With the price of Bitcoin (BTC) fighting to remain above the critical threshold of $31,000, a cryptocurrency market analyst believes it needs to turn one major level into support in order to continue its bullish rally toward $36,000 and beyond.
Specifically, a pseudonymous cryptocurrency analyst, known as Crypto Tony, stressed “the range high at $32,000″ as a significant level” for the flagship decentralized finance (DeFi) asset and that “$36,000 and higher will come if we flip it,” according to the observations he shared in a tweet on July 6.
As he explained:
Picks for you
“Unless we flip $32,000 into support, do not be following moon boys’ calls for higher targets. Take it one step at a time, as you’re just setting up greed already.”
In the meantime, another crypto expert, known as CryptoYoddha, has noted that Bitcoin “looks ready for another ride” upside, as illustrated in the chart pattern analysis and prediction of the future BTC price trends posted on Twitter on July 6.
Bitcoin price analysis
At press time, Bitcoin was changing hands at the price of $31,112, which demonstrates a 1.27% gain in the last 24 hours, adding up to an increase of 2.40% across the previous seven days, as well as the 20.99% advance over the past month, as the charts indicate.
It is also worth noting that renowned economist Alex Krüger has earlier said that the maiden crypto asset was sitting “right on the edge of resistance (…) between $31k to $37k,” referring to the latter figure as “the lunar level” from mid-May, as Finbold reported on July 5.
At the same time, crypto expert Willy Woo believes that Bitcoin is in for another price squeeze following the continuous increase in demand coming from institutional and professional investors in Bitcoin futures, as he told crypto trader and investor Scott Melker, a.k.a. The Wolf Of All Streets in a podcast on July 3.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
