Bitcoin (BTC) at a decisive point? June 29 technical analysis

After a week of consolidation, bitcoin (BTC) is at a decisive point. Bullish indicators suggest that the 25% rise could continue. Nevertheless, it’s important for investors to be cautious, as a decline is also a possibility.

A favorable climate for a rise in bitcoin (BTC)?

Since June 15, BTC has recovered more than 25%. After reaching a new annual high of $31,475, its price is now stabilizing at around $30,000. This level represents a decisive point for bitcoin (BTC), as it could trigger a major move.

Firstly, it is likely that the rise seen since June 15 will continue, potentially allowing BTC to exceed $32,400. This hypothesis is reinforced by the massive purchases made by certain large entities, notably MicroStrategy, which has added 12,333 BTC to its portfolio over the past two months. These acquisitions could exert upward pressure. In addition, the advancement of Blackrock‘s bitcoin ETF (BTC) application, which could be successful, should also support a rise in price.

Several indicators reinforce this bullish hypothesis. The RSI indicates a predominance of buyers. What’s more, the 50- and 200-day moving averages are well below the current price, suggesting a potential upside for bitcoin (BTC).

Is now the right time to buy?

In this context, the consolidation of the current price could be an opportunity to buy BTC and take advantage of the next bullish wave. With this in mind, the levels below the June 22 low appear to be an attractive buying zone. If bitcoin (BTC) reacts strongly upwards from this zone, this would confirm the bullish hypothesis.

However, it’s important to be cautious, as a bearish wave could also occur. Indeed, a bearish divergence is visible on the 14-day RSI, which could lead to a price correction. If the weekly close is below $28,331, the bullish scenario would be invalidated and bitcoin (BTC) could fall towards $20,000.

Entry points : 29 598 $ ;

Stop level : 28 540 $ ;

Target : 32 400 $.