Bitcoin
BTC$63 365.57

-1.97%

Ethereum
ETH$4 124.43

-1.79%

Binance Coin
BNB$491.77

1.14%

Cardano
ADA$2.19

-1.25%

Tether
USDT$1.000207

0.03%

Solana
SOL$204.52

9.96%

Bitcoin (BTC) Is Playing Tricks And Defeating Resistance


Despite numerous bearish signals that traders had seen on Bitcoin charts, the first cryptocurrency defied the expectations and went on a bull run that added 15.7% to its USD value in just one week, and 21% on a monthly scale. This move had indeed stirred up all traders, but the elevated interest was caused merely by the previous lack of impactful price action.

Ever since the Bitcoin halving, which happened more than 80 days ago, on May 12, the price of the dominant cryptocurrency hasn’t left the channel between $9000 and $10,300. Starting from June 1, BTC has actually been plodding downward in a tight descending channel, while all major indicators had been dying down along with the price action.

The probable reasons behind the awakening of Bitcoin


But as it often happens in the cryptocurrency market, the price made a sudden turn and sprinted to the upside, breaking the long-standing resistance at $10,300 along the way, which, as always, caused a big stir in the community of traders and experts. All news outlets exploded with bullishly-toned headlines and created hype that attracted retail investors from the outside and served as a driving force for the latest impulse.

1-day BTC/USDT chart

 Besides, the run was also instigated by the liquidation of $500 million short positions in the derivatives market, as well as the record high trading volume of Bitcoin monthly futures on Bakkt.   

On the side note, Bitcoin also featured in some positive news unrelated to trading, like the one where the Iranian authorities allowed local power plants to mine BTC in their facilities legally, or when the subsidiary of Fidelity Investments dubs the cryptocurrency as a promising store of value and financial safety bag.

The expectation of the commencing bull market could be premature


However, a disciplined trader has to ignore the noise raised by the media and rely on hard data and technical analysis when trying to make the Bitcoin price prediction. Certainly, the awakening of Bitcoin from its lethargic sleep has livened up the market and gave it an additional push to the upside as many altcoins have engaged on the rally of their own. But the reality is that despite the strong bullish charge, the price remained under the bearish lid, represented by the resistance level at $11,300 that had been breached only twice in the past year, but then got pressurized down and under.

Bitcoin dominance chart

There are several factors that speak against Bitcoin going above $11,300 and establishing a foothold there in the coming days.

This is a tricky situation since, as we have already noted, Bitcoin tends to defy the expectation lately. Therefore, despite showing clear bearish signals, BTC could well explode to the upside again, and go for $13,000. Right now, we would recommend employing a hedging strategy and wait for the resolution at $11,300.

Author: Alex Paulson for: Crypto-Rating.com

Related

The Best Composition For Your Cryptocurrency Portfolio in 2021
The Best Composition For Your Cryptocurrency Portfolio in 2021
The Reasons Why 90% of Crypto Traders Lose Money
The Reasons Why 90% of Crypto Traders Lose Money
Bitcoin Blasts Off But the Shadow of Evergrande is Still Looming Over the Crypto Market
Bitcoin Blasts Off But the Shadow of Evergrande is Still Looming Over the Crypto Market
The Best Cryptocurrency Trading Bots in 2021
The Best Cryptocurrency Trading Bots in 2021
The Reasons Behind the Current Popularity of Play-to-Earn Games
The Reasons Behind the Current Popularity of Play-to-Earn Games
The Biggest Ponzi Schemes in the History of Crypto
The Biggest Ponzi Schemes in the History of Crypto
Crypto Volatility Index (CVIX): An Essential Risk Management Tool in Crypto Trading
Crypto Volatility Index (CVIX): An Essential Risk Management Tool in Crypto Trading
Top Cryptocurrency Exchanges to Trade on in 2021
Top Cryptocurrency Exchanges to Trade on in 2021
The Biggest Misconceptions About Cryptocurrency Markets
The Biggest Misconceptions About Cryptocurrency Markets

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 62.4% 82 $63 365.57 -1.97% 6.45% $1 194 493 310 958 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 71.6% 59 $4 124.43 -1.79% 9.07% $486 803 148 738 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 69.2% 64 $491.77 1.14% 6.53% $82 027 720 087 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 88.4% 12 $2.19 -1.25% 1.22% $72 004 147 290 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 94.8% 1 $1.000207 0.03% -0.02% $69 627 517 914 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 71.2% 54 $204.52 9.96% 29.69% $61 524 252 950 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 71.2% 50 $1.10 -2.42% -1.36% $51 788 239 987 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 65.6% 76 $46.10 6.03% 15.62% $45 528 763 922 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 74% 57 $0.247098 -1.08% 8.28% $32 567 634 508 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $1.000150 0.04% -0.03% $32 399 349 700 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 69.6% 63 $44.59 9.19% 20.56% $17 908 201 379 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 72% 56 $26.72 -0.17% 3.61% $16 344 258 475 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 64 $64.96 5.89% 17.34% $14 309 797 078 AVAX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 63.2% 82 $63 395.16 -2.01% 6.49% $14 016 228 919 WBTC 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 68.8% 56 $198.79 -2.79% 10.12% $13 677 185 173 LTC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.