Bitcoin $30,000 a matter of time as BTC closes another week above 200 MA

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With the majority of cryptocurrency market assets opening the week on a bearish note, Bitcoin (BTC) was no exception, dropping below the critical psychological level of $27,000. However, optimism 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 crypto analyst CryptoJelleNL sees it as a bullish sign despite the current setback, indicating that it’s as if it’s a matter of time until until Bitcoin finally breaks that $30,000 level once and for all. all, in a tweet shared on June 5.

Bitcoin price action analysis. Source: CryptoJelleNL

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

bitcoin price analysis

At press time, Bitcoin was changing hands at a price of $26,683, down 1.96% in the last 24 hours and 4.40% in the previous seven days, a loss of 8, 89% on its monthly chart, as the latest data retrieved by Finbold on June 5 indicates.

24 hour Bitcoin price chart. Source: Finbold

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

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

Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.

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