In the world of cryptocurrencies, things happen quickly. And this week’s analysis cannot be a better proof for that.
Following a couple of victorious weeks for Bitcoin, the bears seem to have gained their strength back, even though some of the most crucial indicators remain bullish. Due to their return, the chart for this week looks nothing similar to that of last week.
After presenting a balanced and gradual line leading towards higher levels, today’s graph is insanely volatile and unpredictable.
Thus far, we can surely say the Bitcoin bulls did have several successes in pushing the coin to reach new milestones, but ultimately they failed to guard Bitcoin equally as many times.
This week’s Bitcoin price chart is a visual representation of the battle between the bulls and the bears, and how much things can change in the course of seven days.
The smooth and continuous rise of Bitcoin’s price was a disputed situation as the experts were divided in their opinions.
Some analysts expected the failure that followed, while others believed in the further growth of Bitcoin.
The few stable weeks were the calm before a disastrous storm, one that pulled Bitcoin below the $10,000 line again.
Briefly, this week was an erratic one for Bitcoin, full of triangle patterns, descending and ascending trend lines, losses and achievements.
It was a week where the bulls reached a new goal but failed poorly as well.
Louder than before, this week speaks for the changeability and uncertainty of cryptocurrencies and the fact we almost never know what is next to come.
Reasonably, along with the number of fluctuations on the graph, multiple important numbers changed too.
Even though Bitcoin is still placed at the top of the ranks, its market cap decreased to $203.8 billion this week after reaching a stunning $224.4 billion last week.
The total market cap also declined to $327.2 billion after reaching $362.9 billion last week.
The only index that did not go through severe changes and, in fact, progressed was the dominance of Bitcoin.
This week, the dominance of the world’s most famous cryptocurrency increased to 62.2% after having a 61.8% dominance last week.
Having these numbers in mind and the best interest of Bitcoin at heart, we are optimistic about the bulls still being able to better the odds of Bitcoin succeeding after all. However, we guess that only time will tell.
Bitcoin Price: Weekly Chart
As already mentioned, today’s analysis looks back on an extremely fragile and volatile week. Just by briefly looking at the chart, you’ll be able to identify the struggles the bulls encountered, as well as the several victories won by the bears in the past seven days.
In this week’s analysis, unlike our last Bitcoin price analysis, we’ll be making some notes regarding Bitcoin’s ascending and descending swings—because there are plenty of them.
We warned you about this week’s chart not looking similar to the one we presented last week, and we think now is the right time to dive into analyzing it properly.
If you’ve been keeping up with our weekly Bitcoin price analysis series, then you already know we always start from where we left off.
Wednesday is our lucky day, so it marks the beginning of every week covered in the analysis. So this week, we’ll start from last Wednesday, June 26.
Taking you back to a week ago, Wednesday was the best day in the Bitcoin price analysis.
This is when Bitcoin surged to $12,780, making a fresh record for 2019. After this achievement, Bitcoin started taking another direction, this time not a very favorable one.
Luckily, the slide down was quickly corrected when later on Wednesday, the bulls gathered their power and pushed Bitcoin above the $13,000 line.
After this stunning result, the coin settled at $13,756 against the U.S. dollar.
This effort not only resulted in marking the price as the highest point of this week but also marked yet another 2019 record for Bitcoin.
This shows how fierce the bulls actually were, achieving two records of the year within 24 hours.
Such accomplishments, like the one the bulls had last Wednesday, are typically followed by a cutback, so that is exactly what we expected.
The expected decrease was considered a rest for the bulls, hoping they would be able to quickly gain traction again.
However, the bears seemed to have been waiting for the bulls to pause so they could take over, shaking the bulls’ confidence entirely.
The opportunity for the bears came, and they took full advantage of it.
By Thursday, June 27, the “nightmare” began. At the beginning of the day, Bitcoin was trading above the $13,000 line and by the end of Thursday, the price drastically fell—settling near the $10,000 area.
In the past, the $11,000 mark was a very tough one for the bulls to surpass.
Despite the setback, the weekend was yet to come. Considering the downward path Bitcoin was following, the bulls were strong over the weekend for seemingly the last time this week.
Starting from Friday, June 28, Bitcoin’s price jumped above the $12,000 line one more time, settling at $12,373.
Later in the weekend, the price found its way back to the zone that is hard to escape.
If you thought of the area surrounding $11,000, you thought right. By the end of Sunday, Bitcoin settled at $11,436 against the U.S. dollar.
At that time, the $10,000 mark was repeatedly the strongest support, and the now-former 2019 record above the $12,000 line was the major resistance for Bitcoin.
On Monday, July 1, the bears were already defeating the bulls at so many occasions, and it was almost impossible for the bulls to change the game completely. The price of Bitcoin was already below the $11,000 line, in the area of $10,000.
This descending pattern continued for the whole day, allowing the price to get closer to the bottom of that area and testing the major support at $10,000.
By the end of the day, Bitcoin was extremely close to the line at a price of $10,117. Due to the strength of the bears, it was only a matter of time when the bulls would give up.
Unsurprisingly, it did not take too long for this scenario to happen.
On Tuesday, July 2, the bears were successful at bringing Bitcoin below the $10,000 line. At the time, the coin was trading at $9,813 against the U.S. dollar, which only marked the lowest point of this week’s price analysis
Throughout the day, although struggling, the bulls were able to push Bitcoin forward, resulting in relatively fair success.
As of now, Wednesday, July 3, Bitcoin’s price is at $11,453. Although currently Bitcoin is placed in an exceptionally hard area, we remain optimistic that the bulls will indeed find their way out.
Bitcoin Price: Daily Chart
Same as last week, this week is full of surprises as well. Because of the flexibility of the chart for this week, you would expect the daily chart to show as many struggles, right? Well, no.
Unlike the weekly graph, within smaller time frames, the bulls show a lot of stability and strength.
The one-day chart for Bitcoin’s price, in fact, shows a gradual climb towards higher levels. Reasonably, there are a couple of bearish triangles displayed, but that is not something unusual, at least not for Bitcoin.
Due to the power of both the bulls and the bears, it’s completely understandable for bearish and bullish triangles and patterns to be shown on the weekly and daily charts.
However, after the level of uncertainty visible on the weekly price chart, such balance was nowhere near expected.
The relative strength index on the daily chart is yet another example of just how fast things change in the crypto world.
Just last week, the RSI reached a level near 90, which was the ultimate highest level for the index.
Per contra, this week the relative strength index is now preparing to enter a level below 50, which is strong bullish territory.
Currently, the Stochastic RSI oscillator is in the area of overselling, and in case a bullish crossover does occur, a correction may be inevitable.
Unfortunately for the Bitcoin bulls, the selling volume was quite high in the past week.
The progress of this and all the other indexes is a sign that things may not follow a positive path in the near term.
Bitcoin Price: 4-Hour Chart
On the hourly chart of the BTC/USD pair, the crucial descending channel was invaded with resistance near $10,120.
At the time of writing, the pair is gaining momentum above the $11,200 line and has the potential to accelerate towards the major level of $12,000.
Regardless of the failures of this week, the hourly MACD is gaining its pace as well. This indicates there is still hope that the bulls will manage to get their strength back soon enough.
On the bearish side, Bitcoin already broke almost every support level it has set previously.
Today, the major support levels lie near the $11,000 mark, or to be more exact, at the $11,400 and $11,200 lines.
Further below lies the significant support of $10,000 that we hope will not be tested again in the near future.
On the bullish side, the major resistance levels are placed $11,700, $12,000, $12,200 and $12,500.
After a week when we expected the major $20,000 mark to be crossed, we are unable to tell whether some trouble is expected in the coming days.
However, we have a little faith in those few promising signs that the bulls are going to win again.