Overview of the Market

[Ayub83]

For the previous few days, Bitcoin has been stabilising between $31,000 and $40.000. The bulls are presently trying a rebound after the bears failed to keep the price below the range's support. The relative strength index's positive divergence suggests that bullish momentum is building.

[bonghip]

For the previous few days, Bitcoin has been stabilising between $31,000 and $40.000. The bulls are presently trying a rebound after the bears failed to keep the price below the range's support. The relative strength index's positive divergence suggests that bullish momentum is building.

Bitcoin now testing the uptrend line and need to hold above the uptrend line. We may see another retest of the resistance area. The decision time is coming and we will see a breakout soon either side. If #Bitcoin breaks in upward direction then we will see a good pump towards $38,000-$39,000. The major support on downside after the breakout is $29,000-$30,500.

[Ararbermas]

It's been how many attempts actually, and i hope on this moment it will succeed to keep holding after making progress or it will continue to increase more instead as it's  showing green again in the market as of today. because you know it always sliding back to the support., maybe mostly traders nowadays really take the opportunity to gain quick profits because of the consecutive results after the improvement.. I hope it's different now..what i mean they should stop dumping when there's a small improvement so that it can jump higher again.

[TheUltraElite]

Bitcoin now testing the uptrend line and need to hold above the uptrend line. We may see another retest of the resistance area. The decision time is coming and we will see a breakout soon either side.

Agreed, the bulls are testing the levels and there is possibility of the uptrend to start. I believe everyone has passed on from the PTSD of some millionaires bearish on bitcoin and some countries banning mining and so on.

However as of this time bitcoin is down by -4.26% at 33k USD. The 32k USD support level should hold hoping that there has not been another big negative news.

Some people has cashed out these levels of 35k and 40k which is why price failed to rise beyond that. Are we still having some 2017 pump buyers still on the market? Probably yes, foolish enough to buy at 20k when it was the first all time high of that range.

Price close to 30k USD is defenitely a point of buying. But be cautious, crypto once it starts falling the FUD pours in and dumping crosses all limits.

[Desmong]

For the previous few days, Bitcoin has been stabilising between $31,000 and $40.000. The bulls are presently trying a rebound after the bears failed to keep the price below the range's support. The relative strength index's positive divergence suggests that bullish momentum is building.

Like we all know that indicators lags a lot and also using a single indicator to analyze the market is a poor way of seeing what the market has to offer. It would be much better to use couple of indicators to presume the future move of price, using just one which is likely to give false indication of market direction.
Looking as the way price is falling and rising is a sign of gaining momentum before the continuation of the bullish market.

[michellee]

Hopefully, that will happen this month but if we check on the market, the price does not break $35k but down to the lower price we see this hour, the price is back to $32k. But the chance to back to $33k or more still there and we only need to wait and have patience. But we do not need to feel sad if, somehow, the price can not back to $40k this month because bitcoin will still have more times to increase in the future.

[MusaMohamed]

Bitcoin now testing the uptrend line and need to hold above the uptrend line. We may see another retest of the resistance area. The decision time is coming and we will see a breakout soon either side. If #Bitcoin breaks in upward direction then we will see a good pump towards $38,000-$39,000. The major support on downside after the breakout is $29,000-$30,500.

Technically speaking, Bitcoin is in down trend. Technically only. Because chart can be manipulated and down trend is a preparation for future uptrend.

When everyone think Bitcoin will rise and rise without stop stations, corrections towards $100k, it has serious corrections that lasts since May.

So when people think Bitcoin bull run in 2021 is over, it will return.

[TheUltraElite]

Technically speaking, Bitcoin is in down trend. Technically only. Because chart can be manipulated and down trend is a preparation for future uptrend.

Charts are only 50-50 correct/incorrect. The real movements will only be seen when the time comes and not before that, otherwise every analyst would have been a millionaire. A deep downtrend can drive the market even lower so we cant comment absolutely but relatively only.

When everyone think Bitcoin will rise and rise without stop stations, corrections towards $100k, it has serious corrections that lasts since May.

Corrections are the rule. As a general thumb rule if bitcoin rises beyond its all time high then it is just a matter of time before the correction hits. Again the opposite happens but with a slower rate.

And I would not bank on 100k USD at such an early date. My current target for bitcoin will be to consolidate a level above 45k USD.

So when people think Bitcoin bull run in 2021 is over, it will return.

Bull market or bear market, you cant deny the mainstream acceptance that bitcoin is gaining at this time and that is the difference of this year from previous years when bull trends had started but quickly dropped.

[Tessnik]

The general cryptocurrency market is on a downtrend lately and bitcoin has relied on around $32k and $34k have shown that the bull market is gathering its momentum for the next bull run. The bear market is over bitcoin is in a total recovery phase.

[slaman29]

Technically speaking, Bitcoin is in down trend. Technically only. Because chart can be manipulated and down trend is a preparation for future uptrend.

Charts are only 50-50 correct/incorrect. The real movements will only be seen when the time comes and not before that, otherwise every analyst would have been a millionaire. A deep downtrend can drive the market even lower so we cant comment absolutely but relatively only.

And they are only as correct or incorrect as the guy who builds them. The problem people forget about charts is that most people build them to prove what they think they want to see, not the other way around of building a chart and then studying it for clues about what should happen next.

And these are clues at the most, not even firm signals.

[Gozie51]

For the previous few days, Bitcoin has been stabilising between $31,000 and $40.000. The bulls are presently trying a rebound after the bears failed to keep the price below the range's support. The relative strength index's positive divergence suggests that bullish momentum is building.

On the negative, RSI doesn't give accurate direction of price range. It is moment driven and not strong enough to lead direction. That is not to be relied on because the overall chart overview is still on bear for Crypto market.

[teosanru]

For the previous few days, Bitcoin has been stabilising between $31,000 and $40.000. The bulls are presently trying a rebound after the bears failed to keep the price below the range's support. The relative strength index's positive divergence suggests that bullish momentum is building.

Actually, a lot of positions have been opened in this accumulation area of 31k-40k but I am not sure which side positions have been accumulated. There are good chances that these can be short positions for the downside which means even after a good RSI market may fall downward after hitting the 40 RSI mark indicating continuation of the Bearish Phase. Also, the Divergence of RSI isn't a very accurate indicator alone. It should be supported by some trading pattern or strong price action. Trading pattern we are currently getting is descending triangle while the price action overall is quite bearish.

[cryptomaniac_xxx]

For the previous few days, Bitcoin has been stabilising between $31,000 and $40.000. The bulls are presently trying a rebound after the bears failed to keep the price below the range's support. The relative strength index's positive divergence suggests that bullish momentum is building.

Bulls have always been waiting from the outside, but I would say that bears still control the market though, we can't get over the hump of $36k-$38k and it the bulls try to attempt, the bears always pull the price down. Maybe majority of the speculators now are shorting bitcoin, hence the sudden downfall of the price whenever we are about to build a momentum. And I think the movement will continue for months until we enter like September up to the end of the year.

[TheGreatPython]

For the previous few days, Bitcoin has been stabilising between $31,000 and $40.000. The bulls are presently trying a rebound after the bears failed to keep the price below the range's support. The relative strength index's positive divergence suggests that bullish momentum is building.

Well I can’t really tell you for sure that the market will be bullish or not at any time soon. There are some movements that I have seen in the market and thought that they were signs of the market being bullish, but at the end of the day, the market even goes down and I come to realize that they are not.

The market has been quite stable since it dropped from that $60k price to $40k and $30k. Maybe the market is done with the bull run and will stay down and stable for sometime now. But that’s not a problem, you will even be happy with yourself to buy at this current price and hold for the future bull run.

[coolcoinz]

I'll tell you what's going on. The stock market is down and it's dragging down cryptocurrencies due to investment funds dumping crypto to balance everything. They're down on stocks so they dump everything. That's how stocks are related to cryptocurrencies: most big funds have a portfolio in stocks, bonds and crypto. There's a threat of another covid lockdown and people anticipate a situation from 2020 when everything crashed. Personally I think it's not going to be as bad as in 2020, but we'll see. If there really is a crash it's going to be a great opportunity for those of you who missed the 2021 bull run.

[poldanmig]

For the previous few days, Bitcoin has been stabilising between $31,000 and $40.000. The bulls are presently trying a rebound after the bears failed to keep the price below the range's support. The relative strength index's positive divergence suggests that bullish momentum is building.

I think the price of bitcoin is still in a stable trend for now,   but still there are many rejections from the financial authorities of several countries that can still cause the price of bitcoin will drop to  price of $27,000-$28,000 and if there is no push at all in the market it will result in an extreme decline in bitcoin prices and if the support price of $ 24,000 breaks I think bitcoin will return to the price of $ 20,000 later.
Even so, there is still the possibility of bitcoin prices going up, especially considering the strong and solid fundamentals of bitcoin and the limited number at this time.

[Distinctin]

The relative strength index's positive divergence suggests that bullish momentum is building.

Seriously? I really don't see it that way, instead what I see is a bull trap as we failed many times of breaking that resistance.

if we are heading to a bullish market again, then we should already be up to trading at $40k now, but it didn't happen because we failed the attempt many times making some people think that we are already in the bear market.

[justdimin]

For the previous few days, Bitcoin has been stabilising between $31,000 and $40.000. The bulls are presently trying a rebound after the bears failed to keep the price below the range's support. The relative strength index's positive divergence suggests that bullish momentum is building.

Not discarding your analysis but I don't think anyone can strongly predict anything about the Bitcoin market at all. When the price was ATP a few months back, all the pundits were saying that the price will cross 100k by the end of this year and here we are discussing when we will reach the ATH again. I just know one thing and that is: the value of bitcoins will only go higher with time because demand is ever increasing while the supply is not enough for it.

Hopefully, that will happen this month but if we check on the market, the price does not break $35k but down to the lower price we see this hour, the price is back to $32k. But the chance to back to $33k or more still there and we only need to wait and have patience. But we do not need to feel sad if, somehow, the price can not back to $40k this month because bitcoin will still have more times to increase in the future.

It may happen but I suggest you to stop checking the price of bitcoin every day. I am saying this because I have stopped checking the price daily as it was giving me a serious headache thinking about it all day and night. Maybe daytraders have to check the price all the time but anyone who can wait a few months or by the end of this year, they should not be too worried.

[ILuckyGuyI]

I'm not sure about the bull market's coming soon again. Because it doesn't seem like it to me. It seems like it will continue to get stuck between levels you indicated for a long time. By saying a long time, I mean that it could last even until the end of the summer. After that, things may start changing and we may start seeing bullish movements again.

[tabas]

I'll tell you what's going on. The stock market is down and it's dragging down cryptocurrencies due to investment funds dumping crypto to balance everything. They're down on stocks so they dump everything. That's how stocks are related to cryptocurrencies: most big funds have a portfolio in stocks, bonds and crypto. There's a threat of another covid lockdown and people anticipate a situation from 2020 when everything crashed. Personally I think it's not going to be as bad as in 2020, but we'll see. If there really is a crash it's going to be a great opportunity for those of you who missed the 2021 bull run.

I've believed that stocks and crypto became correlated already and I think that was whenever the stocks are down. But whenever the crypto market is up, that's also making the stocks go up. And this slow motion that we're getting is becoming boring for some and they don't see that it's also a good opportunity to buy but if they don't see that opportunity, yeah they can wait if something the same plummet will happen after it's down from ath.