Bitcoin (BTC) closed below a major moving average for the eighth straight week this weekend, but one analyst is predicting an impending breakout.
Bitcoin balances outbreak with grayscale worries
Data from Cointelegraph Markets Pro and TradingView tracked Bitcoin as it reversed weekend gains on Monday after a disappointing weekly close.
The largest cryptocurrency had maintained its known trading range of USD 33,000 as support through Saturday and Sunday, but the new week dampened the momentum.
For popular trader and analyst Rekt Capital, Bitcoin bulls may not have long before new losses occur unless progress can be made.
“The blue 50-week EMA is still seen as a support,” he summed up in a series of tweets.
“If this HL is not reclaimed as support soon, the pressure on the sales side on the 50 WEMA could be too great for $ BTC to hold here.”
Others were more optimistic. In his latest video update, fellow trader Michaël van de Poppe went so far as to name a BTC price breakout within days.
“I believe Bitcoin will make a breakthrough to the top,” he predicted.
“I wouldn’t be surprised if Bitcoin was trading around $ 38,000 in the days of this week.”
A look at the buy and sell levels on the major exchange, Binance, showed that resistance was building at $ 35,000, with $ 30,000 remaining as general support.
Altcoins lurk before the market decision
Van de Poppe added that this move could be good for altcoins, which could start to benefit from the bullish sentiment. He had previously argued that altcoins would outperform Bitcoin’s profits in the coming months.
“I think the altcoins are also close to a low,” he said on Friday.
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Most altcoins had a flat performance that day that has barely changed in the past 24 hours.
With little sentiment either way, as Cointelegraph reported, concerns remain that external factors could inappropriately affect cryptocurrency price movements.
This takes place in the form of the Grayscale unlock series, which includes around 42,000 BTC in July.