level represents a turning point for bitcoin (BTC), as it could trigger a major move.

First, it is likely that the rally seen since June 15 will continue, potentially allowing BTC to rise above $32,400. This hypothesis is reinforced by the massive purchases made by some large entities, notably MicroStrategy which added 12,333 BTC to its wallet in the last two months. These acquisitions could exert upward pressure. In addition, the advancement of Blackrock’s bitcoin (BTC) ETF application, which may be successful, should also support a rise in the price.

Several indicators reinforce this bullish hypothesis. Indeed, the RSI indicates a predominance of buyers. Additionally, the 50- and 200-day moving averages sit significantly below the current price, suggesting a potential upside for bitcoin (BTC).

Is it the right time to buy?

In this context, the consolidation of the current price could be an opportunity to buy BTC and take advantage of the next bullish wave. With this in mind, the levels below the June 22 low appear to be an attractive buying zone. If bitcoin (BTC) reacts strongly higher from this zone, it would confirm the bullish hypothesis.

However, it is important to exercise caution as a bearish wave could also occur. Indeed, a bearish divergence is visible on the 14-day RSI, which could lead to a correction in the price. If the weekly close breaks below $28,331, the bullish scenario would be invalidated and bitcoin (BTC) could fall towards $20,000.

Entry points: $29,598;

Stop Level: $28,540;

Goal: $32,400.