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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Crypto Analyst: No Bitcoin Monthly Support Until $14K If Current Level Is Lost

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin BTC BTCUSD

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The bulls are given signs of conviction, as Bitcoin reclaims more ground. At the time of writing, BTC’s trades at $36,267 with sideways movement in the 1-hour chart and moderate gains in the 7-day and 30-day chart with 14.2% and 4.2%.

Bitcoin BTC BTCUSD
BTC pushes into resistance in the daily chart. Source: BTCUSD Tradingview

Some traders have begun to flip bullish as Bitcoin printed its first green candle in the weekly chart. The first cryptocurrency by market cap has faced a sell-off during the past 2 months and dropped from an all-time high at $64,000.

Although the outlook seems bullish in the short term, many are worried about an extension of the downtrend. Pseudonym trader “DonAlt” has been looking at Bitcoin monthly candle to find potential support areas.

The trader believes that there are indicators of a potential crash, bigger than the ones seen so far in 2021. Based on the BTC October monthly candle of 2020, $14,000 will act as support if the market “nukes”.

IF the market should crash I’ve got. Decent sized bids around $14000 BTC and $800 ETH. Smaller ones around $20k BTC and $1400 ETH. Not sure I’ll ever get filled but those are the only areas that are somewhat close to price that are decent enough to trade off of

$BTC monthly update:

$13.8k came and went in a flash.
HTF breakouts tend to be violent and this one sure was.

$14k is now the best support we've got.
Worst comes to worst I'll be there buying.

Can't really use the monthly for anything else given how far from support we are pic.twitter.com/TT6j6mTcGN

— DonAlt (@CryptoDonAlt) June 29, 2021

Bitcoin Price Short Term Targets And Support Areas

Economist and trader Michaël van de Poppe classified Bitcoin’s latest price action as a strong move above resistance levels. Investors should keep an eye on $35,000, if BTC’s price managed to stay above these levels, the next target is located around the $38,000 area.

Bitcoin BTC BTCUSD
Source: Michaël van de Poppe

As van de Poppe said, BTC’s next resistance could be a “critical breaker” for further upwards momentum. The chances of a breakout around those levels are high and, if the bulls have enough strength, the price could push into the $40,000 to $42,000 area. The trader added:

Funding remains to be negative, meaning that the majority is still eager to short the markets. The sentiment is still on the ground, understandable, through which FOMO can be fueled even more at a later stage. The higher we get -> the more FOMO we’ll see with Bitcoin.

However, Bitcoin must hold that area to sustain a move deep into previous highs. During the past weeks, BTC has been rejected precisely around the $40,000 area. Thus, van de Poppe doesn’t rule out a re-test of the lows at $30,000.

Now, I’d like to see it hold as support in order to continue moving to $38,000. Preferably even without a retest and just continuation towards those next levels. Overall -> good signals on the markets.

For altcoins such as Ethereum, Cardano, XRP, and others, the outlooks seem less optimistic in the short term. Bitcoin dominance has begun to pick up momentum and it could gain further traction as the market recovers.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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