Bitcoin market observers and technical analysts are leaning bullish again as the asset builds on weekend momentum.
Bitcoin prices have come just shy of $35,000 during Monday morning’s Asian trading session. The upwards momentum follows a bearish weekend which saw the asset slump to a Saturday low of $30,300.
The psychological $30K support level has held strong as Bitcoin prices rise back into their range-bound channel. At the time of press, the king of crypto was trading up 4% on the day at $34,500, according to Tradingview.
Analysts Bullish on Bitcoin
Crypto market analysts and chart experts are leaning bullish once again, following the big bounce from support. Analyst ‘CryptoHamster’ noted that both BTC and ETH had broken the resistance line to the upside. The analyst added that there is likely to be more sideways action before the next big move, which would need to top the psychological $40K barrier for Bitcoin.
#Bitcoin and #Ether have broke the resistance line to the upside.
Mid-term, however, they both still go sideways and more confident rise could be seen only after the major resistance level at around $40k is broken. $BTC $BTCUSD $ETHBTC $ETH $ETHUSD pic.twitter.com/7yG9z0xWw7
— CryptoHamster (@CryptoHamsterIO) June 27, 2021
Civic CEO, Vinny Lingham, was confident that the holding of support could lead to larger gains this year.
“If $30k continues to hold, we’ll likely break $100k Bitcoin this year!”
Citing the accumulation phases of the Wyckoff Analysis model, Messari researcher Mira Christanto stated that “Once markets have capitulated… Bitcoin can recover.”
Bitcoin’s weekly candle closed as a “hammer,” which is a bullish signal indicating possible trend reversal following the six-week downturn in which BTC shed 54%.
Stock-to-flow creator ‘PlanB’ posted an update of his model, which still showed a long-term uptrend. Last week the analyst said he felt a little “uneasy” as prices fell to the bottom bounds of the model but just remained within them.
— PlanB (@100trillionUSD) June 27, 2021
The anonymous analyst surveyed his 600K followers last week, asking them what price they thought Bitcoin would reach by the end of the year. More than 40% said they did not think it would top $100K this year. The S2F model calls for an average price of $288K during this cycle.
Crypto Markets up 3.5%
Total market capitalization has gained 3.5% over the past 24 hours, according to CoinGecko. Around $90 billion has flowed back into digital assets over the weekend as the total cap reached $1.4 trillion again by Monday morning.
Ethereum has made 5.3% to reach $1,980, while Cardano, Dogecoin, and XRP have added around 3% apiece at the time of writing. Today’s top performer is ICP surging a whopping 46% on the day to reach $44.