Bitcoin (BTC) took a stab at key resistance around $36,000 on Wednesday as anticipation built around a breakout.

Bitcoin

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC breakout means first stop: $39,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD repeatedbly tapping but failing to flip the $35,000 mark on Wednesday.

The largest cryptocurrency rebounded from lower levels overnight, calming those concerned that important $33,000 support would be violated.

With the area around $36,000 providing a significant resistance band, however, low volumes and a general “compression” structure kept bulls firmly in check on the day.

Bitcoin

BTC/USD buy and sell levels (Binance) as of July 7. Source: Material Indicators/Twitter

For popular trader Michaël van de Poppe, Bitcoin needed a clean breakout at $35,500 to cement continuation of bullish action. That said, the potential upside limit under such circumstances could be much higher.

“If $35,500 breaks, I think we are going to get a run towards even $39,000,” he explained in his latest YouTube update.

A retest of recent highs just below $37,000 should then enter, with success opening up the path to higher levels.

“Really, the higher timeframe level is between $40,600 to $42,000,” he continued.

“If that cracks, I think we’re going to have a retest around the $50,000 level and momentum starts to kick back into the markets very soon.”

Altcoins set for price “outperformance” vs. Bitcoin

Altcoins, meanwhile, continued their moderate upside shift, with Ether (ETH) notably holding on to strength against BTC. The ETH/BTC pair, in particular, is now at a monthly high.

Ethereum

ETH/BTC 4-hour candle chart. Source: TradingView

The top 50 cryptocurrencies by market capitalization saw daily gains of up to 13%, while other tokens remained flat.

“What are my expectations on the markets in general? I think we’ve bottomed out,” van de Poppe concluded.

“I think we’re going to continue moving to the upside, and I think in the coming months until Bitcoin gets to the all-time high, altcoins are going to outperform Bitcoin heavily.”

Fellow trader and analyst Rekt Capital joined in predicting an end to the middling price movements, which have characterized Bitcoin in recent days.

“A volatile move for BTC is coming in the next few days,” he forecast, referencing the popular Wyckoff method as a hint that any potential move would be up, not down.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Recommended content


Recommended Content

Editors’ Picks

Dogecoin Price Forecast: Bulls deploy $355M in DOGE longs amid Gensler exit confirmation

Dogecoin Price Forecast: Bulls deploy $355M in DOGE longs amid Gensler exit confirmation

Dogecoin price crossed $0.40 on Friday, after a weeklong consolidation that saw DOGE tumble 13% from last week’s peak. Derivative market reports link the DOGE rally to Gary Gensler’s  imminent exit.

More Cryptocurrencies News
Crypto Today: XRP gains 10%, Cardano, XRP, and DOGE price rallies, delay Bitcoin’s $100K breakout

Crypto Today: XRP gains 10%, Cardano, XRP, and DOGE price rallies, delay Bitcoin’s $100K breakout

The global cryptocurrency sector pulled $230 million capital inflows on Friday, as markets reacted positively to news of SEC Chair Gary Gensler’s imminent exit.

More Crypto News
Cardano Price Forecast: ADA could rally by another 30% as on-chain data signals bullish sentiment

Cardano Price Forecast: ADA could rally by another 30% as on-chain data signals bullish sentiment

Cardano (ADA) surged 24% to $0.98 on Friday following rising weekly active addresses, increased open interest and spot buying pressure.

More Cardano news
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP