Every day, find our daily analysis of Bitcoin (BTC) with an update on its evolution and the main information to remember.
This weekend, bitcoin (BTC) prices remained stable around $30,000, although many requests for Bitcoin ETFs were repeated last week and are now awaiting approval by the SEC. It must be said that since Thursday, June 22, 2023, BTC has been moving flat in a range between $29,500 and $31,500. First, let’s take a look at the evolution of the price.
BTC down slightly over 24 hours and over 7 days
No big moves this weekend. Bitcoin’s underlying trend remains distinctly bullish with a 17.55% 1-month rise triggered by BlackRock’s Bitcoin Spot ETF request.
| Pair with Bitcoin | 24 hours | 7 days | 1 month |
| Bitcoin/USDT | -0.52% | -1.81% | +17.55% |
| ETH/Bitcoin | -0.18% | -5.44% | -8.68% |
Bitcoin remains strong against altcoins with its dominance at 51.58% and a -5.44% drop in ETH/BTC in 7 days.
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Bitcoin (BTC) remains bullish but overbought
The value of Bitcoin is evolving in the very important support zone at $30,000 that we will have to hold to hope to finally break the next resistance at $31,500. If its value were to drop below $30,000 at the close, then there would be a good chance that BTC would go back towards $28,000, the next level which had acted as resistance several times in the past and which should therefore now take on the support role.
Daily Bitcoin price chart (Daily)
From Ichimoku’s point of view, the price of BTC remains in an uptrend since it is still moving above the cloud (in green) and the Kijun (average over 26 periods, in purple). However, we note that it broke the Tenkan downwards (average over 9 periods, in blue) and that the latter is very far from the Kijun, which demonstrates an overbought situation.
In a market where the price is at equilibrium, the Tenkan and the Kijun must be close, so we can expect here a potential correction or that the range continues while waiting for the Kijun to rise.
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Some figures expected this week in the United States
As often, the market seems to be waiting for the various economic announcements of the week to initiate a new movement on Bitcoin. We will mainly monitor the Consumer Price Index (CPI) for triggering events this Wednesday, July 12 at 2:30 p.m., as well as jobless claims this Thursday, July 13 at 2:30 p.m.
Daily Bitcoin price chart (Daily)
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Bitcoin invites itself into the US election again as the SEC accuses Coinbase again
Finally, here is a summary of the information you should not miss this weekend:
– US candidate Robert F. Kennedy Jr. holds up to $250,000 worth of BTC
– Vitalik Buterin advises bitcoin enthusiasts
– Coinbase Willfully Violated Securities Laws, Says SEC
– Approval of a spot Bitcoin (BTC) ETF won’t change much for the crypto market, says JPMorgan
– The end of the longest bear market in its history for Bitcoin?
By the way, do you think Bitcoin is finally done with its bear market? Do not hesitate to give us your opinion in the comments.
See you tomorrow for our next daily analysis!
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Chart source: TradingView
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Passionate about crypto-currencies since 2017 and fervent defender of knowledge sharing, I am a Youtuber, crypto analyst and regular trader. Every week, my role is to make you aware of technical analysis by giving you my point of view on the evolution of the price of Bitcoin and Ether, using my favorite indicators such as the Ichimoku as well as chartist patterns.
