BTCUSD Weekly Outlook – June 24, 2021

Last Updated on June 24, 2021

Bitcoin Price Forecast

Introduction

The number one cryptocurrency fell from its ATH and it still went lower than the previous month’s low. 

Some trading platforms, such as Pocket Option broker,  and bitcoin miners are selling off their coins to keep their fund safe because of the continued pressure from the Chinese authorities to stop miners from generating hash rate because of the environmental pollution and safety. 

However, the demand for bitcoin remains as more organizations are accepting bitcoin as a means of payment.

Bitcoin/USD Technical Analysis

Monthly Chart

BTC/USD monthly chart - June 24 2021

Monthly Resistance level 64665, 45000

Monthly Support level 30000

The COVID-19 pandemic was an asset to the crypto market because the global shutdown led to funding transfer via bitcoin and the value increased as well as other digital assets. 

The recent sell-off of long position traders was because of China’s crackdown on the mining firms. 

Whales are using the opportunity to buy the dip while small investors will have to wait for the market to be in a bullish state before they take their opportunities. A close below the 28000-support zone will take the price lower to the 2017 ATH zone, which will act as a support after the price of bitcoin closes below the level.

Weekly Chart

BTCUSD weekly chart - June 24 2021

Weekly Resistance levels 65000, 45000, 41500

Weekly Support levels 28000, 30000

The current market sentiment shows that the buying dip might not be the right call for bitcoin and other digital assets as we expect the market to stabilize without the fear factor. 

The market sentiment is bearish on the weekly time frame and the bullish momentum cannot be ascertained because there is a high of 41500 and 45000 zones must take out. The weekly chart shows that the trend is still bearish because the bearish candlestick has engulfed the region and it will take strong bullish momentum candles to breakout above the zones. 

A close below the 28000-support low will take the price down but if the support should hold, we may see a reversal from the zones.

The bullish surge may take the BTC price high to the resistance level of 45000 and above to 65000 if the Bulls have the momentum in the market. If they can close above the level a new high will be established but if the price falls, we will have a double top and a fresh selling pressure will likely take the price of bitcoin to a lower low.

Daily Chart

Daily Resistance level 45000, 415000

Daily Support level 28000

The BTCUSD is bearish on the daily chart as the bitcoin brokers, Institutions and other traders are holding on to their short position because of the market sentiment influencing the sell-off.  

Daily time frame, we can see that bitcoin has entered the demand zone of 28000 and 30000 levels. The bitcoin can bounce back to the resistance level of 45000 if the buying momentum can overturn the bearish sentiment.

For the next few days, we may see the price of BTCUSD continue its consolidation and it may lead to another dip if the 41500 levels should reject the Bulls advancements. 

If the next bearish swing should close below the 28000 levels, we shall see price drops to the next demand zone of 20000. It is a projection that may happen or it may reverse, therefore; it is not smart to think o buying the current dip right now. 

We expect the week to be bullish as the market recovers from the dip that took some profits away from short-term holders, however; the market remains bearish in the midterm projection.

Bitcoin BTC News Events 

CAPITAL MARKETS As the BTC became a haven for Institutions and investors and bitcoin brokers during the Covid-19 pandemic, about $300 million BlockChain Capital was raised with the backing of PayPal and Visa among other investors who are pension funds, major university endowments and family officers around the world. 

The company have increased their footprint in the crypto industry in the recent times as they have taken stakes in the companies across the market space. 

According to Blockchain Capital, he sees the partnership as strategic in including PayPal and Visa because they will leverage on the industry-leading network, research capabilities and the contacts that will benefit those payments companies and their own company’s portfolio. 

Investing in the Blockchain Capitals new fund is an opportunity for them to engage with entrepreneurs who are driving the future of the decentralized economy and the new wave of financial services according to PayPal’s VP.

The Lightning network capacity of bitcoin has sped up to 1500BTC according to the Block’s Data Dashboard, an amount is worth $61.3 million at the current price. This is the scaling solution of bitcoin and its design to make it cheaper and faster to send small amounts of bitcoin. 

The fee on the network is just 1 satoshi ($0.00038) in few seconds. The newt work has been growing rapidly since January when the capacity was as low as 1040 bitcoin, it has increased by 50% under the 6th month while it took it about 3years to breakout significantly above the 1000bitcoin. 

According to 1L, the number of nodes on the network increased to 21,567 and only 12040 of them have channels that are online and active. 

Now there are more than 50000 channels connecting nodes together across the network. 

Recently, El Salvador’s government are making bitcoin a legal tender and the Lighting network is experiencing greater exposure, and it is gaining popularity in the country with Lighting-enabling apps such as Bitcoin Beach, and Strike that can be seen at the top of the Google play store local ranking.

 Conclusion and Projection

They attributed the recent market correction to some of China’s regulations on mining firms in relations to environmental regulations. The sell-off of BTC among new investors is also preparing the whales to buy the dip. 

Many bitcoin brokers and other analysts expected the pullback because the price cannot move in a single direction. 

 

James S. Martin
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