Bitcoin fluctuated around $32,000 - $33,000 on Sunday, then by Monday, it managed to show a powerful jump. Today, June 29, Bitcoin managed to overcome the $35,000 mark for the first time in 5 days. The further movement of the cryptocurrency is due to a lot of additional factors that were formed with the beginning of a new trading week.
First of all, the local growth of Bitcoin to $35,000 was facilitated by the end of the week in a safe price range. This was a signal for the market, which pushed the coin above $35,000. Despite the successful conquest of the psychological mark, BTC faced significant resistance. It is associated with a large number of shorts focused on this area. In addition, the problems with mining in China have not gone away. The entire industry, concentrated in China is transferring its capacities to other countries. During the relocation or closure of mining companies, pressure is exerted on BTC quotes, which serve as an additional deterrent.
According to Glassnode, Bitcoin miners are selling off Bitcoins from reserve funds, which puts additional pressure on the coin. Additional impulses negatively affect short-term plans of investors, which also increases the chances of a local sell-off. As a reminder, at the end of last week, many medium-term holders joined retail traders and started selling off BTC. This trend has not worsened, but still has an impact on Bitcoin quotes. In addition, a significant drop in the hash rate in the network of the first cryptocurrency is expected in the near future. Despite this, in the long term, the move of mining from China will make the asset more decentralized. Also, green Bitcoin mining projects continue to develop. It can be argued that the closure of mining in China has practically no effect on the market and investor sentiment. This is indirectly evidenced by the weekly income of miners, which is$ 20.7 million per day.
At the current stage, Bitcoin has enough positive factors to continue its upward movement. While the news background remains stable and does not radically affect the actions of investors, BTC continues to accumulate volumes. The immediate goal of the cryptocurrency will be to consolidate above the $35,000 mark and further move to the next resistance zone at $37,500. If the coin manages to break through this milestone, then Bitcoin moves further above $38,500 and leaves the correction corridor. As of 10:00 UTC, the market shows restrained optimism regarding BTC/USD. The cryptocurrency has risen in price by 3.5% over the past day, and in the weekly range, it has increased by 10.5%. At the same time, short-term indicators show a bullish mood. The local dynamics of the price movement indicates an upward movement and remain in the area of +0.5%. The MACD indicator has also formed a bullish intersection and shows a slight upward movement. At the same time, the RSI indicator is at the 70 mark, which indicates that the asset is somewhat overbought. This indicates that in the near future, social activity around the first cryptocurrency will subside a little.
Despite the presence of positive signals, the market is very skeptical about cryptocurrencies. The bearish sentiment is indicated by the local reduction of Bitcoin addresses, which has slowed down since Saturday but is still happening. In addition, social activity in the BTC network has fallen to the indicators of 2020, and negative bitcoin financing rates on crypto exchanges further aggravate the situation. As of June 29, Bitcoin continues to fluctuate in a wide range of $30,000 - $40,000, and a broad movement can turn both down and up.
