Skip to content

Bitcoin $30k ‘a matter of time’ as BTC closes another week above 200 MA

Bitcoin $30k ‘a matter of time’ as BTC closes another week above 200MA

With the majority of assets in the cryptocurrency market opening the week on a bearish note, Bitcoin (BTC) is no exception, dropping below the critical psychological level of $27,000. However, optimism still remains as the flagship cryptocurrency closed another week above the 200-week moving average (MA).

Indeed, Bitcoin has made another weekly close above the 200 MA, and the crypto analyst CryptoJelleNL sees it as a bullish sign despite the current setback, indicating that it “feels like it’s a matter of time until Bitcoin finally breaks that $30k level once and for all,” in a tweet shared on June 5.

Bitcoin price action analysis. Source: CryptoJelleNL

That said, Bloomberg senior commodity strategist Mike McGlone has earlier stated that more pain could await the flagship decentralized finance (DeFi) asset, which, alongside other cryptos, is potentially facing its first United States recession, stock bear market, and central bank scrutiny.

Bitcoin price analysis

At press time, Bitcoin was changing hands at the price of $26,683, down 1.96% in the last 24 hours and 4.40% across the previous seven days, adding up to the loss of 8.89% on its monthly chart, as the latest data retrieved by Finbold on June 5 indicates.

Bitcoin 24-hour price chart. Source: Finbold

With its most recent price decline, Bitcoin has failed to invalidate the bearish head and shoulders pattern, as it broke below the area between $26,920 and $27,500, where it needed to remain for a successful retest, according to the observations by crypto analyst Rekt Capital shared by Finbold on June 2.

Earlier, crypto expert Altcoin Sherpa had noted that Bitcoin could drop to as low as $23,000, referring to multiple technical analysis (TA) indicators, including the 200-week exponential moving average (EMA), 200-day EMA, support and resistance levels, as well as the 0.382 ratio Fibonacci level.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

Related posts