The price of BTC continues to be pressured by sellers bringing their coins to exchanges. If you want to find out where the price is likely to move next, check out this weekly Bitcoin forecast.
At the time of this writing BTC is trading at $31,425.76, accumulating a loss of 0.23% in the last 24 hours. The week is about to close quite bearish, thanks to a cumulative loss of 7.55%.
For the time being, the odds continue to lean down for the short term, and will remain so as long as we do not see the deposits of whales in the exchanges decrease considerably.
We recently saw a significant BTC deposit on Binance, 14,550. 78 coins to be exact, which tells us of a larger liquid coin offering.
This down tide occurs right in the middle of a 16,000 BTC unlock from Grayscale shares. In June, strategists at JP Morgan & Chase warned that this event could trigger the next wave of sales.
Despite everything, metrics such as the bullish trend of stablecoin deposits on exchanges, and a Bitcoin tending to scarcity, tells us that the long term can still be positive.
Bitcoin weekly forecast
Performing an analysis of the BTC daily chart, we noticed a clear bearish direction in the very short term, due to the continuous lows and highs getting lower and lower.
However, this small trend occurs within a larger lateral range, with a large support around 30k, and resistance in the 40k. For this reason, it is not yet too worrying.
At the moment we will most likely see some more losses during the beginning of the week.
But, buying pressure on the support zone in which the price is located could quickly surprise sellers.
To think of a recovery, the price must pass through the immediate resistance at $32,820. But it will not be until we exceed $40,000 when we can confirm a resumption of the major trend.
In case of losing the support zone, the land would be cleared up to $26,500. Below the next support is at $23,810.
Major trend continues to defend the support zone surrounding the 30k
Although we are seeing a significant bearish week, the price still does not escape the support zone where we have continuously seen buying pressure, capable of causing strong rejections of low prices.
Bitcoin’s dominant uptrend over the past few months, makes this weekly forecast not so negative. For despite the short-term problems, the fall is really not so worrying for those who have their eyes set on large timeframes.
All our publications are informative, so in no case should they be accepted as investment advice.
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