Bitcoin Price: 'Expected' Weekend Volatility with $22,000 Level to Hold
BTC/USD could hit $30,000 if current daily trend of higher highs and higher lows continues, trader says as the market avoids weekend losses.< /p>
Market Update
Bitcoin (BTC) surged above $23,000 again on August 6, with new analysis predicting a potential increase of 20% or more.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing overnight to near the top of its established trading range again.
After several attempts to break resistance above the $23,500 range, the pair still appeared to be stuck in limbo at the time of writing, but hopes for a bullish continuation were already there.
>“We expect more volatility over the week,” chain monitoring resource Material Indicators wrote in part of its latest Twitter update on August 5.
“If the bear market rally can push BTC above 25,000, there is not much friction between 26,000 and 28,000. Losing the trendline would be bad for hopes and dreams bullish."
$28,000 would be more than 20% above the current spot price and would represent a nearly two-month high.
The material indicators included a chart showing the mentioned trendline at $22,000, approximately the current realized price of Bitcoin.
The chart further showed that offer support was rising immediately below the point, while major resistance was found at $24,500.
BTC/USD could hit $30,000 if current daily trend of higher highs and higher lows continues, trader says as the market avoids weekend losses.< /p>
Market Update
Bitcoin (BTC) surged above $23,000 again on August 6, with new analysis predicting a potential increase of 20% or more.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing overnight to near the top of its established trading range again.
After several attempts to break resistance above the $23,500 range, the pair still appeared to be stuck in limbo at the time of writing, but hopes for a bullish continuation were already there.
>“We expect more volatility over the week,” chain monitoring resource Material Indicators wrote in part of its latest Twitter update on August 5.
“If the bear market rally can push BTC above 25,000, there is not much friction between 26,000 and 28,000. Losing the trendline would be bad for hopes and dreams bullish."
$28,000 would be more than 20% above the current spot price and would represent a nearly two-month high.
The material indicators included a chart showing the mentioned trendline at $22,000, approximately the current realized price of Bitcoin.
The chart further showed that offer support was rising immediately below the point, while major resistance was found at $24,500.
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